New Immigration Act encourages foreign investment in Zanzibar real estate market
Minister of State in the President's Office, Economy and Investment in Zanzibar, Mudrick Soraga, speaking at a residential property investment forum. Others in the middle are CPS Africa's Sebastian Dietzold, and CPS project engineer, Leander Moons.
Zanzibar's real estate landscape has taken a significant step forward with the introduction of a new immigration act that grants residence permits to home-buyers investing above $100,000 (Sh250 million).
The act, which was unveiled at a recent event hosted by CPS Africa, has been welcomed by the industry as a major boost for foreign investment in Zanzibar.
"We are thrilled with the government's initiative," said Sebastian Dietzold, CEO of CPS Africa. "This will empower our diaspora clients and organizations to engage in the Zanzibar real estate market with greater confidence."
The event also saw the launch of two new innovative products by CPS Africa: Moyoni Bay and Mwangani SkyLoft.
The two premier offerings signify a paradigm shift in luxury living and investment opportunities, promising a redefined real estate experience in Zanzibar.
In addition to the new immigration act, the event also featured a panel discussion on the future of foreign investment in Zanzibar. The Minister of State in the President's Office, Responsible for Economy and Investment, Mudrick Soraga, assured foreign investors of the safety and reliability of investing in Zanzibar.
"This act demonstrates our unwavering commitment to ensuring a secure investment environment," affirmed the Minister. "We are dedicated to safeguarding the interests of foreign investors."
He went on to say that the new law would "widen the property market and 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 to continue to propel economic growth," he added.
"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."
The Minister concluded by thanking the Ministry of Home Affairs and Immigration for their work in developing the new immigration act.
"This new facility is of historical significance and will undoubtedly play a major role in attracting foreign investment to Zanzibar," he said.
