The Government of Zanzibar has recently launched a residency program targeted at foreigners who wish to live and invest in the island territory off the coast of Tanzania.
This follows other significant developmental initiatives, especially in the infrastructure and tourism sectors, to stimulate growth in the economy after a dry spell left by the COVID-19 pandemic. Till this program was introduced, the 2018 Investments Act specified procedures and guidelines for Strategic Investment Status (SIS) Projects by providing incentives and allowances. However, it was mainly in the interests of real estate developers and did not offer any benefits for those who wanted to buy property and invest in the country. The result of this was that Zanzibar, despite being an exotic tropical destination with relatively affordable real estate prices, wasn’t able to conceive much development and lagged behind other countries such as Mauritius, Dubai and Singapore, who had already implemented strategic investment programs.