Housing Finance in Seychelles

Macroeconomic Overview

The Republic of Seychelles comprises approximately 115 islands in the Western Indian Ocean and is known for its beautiful beaches, lush tropical vegetation, and wide variety of marine life. The country has an estimated surface area of 455km2 with four main inhabited granitic islands which in order of size are Mahe, Praslin, Silhouette and La Digue.  Victoria, the capital and the largest city in the country, has an estimated area of 155km2. The estimated population of Seychelles was 99 202 in 2021, a minor increase from 2020 which was estimated to be 98 462 , thus showing an annual growth rate of 0.75%.  The urban population was estimated at 57.97%, that is, 57 509, in 2021 with a growth rate of 1.49%.  Urbanisation has been identified as a principal challenge to Seychelles’ limited land and coastal resources.  Urban population growth has caused urban sprawl, especially towards the eastern coat of Mahe.  To contain the rise in urban population, the government has reclaimed several pieces of land on the eastern coast of Mahe for housing and infrastructure development.

Economic growth as measured by the Gross Domestic Product (GDP) bounced back to 1.85% in 2021 from -7.7% in 2020.  GDP per capita also grew to SRs 173 249 (US$13 307).  This demonstrates the robustness of the country’s economy in spite of the devastating effect of the COVID-19. The average inflation rate stood at 9.8% in 2021 compared to 1.2% in 2020.  While GDP is projected to grow by 5% in 2022 and 5.9% in 2023, inflation is projected to decline to 6.1% in 2022 and 1.5% in 2023.

Climate change poses a threat to Seychelles, just as with other small islands. Most disasters are hurricanes, cyclones, tidal surges, storms, floods, rain, and landslides. Flooding and landslides caused the greatest economic losses, and it is recommended that planning should focus on losses from these.  These climate events are as a result of change in rainfall patterns, extended drought and higher sea levels. Sea level increases and high rainfall erode the coastline, which affects tourism. Coastal erosion makes land scarcer, which contributes to  rising land prices.  Most recently, in 2021, Tropical Cyclone Jobo damaged buildings and vegetation on some of the outer islands.  Floods in 2014 caused several landslides after the collapse of terraced fields and riverbanks, and affected approximately 4 000 people.

Access to Finance

The financial sector of Seychelles is regulated by the Central Bank of Seychelles (CBS) and the Financial Services Authority (FSA). The government is committed to ensuring financial inclusion. Seychelles has the highest banked population in Sub-Saharan Africa, with an estimated rate of 94%.[1] In 2014, the CBS became a member of the Alliance for Financial Inclusion (AFI) Network.[2] Seychellois have universal access to financial products, irrespective of gender. Women do not need permission from male family members to access credit or buy property.

The country has seven commercial banks and two non-bank credit institutions. The non-bank credit institutions are a development bank and the Housing Finance Company (HFC), which specialises in mortgages. There is also a non-bank deposit-taking institution called the Seychelles Credit Union (SCU) and 21 forex bureaus.[3] Ten institutions provide home loans and their interest rates range between 7% to 20%.

The Home Finance Company (HFC), the largest mortgage lender, provides financing to Seychellois citizens with income or combined income of less than SRs30 000 (US$2 304) for the acquiring, developing and improving property.[4] The value of mortgages outstanding as at 2021 was approximately SRs1.457 billion (US$112 million).[5] Mortgage advances in 2021 increased by 7.5%, the second highest after fisheries. Average interest rates on mortgages fell from 7.6% in 2020 to 6.7% in 2021 with the lowest rate of 5.5% being provided by Nouvobanq and the highest rate of 8% by Bank of Ceylon.[6] The HFC’s interest rates however remained at a minimum of 7%.[7] The maximum Loan-to-Value ratio typically required by the HFC was 90%.

The Seychelles Credit Union (SCU) provides housing loans for a maximum term of 20 years at an interest rate of 9% a year.[8] The SCU also has other forms of mortgages such as home improvement loans that are offered at an interest rate of 10.5% a year for a maximum term of 10 years and land acquisition loans at an interest rate of 10% a year for a maximum term of 15 years.

The Credit Information System (CIS) which was established in 2021 by the CBS, serves as the only source for credit reports for underwriting.[9] The Credit Reporting Bill is expected to be enacted into law in 2022 to regulate credit reporting.[10] This will enhance assessment of individual creditworthiness and manage the risk of default.

