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FAQ

Can foreign residents purchase property in the country?

Yes, foreign residents can purchase property, but the money must be transferred into the country via a Securities Investment Account (SIA) held at a local bank.

What is a Securities Investment Account (SIA)?

An SIA is a special account required for foreign residents to channel funds into the country for specific investments, such as property purchases. The same account is used to repatriate the money (including any gains) after the property is sold, in the currency originally deposited.

What if the property was inherited or purchased without using an SIA?

If the property was inherited or purchased without an SIA (e.g., bought as a citizen or before the SIA requirement), there are restrictions on taking money out of the country:

•You can withdraw up to $20,000 annually.

•Alternatively, you can withdraw the entire amount at once, provided you can prove the source of the money to the local bank and the Central Bank. This process can take several months to complete.

Is there a limit on bringing money into the country?

Yes, as per Budget 2017, you can bring in up to $45,000 without declaring the source of the funds.

Can foreigners borrow money from local banks to purchase property?

Yes, Budgets 2017 and 2018 allow foreigners to borrow funds from local banks to purchase condominiums, up to 40% of the property value.

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