UGANDA – Ugandans have been invited to invest in luxury Fumba Uptown Living apartments and villas built along the idyllic Indian Ocean coastline in Zanzibar.
Fumba is an inventive residential development project with a unique community concept, located along the southern shores of Zanzibar island.
It provides its residents with a luxurious lifestyle and several options of chic housing units to choose from – with prices ranging from $125,000-500,000 with a total of 300 villas and 250 apartments once completed.
The project comprises around 500 luxury villas, several distinct types of apartment buildings, and ancillary buildings that capitalize on the stunning views of the ocean and this unique site location.
The project was conceived with the input of an international consultant team comprised of several renowned professionals and subject matter experts from various design disciplines that include architects, interior designers, engineers, landscape architects, and urban planners.
Purchasers of the villas will acquire the residential units on a 99-year leasehold basis, with an option to renew for a further 49 years. Residency is available and can be granted for three years, which is then renewable at a fee.
Rapid growth in Zanzibar’s tourism sector has seen this account for 27 per cent of GDP and between 70 and 85 per cent of foreign earnings and has been identified by the government as a strategic growth sector.
Property owners receive a host of resident benefits including zero tax on worldwide income, outside of Tanzania residents permit on purchases, reduced personal local income tax of 15%, no capital gains tax on properties purchased.
Also, no stamp duty on properties purchased, no inheritance tax on properties purchased and no minimum length of stay residency permit renewed every 3 years and valid for as long as the property is owned.