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Seychelles property is expensive, with prices in the capital starting at around US$160,000 (2010). Land prices in the capital vary from US$50 per sq. M. to US$1,500 per sq. m. for prime beachfront properties (2007). In Praslin property prices are around20% higher than in the capital because most properties are located close to the beach. Purchasing requires Government Sanction from the Cabinet Ministers of the Ministry of Land Use and Habitat. Yields are low to moderate in the Seychelles and built-up property prices are around US$1,000 – US$1,200 per sq. M, which means that rent prices are also low, equivalent to a yield of 4.7%. Larger properties produce lower yields, as is typical in most places. The Seychelles’ rental income tax is high because it is considered as a business income and taxed at rates from 0-33%. There are no capital gains or inheritance tax. Round-trip transaction costs are between 15 and 42%. Foreign buyers have a Government Sanction costing between 10 and 30%. All costs are paid by the buyer. Stamp Duty is 4% of the first US$8,844 of the purchase price, and 10% on the rest.