The new immovable property tax law in Seychelles imposes an annual tax on foreigners owning property in the Seychelles and a number of steps need to be followed in order to be compliant with the law.
Immovable property includes commercial property, condominium units, land used for residential purposes, industrial property, leases, multi-purposes buildings and villas.
Who is liable for taxation under this Act?
This annual tax of 0.25% of the market value of the immovable property applies to all foreigners owning immovable property in Seychelles unless falling under a few exceptions. Immovable property of all use is liable for tax under this Act, including residential, commercial, and industrial property.
If a foreigner shares ownership with a Seychellois the taxpayer must still pay a proportionate share of tax payable on the immovable property and is thus liable under this Act.
