Investing in Zimbabwe from the UK: Stock Exchange, Unit Trusts, Real Estate and Business Registration for Non-Residents

For Zimbabweans in the UK looking to build wealth back home, there are four main investment routes: the Zimbabwe Stock Exchange, unit trusts, real estate, and registering a business. Each carries distinct requirements, risks, and opportunities worth understanding before committing capital. ## Zimbabwe Stock Exchange (ZSE) The ZSE is Zimbabwe's primary stock exchange, listing companies across sectors including banking, manufacturing, agriculture, and retail. The benchmark All Share Index tracks all companies on the main board. Non-resident Zimbabweans can invest in ZSE-listed securities, though there are specific tax considerations. Since August 2009, all sales of listed securities on the ZSE have been subject to a 1% withholding tax on the gross sale value. Importantly, ZSE investments are exempt from the general capital gains tax of 20%. Dividends from ZSE-listed companies attract a special tax rate of 10% for both resident and non-resident shareholders — this is 5 percentage points below the standard 15% rate applied to dividends from unlisted companies. Barclays Bank and Stanbic Bank of Zimbabwe offer custodial services to both local and non-resident investors, which can simplify the process of holding ZSE shares from abroad. To invest, you typically need to open a custodial account through one of these institutions and work with a registered stockbroker. Engaging a Zimbabwe-based stockbroker remotely is feasible, though you will need to verify current account opening requirements with the relevant bank, as these can change. ## Unit Trusts Unit trusts in Zimbabwe pool investor funds into a managed portfolio of equities, bonds, and money market instruments. They represent a more accessible entry point for diaspora investors who prefer professional fund management over selecting individual stocks. Several Zimbabwean asset managers offer unit trust products, including Old Mutual Zimbabwe and NMMZ (now operating under restructured brands). Minimum investment amounts vary by fund, but unit trusts generally offer lower entry thresholds than direct share purchases and provide built-in diversification. For UK-based investors, the main consideration is the currency and repatriation of returns. Always confirm whether a fund operates in USD or ZiG (Zimbabwe Gold), and understand the fund manager's policies on cross-border redemptions before investing. ## Real Estate Zimbabwean real estate has historically been a preferred store of value for the diaspora, offering a tangible asset that families can use and benefit from locally. Diaspora investors can purchase residential and commercial property in Zimbabwe. One practical approach is to hold property through a locally registered company, which can simplify ownership, inheritance, and management. Property transactions in Zimbabwe are predominantly conducted in USD for residential real estate in urban areas. Key costs beyond purchase price include legal fees, stamp duty, and estate agent commissions. Working with a reputable conveyancing lawyer in Zimbabwe is essential — title deed verification and ZIMRA clearance are non-negotiable steps. Remote property management can be handled through a local property management company or trusted family members. ## Registering a Business in Zimbabwe from the UK Registering a Zimbabwe company remotely is entirely legal and increasingly common. Over 52% of searches for Zimbabwe company registration originate from outside the country. The process does not require you to travel to Zimbabwe at any point. The standard remote registration process works as follows: **Step 1 — Choose your entity type.** Most diaspora investors register a Private Limited Company (Pvt Ltd). This protects personal assets and is required for certain contracts, property ownership, and government tenders. **Step 2 — Appoint a local registration agent.** Your agent in Zimbabwe conducts the name search (CR21), drafts the required documents, submits to the Companies Registry, and collects your Certificate of Incorporation (CR2). They also provide a registered office address, which is a legal requirement. **Step 3 — Prepare and sign documents.** Your agent sends you the incorporation documents. You sign before a Notary Public or Commissioner of Oaths in the UK, then courier or scan the signed documents back to Zimbabwe. Zimbabwean embassies and high commissions in London can also certify documents. **Step 4 — Submission and registration.** Your agent submits to the Zimbabwe Companies Registry. Timelines vary, but registration is typically completed within a few weeks for straightforward applications. **Sector restrictions:** Under Statutory Instrument 215 of 2025, certain sectors are reserved for Zimbabwean citizens only. These include passenger transport, barbershops, hairdressing, bakeries, and employment agencies. Foreign nationals — and by extension, foreign-owned companies — cannot register in these sectors. **Re-registration deadline:** If you already hold a company registered under the old paper-based system, it must be re-registered on the electronic registry by 20 April 2026 under S.I. 108 of 2025. Failure to do so means automatic deregistration — the company ceases to exist in law. Contact your registration agent immediately to confirm your company's status. For non-Zimbabwean nationals setting up in Zimbabwe, a local proxy director and registered office address are typically required. Some registration firms provide this as part of their non-resident packages, with fees starting from around USD 1,950 for foreign company or branch registration. ## The Reserve Bank Diaspora Desk The Reserve Bank of Zimbabwe (RBZ) operates a dedicated Diaspora Desk within its Capital Flows Administration division. This desk provides investment information, processes investment proposals, and handles queries from diaspora investors. It is a legitimate first point of contact for understanding the regulatory framework around capital flows and investment into Zimbabwe. Contact: +263 242 703000 | diasporadesk@rbz.co.zw ## Key Considerations All investments in Zimbabwe carry currency risk, particularly given the historical volatility of the Zimbabwe dollar and the ongoing transition to ZiG. USD-denominated investments or those with USD-linked returns offer greater predictability for diaspora investors. Tax obligations in both the UK and Zimbabwe should be reviewed with an accountant familiar with both jurisdictions, particularly regarding offshore income declaration to HMRC.