By Dr Goodluck Temu
The recent Zanzibar Investment Act No. 10 of 2023 has created several incentives to promote investment in Zanzibar. Some of those incentives are extended to individuals buying properties in Zanzibar.
What are the incentives?
Buyer of property in Real Estate Project of a value not less than One Hundred Thousands United States Dollars may be granted the following incentives;
- Resident permits for the buyer, spouse and his four children who are under twenty years old;
- Fifty per cent exemption on stamp duty;
- One Hundred percent foreign ownership is allowed, and
- One Hundred per cent repatriation of sales proceeds after tax.
What do these incentives mean?
- The overall policy in land ownership is that land is reserved for Tanzanians only. Direct interests in land are generally not available to foreigners. However, the law has created possibilities for acquiring derivative interests, for example, through investment promotion authorities or long-term leases.
- These changes in Zanzibar create an exception: foreigners can now have a direct interest in land when buying from approved projects.
- These changes are also logical. A person who buys a property for residential purposes can use the same property to apply for a resident permit in the country. This is extended to the spouse and up to four children.
What do these incentives mean for investment decisions?
- Prospective investors in real estate are now assured of the protection of their investment. Additionally, they can use the same acquired properties to reside in Tanzania together with their families.
- On the same note, the changes make Zanzibar a more appealing investment destination. Investors may also consider making it their second or even retirement home. Further, family-owned businesses can find it much more appealing to invest in Zanzibar.
- Investors can access funding from available global sources because the Act now makes it possible to export borrowed capital from the proceeds of the invested sum. Additionally, the disposal of the acquired property will be more appealing as the export of sales proceeds after tax is now guaranteed.
- Buying a home in Zanzibar now should be considered an investment decision. When done appropriately, with proper advise, return of the said investment is guaranteed.
Disclaimer
This article is not intended to replace professional advice. No one should rely exclusively on
the information provided as a substitute for seeking professional advice. The writers or the Firm
are not liable for any use of the information contained herein and do not guarantee the
accuracy of its contents from the date of publication to the date of usage.
For contact: temu@africorp.co.tz
AfriCorp Attorneys
Phone Number: +255 22 211 0660
Amverton Office Park, Plot No 64 Lugalo Street
Dar es Salaam, Tanzania
Your blog is a treasure trove of valuable insights and thought-provoking commentary. Your dedication to your craft is evident in every word you write. Keep up the fantastic work!
In Stage 2, the lipedema fat exhibits a mattress like pattern indicating fibrosis under the skin that tethers on the skin that can be found on the upper legs Type II or extend down to the ankles Type III what is priligy
Keep up the fantastic work! Kalorifer Sobası odun, kömür, pelet gibi yakıtlarla çalışan ve ısıtma işlevi gören bir soba türüdür. Kalorifer Sobası içindeki yakıtın yanmasıyla oluşan ısıyı doğrudan çevresine yayar ve aynı zamanda suyun ısınmasını sağlar.
Keep up the fantastic work! Kalorifer Sobası odun, kömür, pelet gibi yakıtlarla çalışan ve ısıtma işlevi gören bir soba türüdür. Kalorifer Sobası içindeki yakıtın yanmasıyla oluşan ısıyı doğrudan çevresine yayar ve aynı zamanda suyun ısınmasını sağlar.
Cost effective method for detection of hook effect in tumor marker immunometric assays priligy and viagra Base Line Characteristics of the Women Who Underwent Radical Mastectomy and Those Who Underwent Breast Conserving Therapy
CSF diversion surgery and shunt revision surgery account for nearly one third of all neurosurgical procedures annually in the United States 20, 21, 22 walmart priligy Topical cyclosporine or tacrolimus and corticosteroids are used to treat and control the signs of this disease
cytotec online buy Besides variable sodium intake among studies, another concern is that compliance with the prescribed sodium diets was not described in some studies or was subjectively assessed in others
how to buy cytotec pills Results expected after the steroid cycle