The government of Zanzibar, one of Africa’s most prized travel destinations, has announced that a new tax and residency program is now available for foreigners wanting to live and invest in the island. The game-changing measure comes on the back of significant infrastructure and tourism-friendly initiatives that allowed the idyllic Tanzanian region to weather much of the storm brought on by the Covid-19 pandemic in 2020. Until now, the Investments Act of 2018 provided procedures and criteria for Strategic Investment Status (SIS) projects with incentives and allowances to real estate developers, however the same was not offered to those wanting to buy property in the country. The result has been that Zanzibar has not been able to attract any notable real estate development, where countries like Mauritius, Dubai, Oman, Singapore and others have thrived after implementing this strategy. With the introduction of the new investor programme, announced by the Government on Tuesday, foreign buyers will now be afforded the opportunity to enjoy a number of benefits, thereby luring investment and boosting Zanzibar as well as the broader Tanzania’s economy. Real estate investors are now able to acquire a residency permit as an investor, meaning the party will be allowed to live in Zanzibar as a non-citizen. They are also not required to live in Zanzibar permanently.
SOURCE: AFRICA.COM