ZANZIBAR, Nov 24 (NNN-DAILYNEWS) — Zanzibar government has reassured foreign investors about the safety and reliability of investing in the Isles.
Minister of State in the President’s Office, Responsible for Economy and Investment in Zanzibar, Mudrick Soraga said recently during the CPS Africa event that showcased a significant leap forward in Zanzibar’s real estate landscape.
“Real estate is a sector that is growing rapidly and one that adds to the value chain in the country ” he said.
He said that the new Immigration Act has been fundamental in encouraging foreign investment in the Zanzibar Real Estate market.
“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.
“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,” he said.
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.
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.
The CPS Africa Chief Executive Officer, lauded the isles government’s groundbreaking immigration act, granting residence permits to home-buyers investing above 100,000 US dollars.
“We are thrilled with the government’s initiative,” he said. — NNN-DAILYNEWS
