Regulatory Alerts2021-01-01
Registration of Non-Seychellois Immovable Property Owners Under the International Trade Zone Act
The Financial Services Authority requires non-Seychellois International Trade Zone licensees to register their Seychelles immovable property with the Registrar General. Applications must be filed between July 1 and October 31, 2021 using forms available in hard copy or digitally via email and the e-government portal. Non-compliance by the deadline triggers fines of SCR50,000 for commercial, industrial, multi-purpose, or villa properties, and SCR10,000 for other assets.
Circular No. 8 of 2021 Date: 14th July, 2021 Registration of Non-Seychellois Immovable Property Owners Licensed Under the International Trade Zone Act, 1995 This circular serves to bring to the attention of licensees licensed under the International Trade Zone Act, 1995 (ITZ Act) of the obligation to register their immovable property as per Gazette Notice published on 28th June 2021 by the Registration Division as the “REGISTRATION OF NONSEYCHELLOIS IMMOVABLE PROPERTY OWNERS” with the following: - “In accordance with section 13(4) of the Immovable Property Tax Act, 2019, the Registrar General hereby gives notice that every non-Seychellois who owns immovable property in Seychelles shall submit an application to the Registrar General to be registered of non-Seychellois immovable property owners. An application shall be submitted to the Registrar General from 01st July 2021 to 31st October 2021. A non-Seychellois who fails to submit an application to the Registrar General in accordance with the Act shall be liable to pay the Registrar General the following fine – (a) SCR50,000 in the case of commercial property, industrial property, multi-purpose buildings or villa; or (b) SCR10,000 in the case of immovable property not specified in paragraph (a).” To facilitate the registration of non-Seychellois immovable property, ITZ licensees may obtain the application form in hard copy at the Registrar-General’s Office, Independence House, Victoria, Mahe. However, a digital copy of the form can also be made available by email upon request through the email address: regdiv@registry.gov.sc or alternatively from the egovernment portal on www.egov.sc. It is important to note that immovable property constitutes of any commercial property, condominium unit, immovable property used for residential purposes, industrial property, land, lease, multi-purpose building and villa as defined under the Immovable Property Tax Act, 2019. Given that Immovable Property Tax Act, 2019 is not featured in the non-applicability schedule, it is an obligation of licensees to comply with section 13(4) as stated above.
Financial Services Authority