Mortgage providers require applicants to demonstrate that they are in stable employment, thereby targeting the formal sector. However, the new housing policy announced by the Ministry of Habitat, Infrastructure and Land Transport (MHILT) allows the self-employed to qualify for mortgages by showing proof of a stable source of income for the last six months.[11] Loans advanced to the real estate sector increased by SRs673 600 000 (US$51 738 267) or 1.4%, the fourth highest disbursement, in 2021. The Development Bank of Seychelles (DBS) is the biggest investor in housing construction in the country with approximately 51% of its portfolio share being building and construction loans.[12] In 2021, the DBS disbursed 50.7%, SRs414 500 000 (US$31 837 161), of its total advances to the building and construction category, even though total advances fell 6.6% compared to the previous year.

Seychelles has an active domestic bond market. The amount of treasury bonds stood at SRs3 070 600 000 (US$235 855 288) in 2021. In November 2021, the CBS announced the change in the method of treasury bond issuance from the fixed price issuance method to the Multiple Price Issuance, auction method. This was to create market-determined bond pricing and to improve transparency in the allotment process.[13]

[1] Central Bank of Seychelles. Overview of Financial Inclusion. https://www.cbs.sc/Financial/OverviewFinancialInclusion.html (Accessed 14 August 2022).

[2] Central Bank of Seychelles (2021). Annual Report. https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf (Accessed 14 August 2022) Pg. 108.

[3] Central Bank of Seychelles (2021). Financial Institutions. https://www.cbs.sc/Financial/CommercialBanks.html (Accessed 14 August 2022).

[4] Home Finance Company Limited. http://www.hfcl.sc/. (Accessed 15 August 2022)

[5] Central Bank of Seychelles (2021). Annual Report. https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf (Accessed 14 August 2022) Pg.36.

[6] Seychelles News Agency. Central Bank of Seychelles pleased to see banks’ lower interest rates on loans. http://www.seychellesnewsagency.com/articles/15792/Central+Bank+of+Seychelles+pleased+to+see+banks%27+lower+interest+rates+on+loans (Accessed 16 August 2022).

[7] Ministry of Habitat, Infrastructure and Land Transport. Housing and Loan Schemes. http://www.luh.gov.sc/default.aspx?ArticleId=81 (Accessed 13-Aug-2022).

[8] Seychelles Credit Union. Housing Loan. https://www.scu.sc/9-loan-promotions/6-housing-loan (Accessed 14 August 2022).

[9] Central Bank of Seychelles (2021). Annual Report 2021. https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf (Accessed 08 August 2022). Pg. 107

[10] Central Bank of Seychelles (2021). Annual Report 2021. https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf (Accessed 08 August 2022). Pg. 108

[11] Seychelles Nation (2022). Domestic: Land and Housing. https://www.nation.sc/articles/12994/land-and-housing (Accessed 16 August 2022).

[12] Central Bank of Seychelles (2021). Annual Report 2021. https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf (Accessed 08 August 2022). Pg. 37

[13] Central Bank of Seychelles (2021). Press Interview: New Method of Issuance for Treasury Bonds & Announcement of Issuance of two Treasury Bonds. http://www.finance.gov.sc/uploads/files/New%20Method%20of%20Issuance%20for%20Treasury%20Bonds.pdf. (Accessed 10 August 2022). Pg. 3

Affordability

Housing affordability is a function of income and property pricing. Seychelles has a high literacy rate of approximately 97%.[1] This has contributed to a high employment rate, with only 4.3% of Seychellois unemployed.[2] Approximately a quarter of the population in Seychelles, however, live below the poverty line of SRs4 376 (US$336.11) a month.[3] The average earnings of Seychellois was SRs14 617 (US$1 123) in the third quarter of 2021, which a contraction of 3.6% compared to 2020.[4] Mortgage applicants must earn below SRs30 000 (US$2 304)[5] and monthly repayment of loans must be between 30% to 40% of the applicant’s income[6] to be eligible for Home Finance Company (HFC) loans. Furthermore, under the new housing policy, an applicant for  social housing must have a single or combined income of less than SRs15 000 (US$1 152) to be eligible for the scheme. An estimated 49 634, or 50.04%, of the Seychelles population were formally employed in 2021. This shows an almost equal distribution of the population between the formally and informally employed.

