Q: Is financing available?

The majority of sales are done on a cash basis; the only credit terms available is with the complete development option, ie sale of land, design and build, or building on owners own plots of land. Here we offer payment in stages as indicated in our development section. Gam Properties is also in dialogue with financial institutions with a view to getting them to offer loans to qualified applicants on a long or short term basis with the homes used as collateral.

Q: What if I want to rent out my property?

Whenever you want to rent out your property you must first of all register the property with the rent office located at the local authority concerned where you pay a registration fee of D35.00. Failure to register the said rental property carries a penalty of D5,000.00 for every property being rented. Once registered any default in payment of rent by your tenant can be referred to the rent tribunal who take up the responsibility of ensuring that your rent is paid. The rental tribunal also has the responsibility of determining whether the rent being paid is reasonable or not.

Q: What sort of rental return can I expect from my property?

A lot depends on the type of location of the property that you buy and quality of local management service that might be available. Furthermore, one must take into account that The Gambia is not a "big city" market in rentals, but seasonal in nature. For example, in some apartment complexes are quite strong and one can expect full time rental occupancy of the property during the entire summer season (June, July, August) and good occupancy during the shoulder seasons of Spring and Autumn. A two bedroom flat for example, costing about $16,000 (£10,000) could conceivably produce a rental income of over $???? (£???) in the course of the year. However, we would again emphasize that the results depend on the management available. Under the worst conditions, you can generally count on covering all your running expenses during the course of the year, and a greater or lesser amount of pocket money left over.

Q: When I sell my property, may I remit the proceeds of sale back to my own country?

A foreigner who is a non-resident of The Gambia has the right to sell his property to another non-resident foreigner entirely in foreign currency, with payment made outside of The Gambia. There is, therefore, no question of remitting the proceeds from dalasi to foreign currency as the sales price can be paid in the foreign currency itself and wherever desired. The only tax implication is the Capital Gains Tax of 15% of the purchase price less any development expenses you have incurred on the property prior to selling.

Q: Who pays estate agency fees in the sale of a property?

The agent's fees are always paid by the seller, unless you agree otherwise with your agent. Although your agent is remunerated by the seller, he has an ethical obligation to see that the purchaser gets fair value for money, and a legal obligation to see that the title deed to the property is passed free of all liens and encumbrances. Gam Properties provides an exceptional AFTER SALES "SETTLING IN" SERVICE for its clients, totally free of charge, as part of general company policy.

Q: How will I deal with standard bills, e.g. electricity, water, telephone, rates, etc.?

Gam Properties can handle this for you as part of management fee.

Q: What about taxes?

When you purchase property the buyer thereon shall be responsible for paying a yearly land rent on the property which said rent is minimal and always stated on the lease document of the property. Land rates are also paid yearly and the rate to be paid on a particular land is determined by the local authority concerned and varies according to the location and the extent of development of the property.Capital Gains Tax of 15% of the purchase price less any development expenses the seller has incurred on the property prior to selling is paid upon sale of the property. The Buyer then pay stamp duty of 5% of the purchase price and only after all these payments are made can the buyer register his title to the property as notice to the whole world.

Q: How long can I stay in The Gambia as a tourist?

Europeans from the E.U. can stay in the Gambia for not more than 6 months.

Q: Is heating necessary?

No

Q: Are there medical and health insurance facilities?

You can pay for health service with private clinics. Also, you can take health insurance with your travel agency.