FANTASTIC NEWS FOR NON SEYCHELLOIS INVESTORS LOOKING TO PURCHASE A HOLIDAY HOME OR PERMANENT RESIDENCE IN SEYCHELLES
President Wavel Ramkalawan chaired a meeting of the Cabinet on Wednesday 23 January 2025, at which a number of legal and policy memoranda were considered.
The Cabinet approved the lifting of the moratorium on the purchase of residential property by non-Seychellois, alongside the adoption of new criteria to regulate such transactions. This decision aims to stimulate wealth creation, attract foreign direct investment, and increase government revenue through adjusted taxes, while safeguarding housing affordability for Seychellois. The new policy framework restricts non-Seychellois ownership to high-end residential properties above specific price thresholds, preserves state and affordable housing for local citizens, and incorporates measures such as increased sanction duties and periodic criteria reviews. Applications will be subject to due diligence and compliance with existing land use and tourism regulations, ensuring a balanced approach to economic and social priorities.
The Ministry of Lands and Housing has introduced new regulations governing the sale of residential land to non-Seychellois following the government's decision to lift the moratorium on such transactions. The updated criteria set minimum price thresholds, restrict foreign ownership to high value properties, and increase sanction duties, ensuring that Seychellois retain access to affordable land and housing. Under the revised regulations, residential properties must have a minimum market value of SCR 10 million, while bare land cannot be sold for less than SCR 4,000 per square metre. Plot sizes must range between 2,000 and 4,000 square metres. However, exceptions may be granted for properties requiring additional space due to privacy, security, or topographical challenges. The sanction duty has also increased from 11% to 12% of the property's market value. Additionally, non-Seychellois are prohibited from purchasing subsidised state land or government housing schemes. All transactions must comply with existing regulations, including the Tourism Development Act Regulations 2020. These criteria will be subject to periodic reviews, and all applications will undergo a thorough due diligence process. In a press release, the Principal Secretary for Lands, Mr. Denis Barbe, explained that the policy aims to protect affordability for Seychellois while limiting foreign ownership to high-value properties and preserving state land for future generations
