Can a Foreigner Buy Property in Zanzibar?
Yes, foreigners can buy property in Zanzibar. Tanzania — including Zanzibar — allows foreigners to invest in real estate, though there are specific legal regulations and procedures to follow.
Conditions for Foreigners Buying Property:
According to Tanzanian law, foreigners cannot own land outright (freehold). Instead, they can acquire long-term land use rights through a leasehold, typically for up to 99 years. This is the most common form of ownership for foreign investors.
Purchase Process:
Finding a Property: The foreign buyer must choose a property available under leasehold conditions.
Due Diligence: It’s highly recommended to conduct thorough legal due diligence to ensure the property is free from encumbrances or legal issues.
Government Approval: Foreign purchases usually require approval from relevant government bodies, such as the Ministry of Lands.
Taxes & Fees:
Stamp Duty: Usually around 1% of the property value.
Registration Fees: Include various administrative and legal costs.
Annual Property Tax: Must be paid regularly by the owner.
Restrictions & Responsibilities:
Foreigners must comply with certain regulations related to land use — for example, minimum development or investment requirements within a set timeframe.
Example: Cocco Lagoon Investment
Cocco Lagoon is a real estate project in Zanzibar that offers leasehold properties available for foreign buyers. Professionally managed and offering a range of premium amenities, it is an attractive investment opportunity for those seeking secure and profitable real estate abroad.
Summary
Foreigners can legally buy property in Zanzibar through leasehold agreements. However, it’s crucial to understand local regulations, hire a qualified lawyer, and work with verified developers. Real estate investment in Zanzibar — particularly in growing tourist areas — can be both secure and highly profitable.
More information is available at coccolagoon.com
Cocco Lagoon – the first-ever 5-star condominium hotel in the idyllic Zanzibar Archipelago, on Pemba Island.
©2024. Cocco Lagoon. All Rights Reserved.