Foreign investors are not allowed to acquire or lease private and state-owned land and real estate unless for business purposes or own residential use. In addition, foreign investment is not allowed in Real Estate Agency services.
"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).
[...]
3. Condominium Development
3.1 In order to promote and facilitate condominium development in the Country, the current Sanction duty of 11% on all purchases of residential property by Non-Seychellois has with effect from 21st March 2017 been reduced to 1.5% where the purchase is in respect of a condominium property where the value of the condominium property is in excess of SR 30,000/- per sq metre. [...]
3.2 All other applicable parts of the current Policy will be maintained including but not limited to:
(a) Vehicle of ownership of a condominium property must be either:
- natural persons and/or - a local company incorporated under the Companies Act 1972 with no corporate shareholding and if with corporate shareholding, the shareholders must be readily traceable in Seychelles to natural persons.
(b) As is currently the case, Non-Seychellois will not be permitted to purchase condominium property constructed on land purchased from Government under the Land Bank Scheme.
[...]
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)
"2. In these regulations, unless the context otherwise requires — 
“Economic Needs Test” means a process by which the Economic Needs Test (ENT) committee carry out an assessment to evaluate applications by nonSeychellois to carry out activities, in which a nonSeychellois may wish to invest, based on a needs test, keeping in view the development of the economic activity in Seychelles, to the extent it may be considered in the interest of the domestic economy and consumers;[…]
“Non-Seychellois” shall have the same meaning assigned to it in the Immovable (Transfer Restriction) Act, 1963 (Cap 95);[...]
“Reserved Economic Activity” means the list of activities prepared as per the Reserved Economic Activity Policy in which any investment may be made only by a Seychellois;
“Seychellois” means —
(a) a person who is a citizen of Seychelles; and
(b) a body of persons whether corporate or unincorporated, which is beneficially owned by and under which the control and management whether actual or ultimate, is vested in persons who are citizens of Seychelles.'
3. Open and restricted economic activities
(1) The economic activities listed in the First Schedule appended to these regulations are the activities in which investment may be made by both a Seychellois and a NonSeychellois.
(2) The economic activities listed under column (1) of the Second Schedule appended to these regulations are the activities in which a Non-Seychellois may invest to the extent of the limit specified in the corresponding entry under column (2) of that Schedule.
(3) Any economic activity not listed in First Schedule and Second Schedule of these regulations, the Reserved Economic Activity Policy or any other investment regulation shall be subjected to the Economic Needs Test.
[...]
FIRST SHEDULE [Regulation 3(1)]
ECONOMIC ACTIVITIES IN WHICH NON-SEYCHELLOIS MAY INVEST
[see list in the linked attachment]
SECOND SCHEDULE [Regulation 3(2)]
ECONOMIC ACTIVITIES IN WHICH NON-SEYCHELLOIS MAY INVEST [subject to a financial limit up to which a nonSeychellois may invest] [...]
[see list in the linked attachment]"(Seychelles Investment (Economic Activities) Regulations, 2020)
--------------
"[...] 2. The Policy
2.1. Government maintains that certain activities that are doable and affordable to the Seychellois investors and businesses shall remain reserved for them.
2.2. This list of activities is as per the Schedule annexed to this policy document and which is mainly derived from Schedule 1 of the current SI 71.
2.3. This policy is to be used alongside the schedules of SI 71 (as revised) when considering applications by non-Seychellois to engage in economic activities in Seychelles.
2.4. Should the said application be for any activity featuring on this reserved list, the application shall immediately be rejected.
2.5. Should the application be for any activity not listed in this policy or in the schedules of the revised SI 71 regulation, it shall be subjected to the Economic Needs Test (ENT).
[...]
Activities Reserved for Seychellois Investors
ECONOMIC ACTIVITIES IN WHICH ONLY SEYCHELLOIS MAY INVEST [...]
Real Estate Agency [...]" (Reserved Economic Activities Policy 2020)
Immovable Properties (Transfer Restriction) Act 1965, Cap 95 as amended
POLICY: Alienation of Land and Management and Sale of State Land, Government of Seychelles
Seychelles Investment (Economic Activities) Regulations, 2020
Reserved Economic Activities Policy 2020
[<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>],[<a href="https://www.gazette.sc/sites/default/files/2020-12/SI%20148%202020%20-%20Seychelles%20Investment%20%28Economic%20Activities%29%20Regulations.pdf">Reg</a>],[<a href="https://investinseychelles.com/component/edocman/reserved-economic-activities-policy,-april-2020/download">Policy</a>]