GLOBAL VIEW
OPENING PARADISE TO THE
WORLD The government of Zanzibar, one of Africa’s most prized travel destinations, has announced that a new tax and residency programme 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
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The Blue Amber masterplan.
strategic investment status projects with incentives and allowances to real estate developers. However, the same was not offered to those wanting to buy property in the country. As a result, Zanzibar has been unable to attract any notable real estate development, whereas countries like Mauritius, Dubai, Oman, Singapore and others have thrived after implementing this strategy. With the introduction of the new investor programme, foreign buyers will be afforded the opportunity to enjoy a number of benefits, thereby luring investment and boosting Zanzibar’s economy, as well as that of broader Tanzania. RESIDENCE PERMIT Real estate investors are now able to acquire a residence permit as an investor, meaning the party will
SOUTH AFRICAN BUILDER SEPTEMBER 2021
