Can you buy multiple properties in Rwanda as a foreigner?
Yes, it is possible for foreigners to buy multiple properties in Rwanda. However, the process has changed since June 2021 when new laws were enacted to govern land acquisition by non-Rwandans. Under the new laws, non-Rwandans are limited to one residential property per family, which can be acquired through the usual process explained in this article.
To acquire a second property, the land must be registered under a business name since it is considered an investment property. The following steps outline the process:
Step 1: Register a Business with Rwanda Development Board
Registering a business is easy and can be done online. You must select a business name, the services you intend to provide, and set up the company structure. The application is typically approved within 24 hours.
Step 2: Create a Business Plan
You will be required to provide a business plan that outlines your intentions for the second, third, or subsequent property. The plan should contain details of your investment goals and indicate the Unique Parcel Identifier (UPI) numbers of the land you intend to purchase.
Step 3: Locate the Land that Fits Your Investment
The next step is to find land or property that suits your investment goals. As a non-Rwandan, your subsequent properties are considered investment properties. Therefore, you can browse online platforms such as www.quick.rw for listings or engage real estate agencies to find suitable properties.
Step 4: Request an Investment Certificate
To proceed, you must request an investment certificate from the Rwanda Development Board. You will need to provide a preliminary agreement for the land, the business plan, financial statements for the next five years, a letter of request, and pay a processing fee.
Step 5: Request a Conformity Letter
Once you have your investment certificate, you can request a conformity letter from the Rwanda Development Board. This letter is issued upon submission of a letter of request for the transfer of land, the Investment Registration Certificate, land titles of the seller, a preliminary sale agreement, and the business plan. Additionally, the regulatory bodies for regulated sectors may request a construction permit or letter from the City of Kigali/District confirming that the project fits the master plan or a letter from the Ministry of Health, among others.
Once you submit all required documents and the Rwanda Development Board verifies the information, they will issue you with a conformity letter. The letter will allow the land notary to process the land transfer.
While the process may be cumbersome, Quick Homes Rwanda offers assistance to make it easy for you. Reach out to us at [email protected] for guidance.