Market in Depth

Sierra Leone: Overview

Oct 02, 2007

Sierra Leone (pop. 5,737,000; GDP/cap US$220), situated between Guinea and Liberia, ended its civil war in January 2002. With the help of United Nations and British, relatively free and fair elections were held, and in May 2003 President Kabbah returned to power. Nonetheless, the security situation remains volatile, and the root causes of the civil war - poverty, tribal rivalry, and corruption - have not been addressed.

There are two types of land tenure in Sierra Leone, Colonial Land or freehold land, and Customary Land or leasehold land. Foreigners cannot own land under either of the two systems but, can lease, for up to 99 years. But there is no land titling system to validate ownership, so lease rights are hard to secure.

Analysis of Sierra Leone Residential Property Market »

Taxes and Costs

Income tax is high in Sierra Leone

Rental Income: Rental income earned by nonresidents is taxed at a special flat rate of 25%.

Capital Gains: Capital gains derived from business or investment assets are taxed at the standard income tax rates.

Inheritance: There are no inheritance taxes or estate duty in Sierra Leone.

Residents: Residents are taxed on their worldwide income at progressive rates, up to 30%.

Read Taxes and Costs »