FAQ
SEYCHELLES

FAQ

DISCOVER


GENERAL QUESTIONS



Where are the Seychelles?


The Republic of Seychelles is an archipelagic island country in the Indian Ocean at the eastern edge of the Somali Sea. It consists of 115 islands. Its capital and largest city, Victoria, lies 1,500 kilometers (932 mi) east of mainland Africa. Other nearby island countries and territories include Comoros, Mayotte (Territory of France), Madagascar, Réunion (Territory of France), and Mauritius to the south; as well as the Maldives and Chagos Archipelago to the east. With a population of roughly 94,367, it has the smallest population of any sovereign African country.




What is the political situation in the Seychelles?


Since proclaiming independence from the United Kingdom in 1976, Seychelles has developed from a largely agricultural society to a market-based diversified economy, characterized by rapidly rising service, public sector, and tourism activities. Since the late 2010s, the government has taken steps to encourage foreign investment.


The Seychelles president, who is head of state and head of government, is elected by popular vote for a five-year term of office. The cabinet is presided over and appointed by the president, subject to the approval of a majority of the legislature.



What is the main industry in the Seychelles?


Tourism, plantation (cinnamon, vanilla, copra), exports of processed fish and non-fillet frozen fish



How to access Seychelles?


Direct flights from Dubai, Abu Dhabi, Doha, Istanbul, London, Paris, Frankfurt, Zurich, Addis Ababa, Nairobi, Johannesburg, Colombo, Tel Aviv, Mumbai, Sainte Denis, Mauritius.


Main Hubs: Dubai (Emirates Airline twice per day), Istanbul (Turkish Airlines), Abu Dhabi (Etihad Airlines) and Doha (Qatar Airways).



How is the climate?




Where is ONE BAYVIEW development located?


One Bayview is located on the main island, Mahé. The distance to the airport is 15 minutes and to the capital city Victoria 10 minutes.




BACKGROUND AND MANAGEMENT



Who is responsible for the development of One Bayview Residences?


Angel Fish Property Development Company (Seychelles) Limited



Who is the Chief Executive Officer of the developer and who are the shareholders?


The CEO of One Bayview is Achim Leiss.


The main shareholders of Angel Fish Property Development are Mrs. Angy Leiss and Mr. Achim Leiss.



Who are the protagonists?


Angel Fish Ltd. was founded in 1999 and is characterized by experience in establishing commercial developments and touristic facilities in Seychelles – the perfect foundation for One Bayview Residences.



In cooperation with experts from all over the world the project will be implemented in all its aspects with the utmost care. Award-winning architects from Tel-Aviv and equally outstanding interior designers from London.


An exceptional experienced project management team from South Africa and a highly experienced German law firm. Our international sales coordinators will be available for you from the initial request until the time you will enjoy the first glass of champagne on the terrace in your exclusive One Bayview home. This is just to name some key players who are dedicated to work hand in hand with the developer to make One Bayview a milestone landmark far beyond the Seychelles borders.



What is the management structure of the development?


There is a management and organizational structure in place in Seychelles which manages the day to day operations of the Company, reporting to the CEO.  In addition, various firms of professional consultants  bring a broad range of essential project management, architectural, urban design, environmental, engineering, sales, marketing, financial and legal expertise to the project.



What other development projects has the developer been involved in?


The developers and the project consultants have extensive local and international experience in property developments for more than 20 years.



Who is financing the development of One Bayview Residences?


The shareholders have invested substantial equity into the project. Development Financing in Corporation with SCP (Seychelles Condominium Project Gmbh. & Co. Kg. / Germany)



What management structure is in place to manage the development?


Owners of condominiums at One Bayview are members of the Bayview Management Association (BMA) which manages the day to day operation, maintenance, services etc. Monthly levies are raised to cover water, security, general maintenance costs, etc.



What are the approximate fees for the BMA?


The condominium fee / levies are calculated with US$ 4,50 per sqm per month.


This fee includes for e.g. the maintenance, gardening, insurances, condo-pool services, etc.



Beside the condominium / common areas who is taking care about the unit?

The One Bayview concierge offers services such as housekeeping, maintenance of the air-con, satellite TV, Internet installations, laundry services and helps the owner organizing tours, flights and transfers. 




What are the common areas?


Common areas are i.e. lobby area, the gym, condo-pool and terrace deck, common gardens, underground parking, common walkways, main lobby



Am I allowed to use the gym at any time?


The regular opening hours are from 7:00 to 23:00 hrs.



Pool-Bar


The regular opening hours are from 10:00 to 23:00 hrs



Do I have to pay additionally fees to use the gym?


No.



Do I have to pay additionally fees to use the spa?


Yes, an extensive spa menu is available.



