Owning property in Seychelles as a foreigner comes with one recurring cost that locals do not pay, the immovable property tax. It is small as a percentage, but it is annual, and you have to register for it. Here is exactly how it works, who it applies to, and where the exemptions are.
What the tax is
The Immovable Property Tax came in under the Immovable Property Tax Act 2019 and took effect in January 2020. It applies to non-Seychellois who own residential property in Seychelles. Seychellois owners do not pay it. The tax is charged on the market value of the property and covers homes that are lived in as well as those held empty but capable of being used as a residence.
How much, and when
The rate began at 0.25 percent of market value. From 1 January 2024 it doubled to 0.50 percent, where it stands today. On a home worth SCR 10 million, that is SCR 50,000 a year. The tax is paid to the Seychelles Revenue Commission on or before 31 December each year.
How the value is set
The taxable value is assessed by a licensed valuation or quantity surveyor approved for the purpose. That valuation then holds for five years, so you pay 0.50 percent of the same assessed value each year until the next revaluation. Keeping a defensible, professional valuation on file matters, because the tax rides on it for half a decade.
Who is exempt
Married to a Seychellois
A non-Seychellois married to a Seychellois is exempt while the marriage subsists.
First-time owners
A first-time foreign owner of residential property can apply to the Commissioner-General to be exempt for the first year.
Certain company and conservation cases
Later additions cover property a non-Seychellois business uses to house its own staff, and property with recognised conservation value, such as certified endemic plants on site.
General information, not tax advice. Rates and rules change, and your own position may differ. Confirm the current requirements with the Seychelles Revenue Commission or a qualified Seychelles adviser.