The government has updated rules for foreign investors registered with the Tanzania Investment Centre as per the updated Investment Act that was published in December 2022. First, there is no longer a limit on the number of work and residence permits that can be granted to new investors. Secondly, the minimum investment threshold for Tanzanian national investors has been reduced from USD 100,000 to USD 50,000 and for foreign nationals, it remains USD 500,000. There are also several new qualification requirements for strategic investment, including that the investment project must generate 1,000 local senior position job opportunities (down from 1,500); increase exports by 50% of the products produced or reduce imports; stimulate the production of products for economic incentives in social and economic sectors; improve technical skills of employees by introducing new technologies to Tanzanians; and develop essential products and services in social and economic sectors.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
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