Providing affordable housing is a priority for the Seychelles government as demonstrated by the MHILT’s commitment to developing affordable housing and housing finance schemes. The HFC, owned by the state, remains the largest provider of financing for social housing with nine innovative products to facilitate land and housing acquisition. The HFC provides survey loans for subdivision of lands, major renovation loans for extensive renovation of an existing house, a housing loan scheme for the purchase or construction of a house and a second housing loan scheme for the construction of a second house. There are also schemes for land loans, house extensions, complete re-roofing, home improvement loans and pensioners’ home improvement loans.[7] Still, there is a backlog of housing needed even though there is no measured figure. The MHILT has therefore projected to build 3 000 houses within the next six years to meet housing needs.[8]

The state is a key player in delivering affordable housing in the country. According to the 2022 budget, 51 houses started in 2021 were to be completed and 37 new houses were to be built.[9]

The cost of a newly built, average-sized, three-bedroom house with a floor area of 93m² is SRs837 000 (US$64 290). The MHILT, however, announced the reduction of the house size to 81.5m², which would bring the cost down to SRs733 500 (US$56 340).[10] The mean cost of an affordable house in 2021 in Seychelles is SRs650 000 (US$49,926).[11] The consumer price index of Seychelles showed a 13.62% increase in the prices of housing, water, electricity and gas in 2021. [12]

[1] Republic of Seychelles (2022). National Preparations for the United Nations Conference for Sustainable Development, UNCSD Rio 2022. National Report of Republic of Seychelles. https://sustainabledevelopment.un.org/content/documents/1019Seychelles%20National%20Report.pdf (Accessed 8 August 2022). Pg. 5.

[2] World Bank (2021). Unemployment, total (% of total labor force) (national estimate) – Seychelles. https://data.worldbank.org/indicator/%20SL.UEM.TOTL.NE.ZS%20?locations=SC  (Accessed 8 August 2022).

[3] Govinden, G. (2021). Domestic: Poverty rate in Seychelles stands at 25.3%. 28 January 2021. Seychelles Nation. https://www.nation.sc/articles/7707/poverty-rate-in-seychelles-stands-at-253#:~:text=Poverty%20rate%20in%20Seychelles%20stands%20at%2025.3%25%20%7C28%20January%202021,World%20Bank%2C%20released%20this%20month. (Accessed 12 August 2022)

[4] Central Bank of Seychelles (2021). Annual Report 2021. https://www.cbs.sc/Downloads/publications/Annual%20Report%202021.pdf (Accessed 08 August 2022). Pg. 24

[5] Home Finance Company (2019). Products: Housing Loan Scheme. http://www.hfcl.sc/product-detail/housing-loan-scheme/ (Accessed 12 August 2022)

[5] Construction Review Online (2021). Seychelles inaugurates 42-unit social housing estate. 15 August 2021. https://constructionreviewonline.com/news/seychelles-inaugurates-42-unit-social-housing-estate/ (Accessed 2 October 2022).

[6] Housing Finance Company (2018). Housing Loan Scheme. http://www.hfcl.sc/product-detail/housing-loan-scheme/. (Accessed 12 August 2022).

[7] Housing Finance Company. Products. http://www.hfcl.sc/our-products/ (Accessed 12 August 2022) Pg.1-2.

[8] Construction Review Online. Seychelles inaugurates 42-unit social housing estate. https://constructionreviewonline.com/news/seychelles-inaugurates-42-unit-social-housing-estate/ (Accessed 13 August 2022).

[9] Republic of Seychelles (2022). 2022 Budget. https://www.statehouse.gov.sc/uploads/cabinet_downloads/126_SXUXuA3m.pdf (Accessed 12 August 2022) Pg.10.

[10] Nicett, S. (2022). Seychelles: Revised Housing Policy – Seychelles’ Government to Build Greater Number of Housing Units at Reduced Cost. 25 March 2022. Seychelles News Agency.  http://www.seychellesnewsagency.com/articles/16523/Revised+housing+policy+Seychelles%27+government+to+build+greater+number+of+housing+units+at+reduced+cost (Accessed 17-Aug- 2022).

[11] Simeon, M. Individuals urged to ‘work harder’ to achieve ‘dream home’. 28 March 2022. Seychelles Nation. https://www.nation.sc/articles/12994/land-and-housing (Accessed 16 August 2022).

