Zanzibar offers property investment opportunity
A new property investment opportunity beckons UAE residents to Zanzibar, one of the hottest post-pandemic investment locations.
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A new property investment opportunity beckons UAE residents to Zanzibar, one of the hottest post-pandemic investment locations.
Also, everyone who purchases affordable luxury property on the tropical island paradise will receive residency, as well as a host of attractive tax benefits, said a statement.
Just off the East African coast in the Indian Ocean, the spice island of Zanzibar is known for beautiful white sand beaches, spectacular sunsets, stunning landscapes, and tranquil forests.
Zanzibar is stable - politically, socially, and economically. Although a small island economy, it is part of the larger Republic of Tanzania which has enjoyed relatively high economic growth over the last decade, averaging 6-7% per annum (according to the World Bank).
In July 2020, Tanzania formally graduated from a low-income country to lower-middle-income country status – with trickle-down benefits on the Zanzibarian economy. The economy is diverse with agriculture, quarrying, mining, industry, electricity generation and services all playing a part - together with tourism. Tourism is where the opportunity for investment is particularly exciting.
And now, a limited number of two-, three- four and five-bedroom, luxury ocean front villas are available for purchase in an exciting new, first-of-its-kind resort development in Zanzibar, called Blue Amber.
The project is a Strategic Investment Project, which allows property owners to gain significant tax benefits - such as a 15% tax rate on local income earned, no tax on worldwide income, and no capital gains tax, stamp duty or inheritance tax on properties purchased.
And that’s not all. Property investors, along with their spouses and any children under the age of 20, are eligible for residence permits lasting the duration of their ownership of a property. There is no minimum amount of time that must be spent in-country to qualify.
Blue Amber is currently the only strategic investment real estate development in Zanzibar, with an untouched natural beach, offering views of pristine Muyuni beach and Mnemba Island.
Blue Amber Managing Director, Saleh Said, says: “Zanzibar only opened its doors to non-Tanzanian resident investors recently when the government announced a new tax and residency program. Prior to this, foreign buyers could not own property on the island at all. Now, for the first time in history, non-Tanzanian residents can invest in property on the tropical island.”
“The Blue Amber resort enables non-Tanzanian residents to buy residential property in Zanzibar on 99-year leases with the option to extend ownership by 49 years.”
Blue Amber resort development nestles along four kilometres of magnificent, unspoilt Indian Ocean coastline – occupying 410 hectares of tropical landscape on the north-eastern side of Zanzibar. Set to become Zanzibar’s premier island resort hotel, it incorporates residential, hotel, tourism and community and public amenities.
The largest resort development of its kind in East Africa, Blue Amber includes the Shirazi Resort and Villas which comprise 54 luxury pool villas, a leisure centre and premium four-star resort hotel – all set within a secure, private estate, designed to maximise the spectacular views of either ocean, lakes, or the golf course.
The villas are available to purchase, with prices starting from $197,125 for a two-bedroom, two-bathroom unit with a private pool and roof-top terrace, or from $319,000 for a double-storey three-bedroom villa.
Another added benefit is the purchase payment scheme. Investors can opt to pay $5,000 upfront as an exclusivity reservation payment. Upon agreement, there are then four easy instalments payable in a period of one year before handing over the villa to the buyer.
Construction of the villa residences and visitor’s centre has commenced, and the first villas are due for completion within the next 12 to 14 months.
Once fully completed, the resort will also boast two ‘barefoot’ luxury eateries, a spa, yoga pavilion and gym, as well as a beach club and pool, replete with pool bar.
There will be an impressive shoreline aqua leisure centre where both residents and visitors can enjoy a multifunctional play space that includes comprehensive water sports facilities, along with a beach eatery and a selection of thoughtfully-curated retail stores.
“Blue Amber will strongly attract property investors from around the globe,” says Neil Markovitz, CEO of Newmark Hotels, Reserves, Lodges & Residences which is managing global sales, marketing and operations for Shirazi Resort & Villas.
On the ground in Zanzibar, local real estate expert Remax Omela is handling sales.
“I foresee immense investment potential in Zanzibar, which is a year-round leisure destination that is safe and politically stable. It is a dream destination for investors wanting to enjoy a tropical island escape, whilst also benefitting from the many tax breaks, the residency scheme, and the potential rental return on their property investment.” - TradeArabia News Service
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