People from abroad are looking to buy properties in Ghana, but they may be wondering whether or not they can actually purchase properties. Though the answer is yes, you must understand the licensing and tax requirements before making any decisions. As a foreign investor, you will also need to make sure that your bank account is working properly, since Ghanaian banks require foreign currency transfers. To help clear up some confusion and provide guidelines for those considering buying property in Ghana, here are some helpful points to consider first.
Many people are asking whether or not foreign investors can buy property in Ghana. The answer is yes, but you have to understand that this investment comes with a lot of stipulations. You will need to properly manage your finances, and make sure you're following all the tax and licensing requirements in order to invest in Ghana.
In addition to these steps, you must also be prepared for the process of getting a mortgage from a Ghanaian bank. This process can take anywhere from two weeks to three months. Banks require foreign currency transfers as well, which means that your bank account has to be working properly before you can purchase properties.
To help clear up some confusion and provide guidelines for those considering buying property in Ghana, here are some helpful points to consider first:
*Is it lawful for me to buy property?
Yes, foreign investors can buy property in Ghana if they follow all the necessary steps outlined above.
*What are the benefits?
Foreign investors will be able to easily transfer their money into the country without having a huge impact on their everyday lives--meaning they won't have a drastic change in lifestyle like they would if they moved abroad. Plus, there are many benefits associated with investing in Ghana like lower taxes and faster transactions. For example, foreigners can purchase properties faster than other types of investments like stocks or mutual funds because their transfer is less complicated than other investments (the entire process takes under three months). It makes sense then that many foreigners choose this investment
In order to purchase property in Ghana, you must have an approved work permit and a residence permit. These permits will allow you to stay in the country long-term and also give you opportunity to conduct business activities while living in Ghana. If you are working in Ghana, your work permit should state that you can only work as a personal assistant or as a housekeeper (or similar type of job).
The residential visa is given for three years with the possibility of renewal. If you are planning on staying in Ghana for more than three years, then you should apply for a resident’s permit. This process costs $50 and lasts up to two years with the possibility of renewal.
To buy property in Ghana, you must apply for a real estate license and pay an initial fee of $150 followed by annual renewal fees. You must also submit proper proof that your bank account is working properly and has enough money deposited into it. The fees are set annually so if your bank account does not have enough money at the time of application, then your application will be denied until it does.
Before you buy a property in Ghana, there are some important tax and licensing requirements you will need to be aware of. For example, foreigners cannot own properties without a license for long periods of time. Foreigners also cannot transfer their properties to other people without first obtaining permits from the government.
There are also some special tax exemptions for foreigners who buy property in Ghana. If a foreigner begins to build a home or spend more than $1,000 USD on renovations before buying their property, they can benefit from the exemption. Permits are also required for any investments over $3,000 USD on property acquisition or construction. As in most countries around the world, if you purchase land then it is considered your land and not that of the government’s.
To get started with looking into purchasing properties in Ghana, contact the Government of Ghana's Department of Lands and Surveys where you will be able to find all information about land acquisition as well as taxation for foreign investors.
Foreigners can purchase property in Ghana. In order to do so, you must meet the following requirements:
1) You must have a Ghanaian bank account
If you do not have a local bank account, you will need one to receive your money from abroad.
2) All government tax payments
You must also pay all government taxes before the closing of the sale of the property. You will find these taxes listed on your title deed document once it has been issued by the Ghanaian Government.
3) You cannot own more than two properties at a time
And finally, foreigners are only allowed to own two properties in total in Ghana. If you already own more than two properties in Ghana, then you may buy one more property through a domestic company.