Madagascar Foreigner purchasing property
Madagascar Foreigner purchasing property
Madagascar Foreigner purchasing property
To buy a real property as a foreigner in Madagascar
Madagascar Foreigner purchasing property. On Big Island, the legal situation of the real property and the nationality of the purchaser affect the methods of purchase. For the people who do not hold Malagasy nationality, two alternatives arise: the emphyteutic lease or the claim to the property rights as well as the Malagasy citizens. Addressing himself particularly to the companies, this second option requires the presentation of an investment plan. It is then of the spring of the government and EDBM to be decisive on acceptance of the project and by the same occasion the granting of the home-ownership rights.
After a review of necessary requirements to the purchase of a real property as a company, we will examine the operating process of the emphyteutic lease for the individuals. A highlighting of the purchasing procedures of a building belonging to an individual and of a real property belonging to the state will be also carried out.
To buy a real property as a company
The article N° 2003-028 and the decree N° 2003/897 referring to the organization and the control of immigration delimit the criteria to be filled and the documents in proof to present to claim the accession rights to Madagascar.
In addition to the form of request duly filled by the representative or the manager of the company, the legal situation certificate and the certificate of registration of the real property are necessary.
A certificate of registry, an investment plan and a document in proof attesting the detention of investment fund exceeding 500,000 dollars are also to present to the EDBM (Economic Development Board of Madagascar), dedicated single point of contact.
The company also has to present the legal status of the company as well as a declaration of the real properties which it has on the Malagasy territory.
It should be noted that the purchaser have to carry out his program within the time limits defined by the contract. In case of failure to this obligation, the administrative authorities are able to terminate the sale contract.
The emphyteutic lease
The emphyteutic lease is the most adapted option to buy for the individuals wishing to acquire a real property on the Big Island. For a foreigner, this kind of lease is more advantageous and more secure than the classical rent. The statute of hereditary lessee indeed offers the privilege to enjoy the property rights for one pre-finished and agreed length of time ranging between 18 and 99 years.
From the time the lease comes into force and that until his term, the lessee can exploit the real funds with agricultural, piscicultural, commercial or industrialist purpose for an annual rent. In addition to the enjoyment of the real property and the possibility to sublet it, moreover the emphyteutic lease offers opportunity of securing a bank loan by the means of a possible mortgage.
Method of purchase of funds belonging to an individual
For this kind of real property, the administrative authorities carry out at first the identification of the ground. For this purpose, the plan of the ground and its legal certificate are to be presented at the Service of the Land Settlement. For the buildings established in urban zones, an authorization of transaction is delivered in case of conformity. The drafting of the act of sale is followed from there.
After the writing of the sale contract, the legalization of the signatures of the contractors and the registration of the document near the Service of the Registration and Stamps are the key steps of the purchasing procedure. It should be noted that the sale contract can be written by a notary, a registrar or by the individuals themselves.
After obtaining an instrument of transfer registered, the sale contract is presented to the Service of the Domanial and Land District. For the purchase of a building in Antananarivo, the contract must use the service of the Conservation of the Landed property. As of the reception duplicate of the updated land title, the new owners can enjoy their property.
Methods of purchase of a real property belonging to the state
In case of a domanial ground which is not registered, the operators or individuals of foreign nationality can claim for an emphyteutic lease. The first step of the procedure consists to the identification of the ground by the Topographic Service. At this level, the intervention of a sworn in geometrician is appropriate.
The preparation of a legal certificate near the Service of the Domanial District and the request for a reproduction of the ground near the Topographic Service are the following steps. After the acquisition of these documents, the request for ground can be presented to the single desk of the emphyteotic leases.
Then, the Service of the Topographic District carries out a location in order to make sure that the ground is not the object of other requests. After the posting of the request opinion on the spot, it is the Domanial Commission’s turn to proceed to the recognition of the ground. A second location carried out by the Topographic District is followed from there.
If there does not exist any encroachment or opposition, the applicant is notified. Before calling him, the administrative authorities delimit the transfer mode and the price of the real property.
Madagascar Foreigner purchasing property. Real Estate Madagascar. Madagascar Foreigner purchasing property
