Property Seychelles: Buy or Rent. Know The Rules

For foreigners, owning property Seychelles is not easy!

where is seychelles? It lies in the middle of the Indian Ocean and on the east ward coast of main Africa is one of the most beautiful countries in the world. Also it is still one of the most pure and untouched areas so that it's natural beauty is maintained to present date.

Investing in Seychelles if you want to enjoy the island life is a great idea. However rental yields are low and the socialist leaning government makes it difficult for foreigners to invest. Also investing in property via a Seychelles offshore company formation because seychelles tax is zero, is not allowed.

Transaction costs are moderate to very high in for property Seychelles running to about 43%!

Property Seychelles Transaction Costs Government Sanction Fee: 10% - 30%

Transfer Tax (Stamp Duty): 4% - 10%

Notarial Fees: 1% - 2% (+7% GST)

Processing Fee (Government Sanction): SCR1,000 (US$177)

Costs paid by buyer: 15.3% - 42.37%

However with the proper connections, property Seychelles is a very enticing proposition and has now become one of the most sought for island paradises for vacations from the Middle East and Asia. And increasingly, as a base for business seychelles!

Seychelles Real Estate

In Seychelles real estate you can find all sorts of variety for rent or purchase; ranging from homes to apartments, villas to commercial property.

Real Estate Seychelles – Buy or Rent? Which one is a better option?

Whether you should prefer buying or renting depends a lot on your situation and preferences:

If you are a businessman planning to invest or thinking to settle in Seychelles permanently of course you should look to buy some property. This will require more money but will give you the leverage to alter the structure according to your requirements.

Watch this wonderful video below on what hidden gems property seychelles offers!

Another great benefit that you can have when you buy property Seychelles is that you can benefit from the increase in the prices of the property, which can be around 6% per annum.

In case if you just want to go on vacations you can rent an apartment close to the beach so that you can enjoy your vacations to the fullest.

A few years ago seychelles offshore company formation was allowed adding another avenue to bring wealth to the economy. If you look at the economies of other countries which became tax havens, you know that seychelles offshore company formation will most certainly increase the value of your investment in property seychelles, in a country with 15 km of beach for every citizen!

Property for sale in Seychelles – Find out below how to acquire it

If you are looking to buy property for sale in Seychelles most likely you will the use the mortgages method. If money is the problem there is a very good alternative to that i.e. holding company.

Holding company is a local company which purchases property on your behalf. This deal is done through a mortgage and after some time when the investor can afford, he buys all the shares of the holding company and as a result he/she becomes the real owner of the property. The cost of a holding company is a fraction of the cost of property! And can be compared to the costs for cost of incorporation of an offshore company in Seychelles.

Also you should get a structural survey from someone experienced in this field so that you can better know about the problems of the structure you are buying as it will affect the buying price and also you can be in a better position to assess whether you can get a mortgage on this property or not.

Buying Real Estate Seychelles – Laws & Regulations

Foreigners are allowed to buy residential property, to be used only by the buyer and his family, only upon approval from the Government.

The Immovable Property (Transfer Restriction) Act prohibits the lease of immovable property owned by a non-Seychellois.

For the application, it is better to hire the services of a notary.

The Land Section at the Ministry of Land Use and Habitat processes the application of the non-Seychellois buyer. An offer for the property involved is published in “The Nation”, a national daily newspaper. This is to give priority to a Seychellois to acquire the property before allowing a non-Seychellois to purchase it.

Upon approval, the foreign buyer registers the property at the Registration Office, which includes payment of registration fees and duties.

If the seller is the Government, the transaction has to go through the Lands Division, which forwards it to the Attorney General’s Office. The Attorney General’s Office is responsible for the transfer of all State properties.

For commercial and industrial purposes, the Government grants only leases and does not allow a sale for such activities.

When purchasing, the non-Seychellois buyer is required to deposit SCR1 million – SCR2 million (US$176,888 – US$353,776) in the Central Bank of Seychelles in foreign currency. This is to be converted to Seychelles Rupee upon withdrawal, which is then used for the transaction.

If the property being purchased is a developed land, the purchase price should not be less than SCR1 million (US$176,888). In the case of purchasing a vacant lot, it should not be less than SCR2 million (US$353,776).

However, the winds of political change have begun and reforms have been promised. Many canny investors have started investing in hotels and resorts with the long term view that Seychelles will fulfill its tourist potential!

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The above video features the President's adviser who talks about pollution in oceans affecting everyone, so take a look at property seychelles while the beaches are pristine and available.