Wondering if it is possible to buy property in Ghana? The answer is yes! The Ghanaian government has actually made it pretty simple for non-citizens to buy property there. Foreigners could, however, find it more challenging and time-consuming to purchase real estate than Ghanaians do.
Therefore, it is advised that you engage with a neighbourhood real estate agent, lawyer, or property developer who can guide you through the procedure and make sure all legal criteria are satisfied. This article will discuss the various regulations and laws pertaining to buying real estate as a foreigner in Ghana.
READ ALSO: Top Real Estate Companies In Ghana
The process one needs to follow to buy property in Ghana as a foreigner is relatively simple. If you’re a foreigner looking to buy real estate in Ghana, you must adhere to a few specific guidelines to ensure you’re in compliance with the law.
Thus, understanding the various regulations for international purchasers can help you make wise investment decisions. According to the Ghana Investment Promotion Centre (GIPC), foreign investors are allowed to own and develop property in Ghana, including land and buildings. This includes both residential and commercial property.
READ ALSO: Top 3 luxury apartments for sale in Accra
In Ghana, foreigners are permitted to buy real estate, however, there are several requirements and formalities that must be followed. In an article by landlinks, foreigners are not permitted to buy land near the shore or in specific places of important historical significance, like in some areas of the Ashanti region. Depending on how complicated the case is, the registration process for any land that foreigners buy with the GIPC might take weeks or even months.
Foreigners are legally permitted to own property in Ghana, and the procedure of buying real estate here is not difficult. But for the purchase to be legitimate, certain requirements must be satisfied. Here is a list of the essentials that foreigners, as well as locals, must meet in order to buy property in Ghana.
First and foremost, foreigners wishing to invest in real estate in Ghana must have a work or residency permit. You’ll have to ensure that the evidence for your motivation for buying the home is sound. Through the Ghana Immigration Services or the Ghana Investment Promotion Center (GIPC), you can request a work or resident permit. Foreigners must have a valid residence permit or work permit in order to buy property in Ghana.
To buy a property in Ghana like any other country one needs to find a property that meets your needs and budget. Prices for apartments in Accra can vary depending on the area or the type of property; which is why you should contact Quao Realty for homes of unsurpassed quality and elegance for individuals who value the finer things in life. Making an ideal living area that satisfies the requirements for A-class construction in terms of safety, comfort, environmental friendliness, and beauty.
READ ALSO: High-value neighborhoods for real estate investment in Ghana
Foreigners must obtain a tax clearance certificate from the Ghana Revenue Authority (GRA) before they can purchase a property. The process for non-Ghanaians to buy a property in Ghana can begin once you have received your tax clearance certificate (TCC). You can also legally purchase a property in Ghana if you get a TCC. Additionally, you’ll be able to show the Ghana Revenue Authority that you’ve complied with all of your tax duties while you were in the nation, which is crucial.
Foreigners are required to get a due diligence report from a reputable real estate agent or attorney to verify that the property is free from any encumbrances and the title is valid. A due diligence report will help you get a comprehensive view of the property, the neighbourhood, and the market circumstances.
This will guide you in making a wise choice and guarantee that you are safeguarded from any potential dangers or legal problems. It is important to note that the process may take some time and hiring a local real estate expert and ensuring that all legal requirements are met.
After all the above steps are completed, the foreigner will sign a purchase agreement with the property owner and make the necessary payments. A misunderstanding or disagreement could result in expensive delays or even legal action, so it’s critical to ensure that all parties are aware of all the terms and circumstances of the agreement.
Once the purchase is complete, visit the Lands Commission and ask for the necessary forms there as the initial step. A notary public must complete the forms and notarize them. The following action is to visit the Registrar General’s Department and deliver the filled-out paperwork together with the necessary payment. The registration procedure is finished once the money has been made.
Ghana has certain prevalent restrictions that prohibit foreigners from owning land in specifically designated locations, such as border and coastal zones. So when in Ghana, you can inquire further if you notice a sign that reads, “Property for Sale.”
Apartment purchases from developers are a risk-free way to own property in Ghana. Quao Realty, a seasoned real estate developer, has a legal staff that makes sure we buy the land legally. You can trust our approach because we have never experienced a legal issue in one of our homes.
Foreigners and locals alike can obtain mortgages in Ghana. There may be a few banks in Ghana that do not provide mortgage choices for foreigners, but they are the minority.
Anyone can use a mortgage to finance their property as long as the conditions are met. Depending on your budget, mortgages enable people to purchase a home in Ghana and make monthly payments, which can significantly reduce your financial load.
CHECK THIS OUT: How to buy from Quao Realty
Setting up a business and having the firm buy the property is the safest option for foreigners to buy property in Ghana. A Ghanaian company, such as a private limited liability company, can be established for this purpose, and the company can then buy the property. In this manner, the corporation and not the specific foreign investor owns the property.
This may offer some legal protection and make it simpler, if necessary, to transfer ownership of the property. Furthermore, it is crucial that the business is registered and that all the legal processes are performed, including acquiring a tax clearance certificate, a due diligence report, and property registration. It is also recommended to hire a reputable local attorney to assist with the process.
READ ALSO: All You Need To Know As A Real Estate Investor In Ghana
We currently have apartments and townhouses for sale in Ghana at prime locations so you can take advantage and view some of the luxury apartments that we have to offer. We hope this article helps clarify whether foreigners can buy property in Ghana. If you have any further questions please feel free to reach out to our team.
A&C Mall Business Centre 3rd Floor, Office No. B15B, East Legon, Accra.
+233 277 890 000
sales@quaorealty.com
BannerText_Seraphinite Accelerator