[12] National Bureau of Statistics (2022). Consumer Price Index. https://www.nbs.gov.sc/downloads/economic-statistics/consumer-price-index/2021 (Accessed 10 August 2022).

Housing Supply

The state is the largest contributor of affordable houses in the country. Through the MHILT, the state provides social housing targeted at the average employed or self-employed Seychellois. The MHILT collaborates with the HFC and the private sector to provide loans for land and housing acquisition. Per vision 2033 of the Seychelles, the country seeks to develop a dynamic real estate sector driven by the private sector and supported by government to deliver affordable, diverse, and quality homes.[1]

While affordable houses are built at a mean cost of SRs650 000 (US$49 926), condominiums were built for people who can afford houses between SRs800 000 (US$61 447) and SRs1 000 000 (US$76 809).[2] This enables Seychellois earning above SRs20 000 (US$1 536) to acquire houses outside the social housing scheme. Graduates and young professionals have benefited immensely from high quality and subsidised units under this project.[3]

Due to the Island’s limited land resource, the state assists with the supply of land by creating land banks and allocating residential plots up to 900m², unless the topographical conditions render the plot difficult to be developed or the density requirements of the Planning Authority for such plot stipulates a bigger plot size, in which case the plot must not be more than 1 500m².[4]

[1] Ministry of Finance, Trade, Investment and Economic Planning. (2019). Seychelles Vision 2033: Towards a Sustainable and Inclusive Future. http://www.finance.gov.sc/uploads/files/Vision_2033.pdf  (Accessed 12 August 2022). Pg.87.

[2] Simeon, M. Individuals urged to ‘work harder’ to achieve ‘dream home’. 28 March 2022. Seychelles Nation. https://www.nation.sc/articles/12994/land-and-housing (Accessed 16 August 2022).

[3] Ministry of Habitat, Infrastructure and Land Transport. Domestic: Why not condominiums. 07 May 2020. Seychelles Nation. https://www.nation.sc/articles/4543/why-not-a-condominium (Accessed 14 August 2022)

[4] Ministry of Land and Housing. Sale of State Land and Land Bank Policy. http://www.luh.gov.sc/Files/Doc/Sale%20of%20State%20Land%20and%20Land%20Bank%20policy_14%20AUG%202018.pdf (Accessed 15 August 2022). Pg. 7

Property Market

The state and the private sector are both players in the Seychelles property market. The government collaborates with the private sector to develop affordable houses through public-private partnership (PPP) projects. One of these, between the MHILT and Green Tree Investment Company, is to facilitate the condominium project.[1] The private sector focuses mainly on developing houses for the high income group in the country, while the government takes on the needs of social housing for the lower to middle income earners based on specified criteria.

The MHILT manages the distribution of state lands to ensure fairness and accountability by using a land bank scheme.[2] Lands allocated under the scheme are granted for an initial lease term of 35 years with a 5-year development covenant to allow the lessee to develop the land. The lease is immediately converted to freehold after the development, but with restriction on sale to third parties. There are no gender-based requirements for the issuance of title deeds in Seychelles and women can have title deeds issued in their names without hindrance.[3] Title deeds issued can be registered at the Land Registry of the MHILT.[4] Title registration involves conducting a title search, a notary drafting of the sale agreement, assessment by and payment of stamp duty to the Stamp Duty Commission, and registration of the title deed in the Land Register. The process takes up to 33 days to be completed and costs SRs35 (US$2.69) plus an additional 7% of the value of the property.[5]

The cost of rental is relatively high in the urban centres in Seychelles. Typically, a property with a floor area of 93m² rents for SRs6 745 (US$518). According to the MHILT, out of approximately 3 500 active housing applicants, more than 150 earn a salary above SRs20 000 (US$1 536).[6] Both condominiums and social houses are therefore in high demand. In 2019, there were 10 licensed estate agents in the Seychelles property market. Most estate agents are unlicensed.[7]

An Immovable Property Tax of 0.25% of the property value is applicable to Non-Seychellois who own a property for residential use.[8] This tax is payable by the 31^st of December every year.

