A Call to Palms
So you’re in the market for a desert island holiday home. You’ll need the essentials then - ivory sands, crystalline turquoise waters, swaying palms... all the familiar tropical trappings without the body count overload. A low-key alternative to the Caribbean, the Seychelles archipelago of 115 islands drifts contentedly in the Indian Ocean some 1,000 miles off the coast of Kenya. The islands are enjoy year-round warm temperatures-being five degrees south of the Equator, but for those moving from shady palm to shady bar, that shouldn’t pose a problem.
The majority of the 80,000 easy-mannered islanders are Creole speakers, descendants from mixed ancestry-traders, plus British and French colonists. However, more recent European and South African investors have been putting down roots, targeted by ‘call to palms’ marketing. A strong economy has attracted luxury tourism to the archipelago, with big name airlines now flying direct, augmenting the footfall.
Development is rigorously restricted. There wasn’t even an airport before 1971 and the first resorts were created from coconut plantations less than 25 years ago. A stable, democratic government has done a good job protecting the environment whilst subsidising output in fishing and in tourism, the cash cows that keep the islands’ economy afloat. In a bid to attract foreign direct investment, changes in the law regarding property ownership now look set to unblock the lifeline to the real estate scene. Until 2007, foreigners could only buy if they submitted to a rigorous vetting procedure. The process has since been streamlined, with a small number of government-approved developments coming on stream offering freehold title and residency rights for owners and their immediate family.
“The residential tourism market has huge potential,” says Vivian Rassool of Arriva Realty, who has seen visitors numbers steadily climb in the past five years, up 18% in 2012 alone. “Vision 21, the islands’ tourism master plan is well developed with a continuing focus on five-star resorts, and priority given to low-density real estate projects with an “eco-conscience.”
The construction of several new ‘island-hop’ airstrips will also add access in depth, focusing the spotlight on some of the lesser-known islands and fanning out investment choice.
Lying off the east coast and targeted to boost the archipelago’s appeal to a more mainstream audience is the new “116th” island of Eden. Linked to Mahe via a bridge, around 95 acres of reclaimed land has been created using the same technology as The World in Dubai. The community comprises some 400 luxury two and three-bed apartments, mansions, and private villas with private moorings; homes built in Creole style, each water facing and some with private beach starting from £380,000.
If it’s a real slice of castaway life you’re after, then investing in one of the luxurious properties on the exclusive, remote island of Desroches Island is the way forward. Located 230kms from Mahe in the Amirante Archipelago, this elite hideaway is considered to be of the most pristine and untouched offshore idylls in the Seychelles. Development is limited to a bespoke collection of luxury residences marketed for sale on a fractional ownership basis. Properties have been sensitively designed to maximise both interior and exterior living spaces with finishes inspired by the natural forest surroundings. One sixth shares of a four-bedroom residence (offering two months per annum exclusive usage on a rotating priority basis) are currently selling for £320,000.
Overseas buyers must obtain permission from the government before buying property. This is best achieved through the services of a notary.
Foreign buyers are required to deposit purchase funds in the Central Bank of Seychelles in foreign currency. This is converted to Seychelles Rupees upon withdrawal and used for the property transaction.
Foreigners automatically acquire residency status on purchase of property. Fee is 150,000SR (£7,500). This ‘status’ is renewable every five years.
A government sanction fee of 17.5% (of the transfer value) is payable, which includes 1.5% to the Ministry of Land Use and Habitat.
Stamp duty is 5%.
There is no CGT (Capital Gains Tax) or Inheritance Tax.
Laura Henderson is editor of Abode2 magazine www.abode2.com
The majority of the 80,000 easy-mannered islanders are Creole speakers, descendants from mixed ancestry-traders, plus British and French colonists. However, more recent European and South African investors have been putting down roots, targeted by ‘call to palms’ marketing. A strong economy has attracted luxury tourism to the archipelago, with big name airlines now flying direct, augmenting the footfall.
Development is rigorously restricted. There wasn’t even an airport before 1971 and the first resorts were created from coconut plantations less than 25 years ago. A stable, democratic government has done a good job protecting the environment whilst subsidising output in fishing and in tourism, the cash cows that keep the islands’ economy afloat. In a bid to attract foreign direct investment, changes in the law regarding property ownership now look set to unblock the lifeline to the real estate scene. Until 2007, foreigners could only buy if they submitted to a rigorous vetting procedure. The process has since been streamlined, with a small number of government-approved developments coming on stream offering freehold title and residency rights for owners and their immediate family.
“The residential tourism market has huge potential,” says Vivian Rassool of Arriva Realty, who has seen visitors numbers steadily climb in the past five years, up 18% in 2012 alone. “Vision 21, the islands’ tourism master plan is well developed with a continuing focus on five-star resorts, and priority given to low-density real estate projects with an “eco-conscience.”
The construction of several new ‘island-hop’ airstrips will also add access in depth, focusing the spotlight on some of the lesser-known islands and fanning out investment choice.
PROPERTY HOT PICKS
Those with a lock-up-and-leave purchase in mind will find plenty up for grabs on the main islands of Mahe and Praslin. Head towards Petite Anse Bay on the island’s southwest coast and you’ll reach the hilltop setting of the prestigious Four Seasons Resort. One of the first projects to offer freehold title, a limited edition collection of 26 private residences: four to six-bed villas designed by Asian architect Yew Kuan. Properties sport open plan living areas, infinity pools and stand-alone bedroom pavilions Prices start from £4.6m.Lying off the east coast and targeted to boost the archipelago’s appeal to a more mainstream audience is the new “116th” island of Eden. Linked to Mahe via a bridge, around 95 acres of reclaimed land has been created using the same technology as The World in Dubai. The community comprises some 400 luxury two and three-bed apartments, mansions, and private villas with private moorings; homes built in Creole style, each water facing and some with private beach starting from £380,000.
If it’s a real slice of castaway life you’re after, then investing in one of the luxurious properties on the exclusive, remote island of Desroches Island is the way forward. Located 230kms from Mahe in the Amirante Archipelago, this elite hideaway is considered to be of the most pristine and untouched offshore idylls in the Seychelles. Development is limited to a bespoke collection of luxury residences marketed for sale on a fractional ownership basis. Properties have been sensitively designed to maximise both interior and exterior living spaces with finishes inspired by the natural forest surroundings. One sixth shares of a four-bedroom residence (offering two months per annum exclusive usage on a rotating priority basis) are currently selling for £320,000.
Buying in the Seychelles
Overseas buyers must obtain permission from the government before buying property. This is best achieved through the services of a notary.
Foreign buyers are required to deposit purchase funds in the Central Bank of Seychelles in foreign currency. This is converted to Seychelles Rupees upon withdrawal and used for the property transaction.
Foreigners automatically acquire residency status on purchase of property. Fee is 150,000SR (£7,500). This ‘status’ is renewable every five years.
A government sanction fee of 17.5% (of the transfer value) is payable, which includes 1.5% to the Ministry of Land Use and Habitat.
Stamp duty is 5%.
There is no CGT (Capital Gains Tax) or Inheritance Tax.
Laura Henderson is editor of Abode2 magazine www.abode2.com