The Seychelles Revenue Commission recently issued guidance on the Immovable Property Tax that came into effect on 1 January 2020. The 0.25% tax is levied on the market value of all foreign-owned immovable properties for residential purposes and is payable on or before 31 December of each financial year.
One of the key points of the guidance is that, although not all immovable property is subject to the tax (commercial and industrial property is exempt), all foreign-owned immovable property must be registered, including commercial property, condominium units, immovable property used for residential purposes, industrial property, land, lease, multi-purpose buildings, and villas. Registration is also required where there is a change in ownership. A fixed period of four months is set in each financial year during which immovable property can be registered. For 2020, this period is 1 July to 31 October 2020. Failing to register will result in a fine of SCR 50,000 in the case of commercial property, industrial property, multi-purpose buildings, or villas, and SCR 10,000 in the case of other immovable property.
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