[1] Ministry of Habitat, Infrastructure and Land Transport. Domestic: Why not condominiums. 07 May 2020. Seychelles Nation. https://www.nation.sc/articles/4543/why-not-a-condominium (Accessed 14 August 2022)

[2] Ministry of Land and Housing. Sale of State Land and Land Bank Policy. http://www.luh.gov.sc/Files/Doc/Sale%20of%20State%20Land%20and%20Land%20Bank%20policy_14%20AUG%202018.pdf (Accessed 15 August 2022). Pg. 1

[3] Ministry of Land and Housing. Sale of State Land and Land Bank Policy. http://www.luh.gov.sc/Files/Doc/Sale%20of%20State%20Land%20and%20Land%20Bank%20policy_14%20AUG%202018.pdf. (Accessed 15 August 2022). Pg. 7

[4] Ministry of Habitat, Infrastructure and Land Transport. Steps to Register a Property in Seychelles. http://www.luh.gov.sc/default.aspx?PageId=47 (Accessed 15 August 2022).

[5] World Bank (2021). Time Required to Register Property (days)- Seychelles. https://data.worldbank.org/indicator/IC.PRP.DURS?locations=SC (Accessed 17 August 2022)

[6] Seychelles Nation. Domestic: Why not condominiums. https://www.nation.sc/articles/4543/why-not-a-condominium (Accessed 14 August 2022)

[7]Laurence, D. (2019). Seychelles reviewing framework for real estate transactions in bid to prevent shady sales. August 27, 2019. Seychelles News Agency. http://www.seychellesnewsagency.com/articles/11550/Seychelles+reviewing+framework+for+real+estate+transacions+in+bid+to+prevent+shady+sales (Accessed 15 August 2022)

[8] Seychelles Revenue Authority. Immovable Property Tax. https://www.src.gov.sc/pages/propertytax/propertytax.aspx (Accessed 18 August 2022).

Policy and Legislation

The MHILT regulates and formulates policies for land, housing development and allocations. Accordingly, the MHILT has led the formulation of major policies such as the Sale of State Lands Policy, the Self-Finance Allocation Policy, the Condominium Allocation Policy, the Part Rental Policy, and the Temporary Housing Allocation Policy.[1]

In March 2022, the MHILT announced cabinet approval for reviewing housing policy to bring a more realistic approach to facilitating affordable housing.[2] To achieve this, the government has taken a sustainable approach by not over-subsidising land and housing products. New land applicants will need to demonstrate their ability to raise a minimum of SRs1 200 000 (US$92 170), compared to SRs800 000 (USS$ 61,447) under the old policy.[3] People who have been allocated land under the land bank scheme but who cannot develop it will have to switch to a housing application.[4] The  new policy will also replace the self-finance properties with mid-range condominiums, which will target those with the financial ability to raise  SRs800 000 (US$61 447) to SRs1 000 000 (US$ 76 809).

Foreigners must obtain prior approval from the government before acquiring freehold properties.[5] No laws or policies restrict women access to land in Seychelles. Properties can also be transferred to anyone by the owner subject to the provisions of stamp duty.[6]

Building and construction is regulated by the Seychelles Planning Authority. The Town and Country Planning Act of 1972, Land Reclamation Act (Cap. 106), the National Monuments Act (Cap. 140), and the Civil Code of Seychelles Act of 1976 constitute the legal framework for physical planning in the country. As a small island, Seychelles is aware of environmental threats, such as those posed by climate change. Accordingly, through the report on Nationally Determined Contributions (NDC), Seychelles has adopted coastal planning and infrastructure to be regulated at the national and local level to prioritise the consideration of “blue” nature-based solutions for climate resilience.[7]

[1] Ministry of Habitat, Infrastructure and Land Transport. Steps to Register a Property in Seychelles. http://www.luh.gov.sc/default.aspx?PageId=47 (Accessed 15 August 2022).

[2] Simeon, M. Individuals urged to ‘work harder’ to achieve ‘dream home’. 28 March 2022. Seychelles Nation. https://www.nation.sc/articles/12994/land-and-housing (Accessed 16 August 2022).

[3] Simeon, M. Individuals urged to ‘work harder’ to achieve ‘dream home’. 28 March 2022. Seychelles Nation. https://www.nation.sc/articles/12994/land-and-housing (Accessed 16 August 2022).

[4] Simeon, M. Individuals urged to ‘work harder’ to achieve ‘dream home’. 28 March 2022. Seychelles Nation. https://www.nation.sc/articles/12994/land-and-housing (Accessed 16 August 2022).

