Sierra Leone has made tremendous strides to attain its full economic potentials through successive governments between 2000- to date by attracting foreign direct investment.
The Tourism sector in Sierra Leone has become one of the top priority sectors due to the vast improvement demonstrated over the years, with the huge inflow of foreign direct investment and improvement in quality and standards by our domestic investors in this sector.
Sierra Leone is definitely back on the map as a tourist destination. We have slowly gained back the momentum with the influx of International Brands with the likes of Hilton and Radisson Blu investing in our tourism sector.
As is most commonly described, Sierra Leone is the best kept secret destination for Tourism investment and is blessed with wonderful people with mixed culture and stronger acceptability for religious tolerance. The people are generally known for their reputation of friendliness, thoroughly cordial and hospitable towards visitors and are always genuinely happy to provide helpful assistance such as allowing strangers to lodge with them when needed.
The tourism exploit is blessed:
- With 360 km coastline of beautiful, un-spoilt white sand beaches
- World –Class regime fishing with record setting tarpon catches
- It Coastal beautiful city of Freetown is only 3 hours away from Lagos, Africa’s largest city, 8 hours away from the US, and 6 hours from Europe
- 18 national heritage sites linked to sierra Leone’s rich past of both the slave trade and as a home for returning slaves
- 31 protected areas with unique wildlife including pygmy hypos, chimpanzees, jungle elephants, and many species of birds
Above all, Sierra Leone is classified for highlights of opportunities for first movers in both leisure and business hospitality.
As incentives to foreign investors, Sierra Leone offers accelerated depreciation of 40 percent for plants and equipment the first year and 10 – 15 percent for most other items. It also offers a loss carry-forward of 50 percent of the previous tax year’s taxable income.
Investors in the mining sector receive a 100 percent deduction for prospecting and exploration, a 40 percent deduction for the first year of production costs, 10 percent depreciation for research and development, and 10 percent amortization of start-up costs. In addition, individuals can deduct 50 percent of qualifying investments, up to US$ 150,000, from their personal taxes. To encourage investment in rice and timber, a 10 year corporate tax holiday is granted to qualified investors, Tourism investment may qualify for a five year tax holiday, and expatriate tourism salaries may be exempted from the pay-as-you-earn tax for three years.
The Sierra Leone Investment and Export Promotion Agency (SLIEPA) is charged, by an Act of Parliament, Act No. 10 of 2004 to facilitate and promote investment incentives to potential investors. Please visit SLIEPA‘s Website for further details on investing in Sierra Leone.