What is the payment procedure at pool bar / residencecClub / spa?


Each Owner can open an internal BMA Account. As well regular payments via cash or credit cards.



Can I use the business lounge at any time – 24/7?


The regular opening hours are from 9:00 to 18:00 hrs.




Is the reception / concierge available 24/7?


The regular opening hours are from 8:00 to 22:00 hrs.


A Night Manager is available.



Are there any alarm / CCTV systems or security guards?


Yes, at designated common areas.




CONTROL AND OWNERSHIP STRUCTURES



What legal title in the units are passed to purchasers?


The monthly fees are a nominal amount plus such amount as is necessary to cover levies applicable.


All properties at the One Bayview development are sold and transferred to purchasers on freehold title. Freehold title is given in terms of the Condominiums Act of Seychelles.

 

What has facilitated the developer being able to sell units on freehold title in Seychelles?


The developer has entered into agreements with the Government of the Republic of Seychelles. The developer currently holds the freehold title in the residential development and accordingly freehold title will be passed to all purchasers.



Are there any restrictions placed on owners selling their units before the development is complete? Is there a pre-sale right for One Bayview?


Yes, an owner may not sell his unit without first giving the developer the first right of refusal to acquire the unit back at market value.



What formalities are imposed by Seychelles law in respect of the transfer of ownership of immovable property situated in the Seychelles?


Property ownership may be transferred as of right to a Seychellois national, and with Government sanction to a non-Seychellois as required under the Immovable Property (Transfer Restriction) Act.



What are the various methods of ownership of immovable property which apply within the Seychelles (including ownership in terms of the Condominium Property Act)?

Individual ownership, co-ownership, corporate ownership and ownership as a partnership.



How may ownership of immovable property held by a corporate body be transferred?


It can be transferred either by way of a sale of the shares of the corporate body that owns the property or by way of selling the immovable property out of the corporate body. If the intended transferee is a non-Seychellois national, Seychelles Government sanction is required under the Immovable Property (Transfer Restriction) Act.



What are the benefits, if any, of taking ownership in an off-shore company versus individual ownership?


Purchasers should seek their own advice in relation to the structuring of their ownership.



Can a trust be registered in the republic of the Seychelles?


No



Can a Trust registered outside the Seychelles, owning residential property in the Seychelles?


Yes, but only indirectly as a shareholder of the purchasing entity. The most common purchasing entity is a domestic Seychelles company.



Can minors own immovable property in the Seychelles?


Yes, they can, but minors cannot sell the immovable property during their minority without the permission of the Supreme Court of the Republic of Seychelles.



Which legal system will govern any contracts of sale concluded in order to transfer ownership of units at One Bayview Residences?


Seychelles law will apply, and the court of competent jurisdiction is the Supreme Court of the Republic of Seychelles.



What currency restrictions are there with regards to the on sale of properties at One Bayview?


Any purchaser may transact anywhere in the world and in any currency and no forex is required to go onshore to the Seychelles, except for the 6.5% stamp duty and sanction fee that has to go to the government of the Seychelles for purposes of registration of this transfer of any on sales; 




Example: Mr X wants to sell his unit in 5 years to Mr Y in Berlin, transact in Euros and gets paid in Berlin. Mr Y must just transmit 6.5% of the purchase price (as stamp duty and sanction fee) to the Republic of Seychelles for purposes of effecting the transfer.



Will the sale of immovable property attract capital gains tax in the Seychelles?

Not at Present



Will Ownership of a Property Attract Estate Duty in the Seychelles?


The government is preparing a possible tax on properties for foreigners of 0.25% per annum of the capital value of the property.



Can a foreign company become an owner of a property at One Bayview?

Yes, but only indirectly as a shareholder of the purchasing entity. The most common purchasing entity is a domestic Seychelles company . The foreign company is required to obtain government sanction in terms of the Immovable Property (Transfer Restriction) Act.




SALE, OCCUPATION AND TRANSFER



How does a Purchaser go about Acquiring a unit at One Bayview?


Prior to sales documentation being finalized, a simple unit reservation process is in place. This enables purchasers to reserve units of their choice ahead of signing up an agreement of sale. A reservation fee of € 5,000 is payable to reserve an 2-bed apartment, € 10,000 to reserve a 3-bed apartment with or without swimming pool, and € 20,000 to reserve a penthouse at One Bayview.



When will agreements of sale be available for signature?


All agreements of sale are available for signature and must be signed within 14 calendar days after delivery to the purchaser.



What is included in the purchase of a unit?


The sales price includes:


UnitFurniture package1x Parking lot1x Storage RoomAdditional purchase costs such as stamp duty, sanction and notary fees

Does the purchase include a parking space? If so, is there any additional price?


1x Parking space per unit is included in the underground parking area at no extra costs.



