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Purchase a Property in Seychelles

Updated on Friday 12th July 2019

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Purchase-a-Property-in-SeychellesForeign citizens and investors have many reasons for coming to Seychelles, among which for opening companies, working or even buying real estate in one of the most appealing offshore destinations in the world.

If setting up an offshore company in Seychelles is not difficult for foreign investors, the same could be said about purchasing a property here. This is why we invite you to read below the main steps related to acquiring a property in Seychelles. You can rely on our lawyers in Seychelles for assistance in buying real estate in this insular state.

Who can buy real estate in Seychelles?

There are several laws which provide for the purchase of properties in Seychelles. Even if there are no specific restrictions imposed on foreign citizens or companies interested in investing in real estate in Seychelles, there are particular cases in which certain formalities must be completed.

Here is what you need to know if you want to buy a property in Seychelles:

  1. foreign citizens and companies can buy properties in Seychelles based on the approval of the Government;
  2. foreign citizens and companies cannot purchase real estate properties owned by the State, but they can lease them on long-term periods of time;
  3. non-resident citizens and companies cannot acquire properties sold under the Seychelles Land Bank Program;
  4. it is also prohibited to purchase land on certain islands in Seychelles, however, long-term leases are available;
  5. the purchase of land or properties in Seychelles by foreigners must be accompanied by an approved development plan obtained with the Government.

It is also important to note that foreign citizens and companies buying properties in Seychelles are subject to a stamp duty which is levied at different rates in accordance with the type of real estate acquisition.

If you are interested in company formation in Seychelles followed by the acquisition of a property, our local consultants can help you.

Documents required when buying a property in Seychelles

The following documents need to be prepared and filed with the Ministry of Land and Habitat in Seychelles when buying a property:

  • - a certified copy of foreign citizens’ valid passports accompanied by the contact details of the Seychelles public notary who has notarized the documents;
  • - proof of residence of the foreign citizens which can be represented by recent utility bills (not older than 3 months);
  • - a clean criminal record (a police clearance certificate) which cannot be more than 6 months older;
  • - declarations of the foreign citizens that they are not politically exposed persons and declaration of funds originating from legal sources;
  • - proof of funds which must be obtained under the form of a bank deposit certificate;
  • - in the case of companies, the business’ Articles of Association and Certificate or Registration of the company are required;
  • - declaration of the beneficial owner and details of the company’s representatives must also be submitted.

Our agents in Seychelles offer various legal services, among them being also services related to the preparation of the documents required to purchase properties here. We can also help those interested in company registration in Seychelles.

Stamp duties when acquiring a property in Seychelles

One of the most important aspects to consider when buying a property in Seychelles is the payment of the duty stamp which is a transfer tax on the property. The fees are applied on the market value of the property to be acquired. The following rates apply when buying real estate in Seychelles:

  • - a 5% stamp duty when the property is purchased by a Seychelles citizen or company;
  • - an 11% stamp duty when buying a property to be used as a holiday or residential home for foreign citizens, plus the 5% stamp duty;
  • - a 1.5% processing fee for the approval application to be sanctioned by the Office of the Principal Secretary within the Ministry of Land;
  • - the notary fees are usually around 2% of the value of the sale-purchase agreement.

Here are a few relevant aspects of the real estate market in Seychelles:

  • - Eden Island is one of the most desired locations in Seychelles for buying properties with prices starting from 500,000 USD;
  • - property prices in Seychelles usually register a 10% year-on-year increase;
  • - Praslin is the largest island in Seychelles, real estate prices here being 20% higher than in the country’s capital city;
  • - upon buying a property in Seychelles, foreign citizens must deposit a security of at least 80,000 USD.

If you are interested in buying a property in Seychelles and need assistance in preparing the documents, please contact us.

Meet us in Victoria

Call us now at +248 4321018 to set up an appointment with our business consultants in Victoria, Seychelles. Alternatively you can incorporate your company without traveling to Seychelles.

As a Valsen Fiduciaries client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Seychelles.

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