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Property Seychelles | Advice upon owning a property in Seychelles

By: Ramapati Singhania

Owning a property in Seychelles consider as not easy to acquire. It also considers as one most pure and untouched areas upon maintaining the natural beauty until this present date. Invest in Seychelles if wanted to enjoy their island life as mere good idea. However the rental yields are become low and the socialist leaning government makes it difficult for foreigners to invest upon.

Also investing in property via a Seychelles offshore company formation consider as a good option to forego because Seychelles tax becomes zero will not be allowed anymore. Transaction costs are moderate to very high in for property Seychelles running to about 43%. The property Seychelles transaction costs government sanction fee entails in ranges of 10%-30%.

Meanwhile, the transfer tax of stamping duty entails an about 4% to 10% and the notarial fees usually in ranges of 1%-2% (+7%GST). The processing fee of government sanction usually about SCR 1,000 ($177) and most expenses paid by the buyers are in ranges of 15.3%-42.37%.

The property Seychelles consider as very enticing proposition and has now become one of most sought for island paradises for vacations from Middle East and even Asia. Increasingly, it becomes the base for business Seychelles.

In Seychelles real estate, it enables of finding all sorts of variety for rent or purchase that usually ranges from homes to apartments, villas to commercial property. Question arises in regards to the better option to take upon choosing real estate in Seychelles whether to buy or rent on it.

Upon deciding on this matter, it usually depend lot of aspects, situations and even 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.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 looking at economies to other nation that usually become a tax havens, it been known that Seychelles offshore company formation will certainly increase the value of property Seychelles investment in the county with an about 15 km beach on every citizen.

If money is the problem there is a very good alternative to that i.e. holding Company. Holding Company is a local company that purchases property on its 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 holding company is a fraction of cost property that can be compared to expenses for incorporation cost of offshore company in Seychelles. Also, there is a need of acquiring a structural survey from someone well experience in this field in order to determine about the concerns of structures that been purchasing as it affect of the buying prices and also supports to be in the better position upon assessing whether it acquire mortgage on a certain property or not.

It entails that 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. 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.

Article Source: http://articles.tiptopweb.info

Ramapati Singhania specializes in creating and managing web businesses. His latest website www.seychellesoffshoreconsulting.com focuses on helping you to incorporate offshore companies in Seychelles, Mauritius, BVI, Dubai and Ras Al Khaimah in the UAE.

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Property Seychelles | Advice upon owning a property in Seychelles