Zanzibar

Main article: Tanzania

History

Main article: History of Tanzania

Infrastructure

In January 2021, Zanzibar President Hussein Ali Mwinyi signed a memorandum construction on the port worth USD 230 million. In the summer of 2021, the third terminal will open at the airport.

Investment Tax Scheme and Investor Tax Scheme

In 2021, the government launched a new program that will allow foreigners to live and invest in the quiet tax haven of the Tanzanian island of Zanzibar.

The Zanzibar Investment Law of 2018 provided benefits for real estate developers with a strategic investment status (SIS), but did not give privileges to buyers of local real estate. The initiative failed - not a single major developer could be attracted, so officials changed tactics.

Under the new investment program, foreign buyers of residential SIS real estate will receive a residence permit (GNZ) in Zanzibar with the right to work and without the obligation to stay on the island permanently, plus a number of tax advantages. The LRA is valid only if the property is owned by the applicant, and on this basis is extended every two years (+ USD 3,500 from the investor and USD 550 from each dependent);

• 0% - income tax from foreign sources;
• 0% - wealth tax from foreign sources;
• 0% - VAT on rental and sale of housing;
• When buying a villa, VNZh is provided to the spouse and 1-4 children no older than 20 years old;
• Reduced tax on the sale of apartments (5% instead of 10%);
• 15% instead of 30% - local income tax for foreigners;
• Repatriation of profits after taxes.

Business investors who purchase a bar, restaurant or other commercial facility from the SIS list will also receive benefits.

Famous natives

Farrukh Bulsara

Musician Farruh Bulsara (Freddie Mercury), 1981.

Farrukh Bulsara at the celebration of his 40th birthday, 1986.

Farrukh Bulsara, 1991