Foreign-owned companies may aquire or lease private land or immovable for business purposes subect to government approval. They may also lease state owned land for commercial purposes, but cannot acquire state land, except in very specific cases. All leases of land or immovable property by foreign-owned investors for more than 2 years is subject to government approval.
"Interpretation
2. In this Act, unless the context otherwise requires […]
"non Seychellois" means -
(a) an individual who is not a citizen of Seychelles;[...]
(c) a body corporate incorporated or established under the laws of a country or jurisdiction other than Seychelles;
(d) a body of persons unincorporated of which any of its members - (i) is not a citizen of Seychelles; or (ii) is a State or Government or body or company referred to in paragraph (b), paragraph (c), paragraph (e), paragraph (f), paragraph (g) or paragraph (h);
(e) in relation to a company limited by shares incorporated under the laws of Seychelles, a company of which - (i) any of its directors is not a citizen of Seychelles, not being a company under the absolute control of the Government; (ii) any of its shares, not being a share which entitles its holder to a right to participate in any distribution by way of dividends only, is held by or under the control, whether actual or ultimate, of a person or State or Government or body or company referred to in paragraph (a), paragraph (b), paragraph (c), paragraph (d), subparagraph (i) or subparagraph (iii) of this paragraph, paragraph (f), paragraph (g), paragraph (h) or paragraph (i); [...];         
(f) in relation to an unlimited company incorporated under the laws of Seychelles, a company of which - (i) any of its members is a person or State or Government or body or company referred to in paragraph (a), paragraph (b), paragraph (c), paragraph (d), paragraph (e), subparagraph (ii) of this paragraph, paragraph (g), paragraph (h) or paragraph (i);
[...]
Restrictions on sales and leases of immovable property to non Seychellois
3. (1) *A non-Seychellois may not -
(a) purchase or acquire by any means whatsoever and whether for valuable consideration or not, except by way of succession or under an order of the court in connection with the settlement of matrimonial property in relation to a divorce proceedings any immovable property situated in Seychelles or any right therein; or
(b) lease any such property or rights for any period; or
(c) enter into any agreement which includes an option to purchase or lease any such property or rights,
without having first obtained the sanction of the Minister.
[...]
Matters to be considered and power of Minister to impose conditions
4. (1) In considering applications for sanction under Section 4 the Minister shall have regard to the following matters 
(a) the character of the applicant or, if the applicant is a company, the character of every director of the company;
(b) whether the applicant's declared purpose in acquiring the land in question is consistent with the policies of the Government on the use and development of land in Seychelles;
(c) whether the proposed acquisition is in the interest of Seychelles.
[...]
Restriction on the issue and transfer of shares in companies owning immovable property or rights therein
12. (1) Notwithstanding anything in the Civil Code of Seychelles or the Companies Act contained, a non Seychellois may not purchase or acquire by any means whatsoever shares in a company owning immovable property or rights therein by way of transfer, allotment, rights issued or otherwise without having first obtained the sanction of the Minister.[...]" (Immovable Properties (Transfer Restriction) Act 1965, Cap 95)
----------------
"1. Land Alienation
1.1 Government will continue to consider applications or Sanction by NonSeychellois for both purchase and lease of immovable property and or rights therein in respect of immovable property and or rights therein held in private ownership viz:
(a) In the case of commercial development involving bare land or redevelopment of an existing property only where there is an approved development project there for.
(b) In the case of privately owned land for residential development only where such is in line with the relevant Approved or Draft Land Use Plan and or Planning permission has been granted for the proposed development.
(c) In the case of a private residence only where the land was not purchased from Government under the Land Bank Scheme and/or the property does not form part of a GOS condominium or social housing scheme.
(d) in connection with ongoing projects under the Villas Policy for which written commitments have been made by Government prior to the Villas Policy of April 2007 as well as new projects falling under the purview of the New Villas Policy of September 2013.
(e) in respect of other social consideration eg: transfer between spouses/parent/children, partitioning amongst heirs, settlement of matrimonial property voluntarily or through Court judgments;
(f) Where transfer of shares in an existing land owning entity is required in connection with the normal conduct of the business as an on-going concern in Seychelles (excluding residential properties and holiday homes) eg corporate restructuring, shares allotments following increases in share capital. [...]
1.3 Where land is purchased or leased by a Non-Seychellois corporate entity, the condition of sanction shall make it explicitly clear that any subsequent transfer or dealings with the shares of the corporate body or the overseas or IBC holding entity will require sanction from the Government, such sanction to be granted in line with prevailing policies on ownership or lease of ongoing business concerns. (eg: the tourism sector where ownership of small tourism establishments of 15 rooms or less are exclusively reserved for Seychellois only).
[...]
5. Removal of Restriction on Short Tenancies
5.1 In keeping with improving the “Ease of Doing Business” in Seychelles the current mandatory requirement under the Immovable property (Transfer Restriction) Act for Non-Seychellois to apply for and obtain sanction to occupy and or rent business premises will be dispensed with altogether on tenancies and leases of a maximum duration of 2 years.
[...]
6. Management and Sale of State Land
6.1 No State Land is to be transferred freehold to any Non-Seychellois by Law except in the following circumstances, where Government considers that it is in the national interest for State Land to be transferred on a freehold basis:
- both locally and internationally recognized conservation bodies solely for the purposes of furthering conservation of biodiversity in respect of the subject property; - Embassies or Mission premises of foreign Governments that have  established diplomatic relations with the Republic of Seychelles; - Approved exchange of land schemes involving Government and Non–Seychellois owners.[...]
6.3 All state land leased to Seychellois or Non-Seychellois corporate entities for commercial purposes should in addition to development covenants and applicable project implementation time frames, contain a proviso in the lease that any transfer of shares in the Lessee (where the Lessee is a corporate entity) which amounts to and has the same effect as an assignment of the lease to a third party without approval in writing of the Government will constitute a material breach of the lease, resulting in termination of the lease and the land with or without improvements thereon, reverting back to the State.[...]" (Government of Seychelles, POLICY: Alienation of Land and Management and Sale of State Land)

Immovable Properties (Transfer Restriction) Act 1965, Cap 95 as amended
POLICY: Alienation of Land and Management and Sale of State Land, Government of Seychelles
[<a href="https://greybook.seylii.org/w/se/CAP95#!fragment/zoupio-_Toc384112366/BQCwhgziBcwMYgK4DsDWszIQewE4BUBTADwBdoAvbRABwEtsBaAfX2zgGYAOAFgEY+AJg4A2EQEoANMmylCEAIqJCuAJ7QA5BskRCYXAiUr1WnXoMgAynlIAhdQCUAogBknANQCCAOQDCTyVIwACNoUnZxcSA">Act</a>],[<a href="http://www.luh.gov.sc/Files/Doc/Sanctions Docs 2020/Policy IPTR September 2017.pdf">Policy</a>]