[5] Ministry of Habitat, Infrastructure and Land Transport (2014). Policy on Land Ownership by Non-Seychellois. http://www.luh.gov.sc/default.aspx?ArticleId=78 (Accessed 19 August 2022).

[6] Ministry of Land and Housing. Sale of State Land and Land Bank Policy. http://www.luh.gov.sc/Files/Doc/Sale%20of%20State%20Land%20and%20Land%20Bank%20policy_14%20AUG%202018.pdf (Accessed 15 August 2022). Pg. 8

[7] Republic of Seychelles. Seychelles’ Updated Nationally Determined Contribution. https://unfccc.int/sites/default/files/NDC/2022-06/Seychelles%20-%20NDC_Jul30th%202021%20_Final.pdf (Accessed 17 August 2022). Pg. 6.

Opportunities

Increasing housing demand continues to the be a major challenge for Seychelles due to its limited land resources and the increasing urban population. The government’s PPPs for affordable housing and finance present an opportunity for private developers to invest in developing housing units, more specifically, condominiums, to serve the rising demand of graduates and young professionals who earn SRs20 000 (US$1 564) and above.

The renewal energy sector also offers a good opportunity for investment due to the country’s commitment to maintaining sustainable climatic conditions.

There also exists room for financial institutions to develop housing microfinance products tailored for the informal sector, in which 50% of the country’s population work. This may take the form of financing for incremental building.

Availability of Data on Housing Finance

The Central Bank of Seychelles, Ministry of Finance and Financial Services Authority publish information and bulletins on the financial sector monthly, quarterly, and annually on their respective websites and through press conferences.

Also, data on land, social housing and mortgages is published by the Ministry of Habitat, Insfrastructure and Land Transport, the National Bureau of Statistics, and the Property Management Corporation on the websites of these institutions.

Government institutions are therefore the main source of information on housing finance and the financial sector in Seychelles.

The World Bank, IMF and African Development Bank also regularly publish country-specific reports on the economy and housing sector.

Green Applications for Affordable Housing

In 2021 the Seychelles produced a climate change strategic plan with targets for transport, energy, and infrastructure. The strategic plan introduced the world’s first debt refinancing for ocean conservation, protecting one-third of its ocean against climate change and unregulated economic exploitation. The country’s main CO² contributors are transport and electricity, and in its Nationally Determined Contributions (NDC), Seychelles has set a target of 15% of energy from alternative renewable sources and 30% of vehicles being electric by 2030.[1] The main source of electricity in Seychelles is from fossil fuel, which constitutes approximately 94.7% of the total consumption of 325.50 million kWh.

Within the country the Ministry of Agriculture, Climate Change and Environment is directly responsible for ensuring the constitutional right of every person to live in and enjoy a clean, healthy, and ecologically balanced environment, the provision of a reliable, affordable, and safe water and energy supply, and for building resilience against climate change and disasters. Tourism is the driver of the economy and as such the islands natural resources need to be preserved.

The Seychelles Bureau of Standards (SBS) is also responsible for promoting the concept of quality throughout the country by developing various standard documents which are used as guidelines or even have become laws of Seychelles. The SBS’s mandate makes it the regulatory body in charge of ensuring quality of building and construction in the country. The combined effect of the Ministry and the SBS ensures policies and programs are in place to develop sustainable buildings in the country.

However, Seychelles has no green building standards, even though the SBS subscribes to the standards (ISO) of building. No EDGE-certified projects were identified in Seychelles at the time of the study and the local banks do not have specific loans for green projects.

[1] African Development Bank Group. African Economic Outlook (AEO) 2022. https://www.afdb.org/en/countries/east-africa-seychelles/seychelles-economic-outlook

Websites

Central Bank Seychelles: www.cbs.sc/

Seychelles National Bureau of Statistics: www.nbs.gov.sc

Seychelles Financial Services Authority: www.fsaseychelles.sc

Seychelles Planning Authority: www.spa.gov.sc/

Ministry of Habitat, Infrastructure and Land Transport: www.luh.gov.sc/

Ministry of Finance, Trade Investment and Economic Planning: www.finance.gov.sc/

Property Management Corporation: www.pmc.sc

Seychelles Revenue Authority: https://www.src.gov.sc