Is there any additional storage available for a bicycle or canoe or individual items?


Yes. The storage size is related to the apartment size, between 5 sqm to 12 sqm.



What are the broad terms of the agreements of sale with regards to payment of the purchase price?


A 10 % initial payment is due on signature of the sales agreement. In the event that a purchaser had already reserved a unit and paid the reservation fee then this will form part of the initial payment. This initial payment will be held in an escrow account until transfer.



Purchasers have to provide certain "Know Your Client" information to the Bank for purposes of opening their escrow accounts. The balance of the purchase price is to be secured by way of payment into escrow account or by way of a bank guarantee within 30 days of signature or such extended time as agreed with the seller.



Is the furniture package included?


Yes. The developer together with our interior designer from London, ARA Design, has designed and wisely selected furniture, fixtures, decoration for the project, to keeping a design line.


Individual meeting with owners to adjust the furniture package to suit their requirements are possible.



Does the property come with a warranty.


Yes, (standard warranty) for all fixtures and fittings.



Is the purchaser able to adjust the floor plan?


Within reason the floor plates could be adjusted. However the vertical services would need to be maintained.



Is there a broker's commission to be paid?


No.



When will transfer take place?


Each agreement of sale will specify the estimated transfer and occupation date.



Purchase payment terms:


The purchaser pays the purchase price in the escrow account as follows:




(1)          An amount equivalent to ten percent (10%) of the purchase price less the reservation consideration, if applicable, by the date of signature;

 


(2)          An amount equivalent to fifteen percent (15 %) of the purchase price, upon the lodging of this agreement with the registrar general of Seychelles by the attorney for stamping and registration and provided clause 5.1 is fulfilled,

 


(3)          An amount equivalent to thirty percent (30%) of the purchase price, within fifteen (15) days of receiving notice of Actual Commencement Date; 

 


(4)          An amount equivalent to thirty percent (30%) of the purchase price, not more than one hundred and eighty (180) days after the commencement of construction of the condominium property, as notified by the seller in writing to the purchaser.

 


(5)          An amount equivalent to fifteen percent (15 %) of the purchase price, not more than sixty days (60) after the purchaser is notified by the seller of the completion of the apartment.



What is additional purchasing cost?


Exclusive for "One Bayview Residences", the purchase of new unit has no taxes or notary fees.



Notary fees for purchases from developer - 1.5%;

Stamp duty for purchases from developer - 5%;

Sanction application processing fee - 0%.


Condominium Fees / Levies 4.50 US$ / sqm / per month




RESIDENCY AND VISITORS VISAS



Who qualifies for residency?


Any purchaser (up to a maximum of 6 persons) together with his or her spouse and children under the age of 18 years. Terms and conditions apply.



Is it possible to register a permanent residency?


Yes. With investments over US$ 2.0 Million.



If a company buys a unit; who becomes eligible for residency?


Nominees of that company (up to a maximum of 6 persons) together with his or her spouse and children under the age of 18 years. Terms and conditions apply.



What taxes/duties will be levied on cars/boats brought into Seychelles?

Normal import taxes as applicable to all persons. All purchasers should obtain individual advice as to these imports.



If a Purchaser does not take up Seychelles residency, does this affect the taxes/duties levied?


No



What effect does a purchaser's status as a resident or non-resident have on the transfer of immovable property situated within Seychelles?


None.



What are the requirements for obtaining visitor's visas for Seychelles?


A return ticket and adequate funds to maintain yourself during your stay in the Seychelles.




RENTAL SERVICE



Is there a rental service in place at One Bayview?


The One Bayview rental service will operate exclusively for One Bayview residents who wish to rent out their units. Further information about this will be provided in due course.




ARCHITECTURAL AND BUILDING GUIDELINES



Where and when can fixtures, fittings and finishes be viewed?


These are exhibited at One Bayview Sales Villa in Seychelles and are posted on the website. Fully fledged furniture supply service is provided in cooperation with ARA Design London.



Who is responsible for construction of the One Bayview project?


The developer is in the process to finalize the leading Seychellois contractor, for all building works. Information about this will be provided in due course.



Is the purchaser able to give a preference regarding the furniture package?


Yes. The interior team will offer new / other items considering the owner's preference and take care about the order, shipping and installation process.



What happens if something gets damaged during usage?


The BMA will be happy to assist owners to organizing repairs or new orderings for damaged furniture products.




SERVICES FOR BUYER



Information


To help you quickly and easily to purchase a property in Seychelles, we offer our comprehensive full-service support.



Organization of inspection visits on site; Assistance during the buying and application process; Contract translations; Referral of external partners if required on topics such as law, taxes and financing; Continuous reporting during construction phases; After sales services.

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