New immigration law boosts FDI flow in Zanzibar's real estate

23Nov 2023
Correspondent
DAR ES SALAAM
The Guardian
New immigration law boosts FDI flow in Zanzibar's real estate

 Graced by the esteemed presence of the Minister of State in the President's Office, Responsible for Economy and Investment Hon Mudrick Soraga, CPS AFRICA's recent event showcased a significant leap forward in Zanzibar's real estate landscape.

This event, presided over by the Minister as the guest of honor, marked a pivotal moment in advocating for secure foreign investments in the region.

During the event, Sebastian Dietzold, the CEO of CPS AFRICA, lauded the government's groundbreaking immigration act, granting residence permits to home-buyers investing above 100,000 USD. "We are thrilled with the government's initiative,"

he expressed, emphasizing the empowerment it brings to diaspora clients and organizations looking to engage in the Zanzibar real estate market.

The occasion also witnessed the unveiling of two innovative products by CPS AFRICA: Moyoni Bay and Mwangani SkyLoft. These premier offerings signify a paradigm shift in luxury living and investment opportunities, promising a redefined real estate experience in Zanzibar.

Moreover, a compelling panel discussion further highlighted the significance of this new immigration act. The Minister reassured foreign investors about the safety and reliability of investing in Zanzibar.

"This act demonstrates our unwavering commitment to ensuring a secure investment environment," affirmed the Minister, emphasizing the government's dedication to safeguarding the interests of foreign investors.

The minister, Hon. Mudrick Soraga, assured foreign investors of the security of investing in Zanzibar.

“This activity underscores our commitment to ensuring the investment climate is secure as well as the government’s drive to respect the interests of foreign investors.” Said minister Soraga.

He went on to say, “The new law that allows buyers or investors in residential property to get residence permits in the country is of historical significance which will widen the property market as well as grow the tourism sector which will, in turn, increase the number of investors in the country.

This will allow international tourists who wish to purchase homes here and continue to propel economic growth. We take this very seriously in Zanzibar, we have more than 36 residential property projects and CPS Africa has invested over 400 million dollars. This is a sector that is growing rapidly and one that adds to the value chain in the country”.

Previously, residential property buyers were not issued with residence permits, they would come and buy their homes but they had to leave periodically to remain compliant with immigration requirements. These changes will give buyers peace of mind by issuing them and their families (up to 4 children) with 5-year residence permits.

In conclusion, I wish to thank the Ministry of Home Affairs and Immigration for the great work they have done for the last two years to framework this new facility.” said minister Soraga.