Private Forex News

Europeans have increasingly started to flock to the Seychelles for both property and holidays, as the country enjoys a boom in tourism.According to the Global Property Guide, Europe accounted for around 70 per cent of tourism in the archipelago of 115 islands, with foreign currency rates standing at around 21 Seychellois Rupees to the pound. Housing was also an attractive option for European citizens, particularly those from Italy, France and the UK, who make up a large proportion of the foreign demographics. The islands are now more accessible to global tourists, which make them far more attractive as a destination. Alain St. Ange, CEO of the Seychelles Tourism Board, commented that new routes have established "a new dimension of accessibility", with two flights a week now operating from Italy with Blue Panorama Airline, as well as twelve weekly flights by Emirates, seven by Qatar, and four by Etihad from other destinations.However, buying property in the Seychelles is subject to few stipulations. High interest rates and low competition mean foreign mortgages are difficult to get, and most foreign buyers pay in cash. Purchasing requires government sanction from the Ministry of Land Use and Habitat, with a minimum of SCR1 million (£48,000) must be brought into the Seychelles, and converted to Seychelles rupees (SCR) to be used for the transaction.For more information on purchasing currency for regular or one-off payments, visit our Personal FX site