In July next year it will be implemented a tax on property owned by foreigners. A top official of the Ministry of Finance announced this during a consultative meeting on Thursday. Patrick Payet, the principal secretary for finance, said that the ministry took this decision after discussing with the government. The issue is that the real estate market is populated with foreigners. This makes prices...
The Ministry of Finance chose to introduce a tax on foreign-owned property to curb foreign investments in real estate. This way the ministry wants to make lands and houses more affordable for Seychellois. "What we have seen with the real estate market is that it is driven by foreigners. We see prices go up and while foreigners can purchase properties, Seychellois lose because they cannot afford to buy...
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