Property acquisition in Seychelles

Property acquisition in Seychelles

CHECK LIST OF DOCUMENTS FOR APPLICTION FOR SANCTION – BUYER AND SELLER and BUYER

In the case of an individual(s):

  • Certified true copy of applicant/(s) valid passport details which must be accompanied by the contact details of the certifying Notary or Attorney.
  • Copies of 2 utility bills as proof of residential address which should not be older than 3 months from the date of the application
  • Original Current Police Clearance Certificate not older than 6 months from the date of the application in country of residence in the last 2 years.
  • Signed declaration that the individual is not (or is) a Politically Exposed  Person (PEP).
  • Signed declaration of source of funds to be used for the proposed transaction
  • Signed declaration of proof of funds from the originating bank validating the proposed transaction. (e.g. a bank-signed bank statement showing the requisite balance of funds or a letter of reference stating availability of funds from the bank).
  • Two character reference (from person of high standing)

In the case of a corporate body:

  • Certificate of Incorporation
  • Memorandum and Articles and Association.
  • Share certificates and register of directors.
  • Written declaration by the natural person(s) who are the ultimate beneficial owner(s) of the corporate body which is duly certified by a notary or attorney and with the contact details of the certifying notary or attorney
  • Signed declaration that the individual is not (or is) a Politically Exposed  Person (PEP)
  • Certified true copy of valid passport details of the ultimate beneficial owner(s) which must be accompanied by the contact details of the certifying Notary or Attorney
  • Copies of 2 utility bills of the ultimate beneficial owner(s) as proof of residential address which should not be older than 3 months from the date of  the application
  • Original Current Police Clearance Certificate of the ultimate beneficial owner(s) not older than 6 months from the date of the application in country of residence in the last 2 years.
  • Proof of identity in the form of 2 utility bills and certified true copies of valid passport details with the contact details of the certifying notary or attorney for each director and for each shareholder holding 25% or more of the  shares of the corporate body
  • Signed declaration of source of funds to be used for the proposed transaction
  • Signed declaration of proof of funds from the originating bank validating the proposed transaction (e.g .a bank-signed bank statement showing the requisite balance of funds or a letter of reference stating availability of funds from the bank).
  • Two character reference (from person of high standing)

SELLER

  • Certified true copy of applicant/(s) valid passport details which must be accompanied by the contact details of the certifying Notary or Attorney.
  • Copies of 2 utility bills as proof of residential address which should not be older than 3 months from the date of the application
  • Original Current Police Clearance Certificate not older than 6 months from the date of the application in country of residence in the last 2 years.

Fees

An application for sanction to purchase, lease or hold an option to purchase immovable property or rights therein in Seychelles either directly or through a Notary or an Attorney in Seychelles. A statutory processing fee equivalent to 1.5% of the market value of the property is charged for the processing of the application. In the case of a leasehold interest, a processing fee equivalent to 1.5% of the annual rent is payable. In the case of purchase of shares in a company owning an interest in immovable property, a processing fee of SR1,000/- per application is payable. A Sanction duty (currently 11%) of the market value of the property is payable to the Government of Seychelles over and above the applicable Stamp Duty (currently 5%) of the market value of the property. Notary fees 5% of the purchasing price but negotiable depending on the purchasing price.