PRIME ESTATES 01-10-2014 Acquisition of land by Non-Seychellois TODAY in collaboration with Arriva Real Estate will be bringing you a comprehensive guide to the buying and the selling of property in Seychelles every first Wednesday of the month. Please send us your questions and queries on real estate and we shall endeavour to have them answered by Arriva. Our next Prime Estates feature will run on 5 November. By A. De Giorgio In our previous segment that was published on 3 September, TODAY queried about all the pros and cons of buying or selling a typical piece of land in Seychelles and furthermore unveiled the advantages of hiring ARRIVA- one of the leading licensed real estate agents in Seychelles with 11 years of experience. During an exclusive interview held last month with Arriva’s managing director, Vivian Rassool, TODAY learned a lot of interesting and important information with regards to how Arriva’s services can assist buyers in selecting their dream property whilst striving to achieve the maximum value for their seller’s property. TODAY caught up again with Vivian Rassool to find out more about non-Seychellois who want to buy property in Seychelles for residential purposes. Although this might sound like a very straight forward question, it’s surprising that many individuals are unaware of the proper procedures. TODAY: Is it possible for a Seychellois to sell their land or house to a foreigner? ARRIVA: A very direct answer is YES. Last year, in a press release, government made an announcement to discontinue the sale of freehold land to Non-Seychellois. Earlier this year, in another press release, a new policy on Alienation of Land and the Management and Sale of State Land was introduced and this provides some flexibility on foreign ownership of land and one which is at the same time conducive to both foreign and domestic investment. 1. A Non-Seychellois individual or corporate body may purchase immovable property which is privately owned in Seychelles subject to sanction being obtained from the government of Seychelles. 2. However, Seychellois are not allowed to sell their property to a Non-Seychellois if the said land was previously acquired under the land bank programme. At Arriva we have all the necessary tools to know if a property was previously sold under the Land Bank programme and we can immediately advise our foreign buyer not to pursue this project any further. TODAY: So, after the property has been identified and the foreigner agrees to pay the agreed price, what are the procedures? ARRIVA: The non-Seychellois would have to make an application for government sanction through the ministry of land use and housing. The application form requires certain information which can be consulted and downloaded on the website of the ministry of Land Use and Housing website. luh.gov.sc Then, Arriva would advise the foreign buyer to hire a notary to assist with filling the rest of the application form which requires important legal documents such as certified true copy of applicant/(s), valid passport details which must be accompanied by the contact details of the certifying notary or attorney, copies of two utility bills as proof of residential address which should not be older than three months from the date of the application, original current police clearance certificate not older than six months from the date of the application in the country of residence in the last two years, a signed declaration that the individual is not (or is) a politically exposed person and a signed declaration of source and proof of funds as well as the bank’s details required for the transaction. These are the standard formalities required and as long as the buyer meets the criteria, it is relatively straightforward for a foreigner to acquire sanction to purchase property in Seychelles. The application normally takes six to eight weeks to process. TODAY: What are the associated costs? ARRIVA: Besides the price of the land, the foreign buyer is responsible for paying a statutory processing fee equivalent to 1.5% of the market value of the land as well as a sanction duty fee of 11% and a 5% Stamp Duty of the market value of the land. The market value is assessed by the ministry of Land Use and Housing. The total of 17.5 % is payable directly to the government of Seychelles. There is also the notary fee which can vary between 1-2% of the purchase price. TODAY: Can a non Seychellois buy freehold land on any outlying islands? ARRIVA: A non-Seychellois may not acquire freehold land on any outlying island of the Seychelles. However subject to the necessary approvals and sanction being granted, a non-Seychellois may hold such property on a long term lease. Property of the month This month’s prime estates features a piece of land that measures 945 square meters situated on the hilltop of La Retraite, boasting spectacular views of Praslin and La Digue as well as other nearby islands such as Cousin and Cousine. The property is relatively flat with a direct road access, electricity and water connection. The cadastral plan and images used in this article belong to this piece of land in La Retraite. Asking price is SCR 1.5 Million For any further information contact Arriva Real Estate by email on info@arrivaseychelles or call Vivian Rassool on 4 226 088 or 2 711711
Posted on: Thu, 02 Oct 2014 06:11:18 +0000
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