Property in Seychelles is very expensive treat!

23.08.2012

Recently it became known that one of the richest women in the world,  L'Oreal billionaire heiress, Liliane Bettencourt has sold her private island D'Arro in Seychelles, according to the island nation’s government.

Small but valuable piece of land acquired international Swiss Environmental Foundation «Save our seas» for $ 60 million.

But I would like to draw your attention to the tax aspect.  Seychelles’ Government said, that Bettencourt had to pay $ 8 million unpaid taxes on time (in 2010 the history of non-payment of taxes caused a great resonance, since 1997, her purchase owner never mentioned it to the tax return to the Seychelles government).

Besides the fact, that Swiss NGO purchased 2 km of island at amount of $ 60 million, and also according to tax legislation of Seychelles, «Save Our Seas» paid $10.5 million as stamp duty and other taxes.  Such sums of money have been donated for the use of the island as a platform for the study of endangered species of turtles and sharks.

Expert’s opinion

As we see, to have property in Seychelles is very expensive enjoyment. Seychelles government cherishes and appreciates their land, and tries any possible ways to keep any property of the state in the hands of residents. For example, to buy a property in this heavenly place is worth paying attention to such an important moment as the payment of taxes.

If you are non-resident before purchase or any other acquisition real estate you should get sanction from the Seychelles’ Government (Immovable Property (Transfer Restriction) Act 1987). However this procedure is not so simple, but on the contrary, it may require a lot of effort and money. Consider the following stages:

First of all, you need to apply for permission to the Office of the Chief Secretary, Ministry of Land and Housing personally or through a notary or a lawyer in the Seychelles. Secondly, as I said, the process requires a lot of money: the state duty paid in total 17.5% of the declared value of the property (1, 5% processing fee, 11% sanction duty, and 5% stamp duty). Agree that it is great interest. Is it worth unparalleled beauty of the island, exotic nature, calmness and peace? Everyone has their own opinion on this!
However, dear clients, be vigilant and careful before buying a property in the Seychelles, and do not forget about the tax burden.

On the basis: http://www.egov.sc/

Natalie Dambieva ( the paralegal of Moscow office of Honest & Bright )