By Kelvin Sabao

1. Introduction

The Reserve Bank of Zimbabwe continues to modernise and clarify its position on property investments made by individuals living outside the country. 

Under the Guidelines to Authorised Dealers and their Clients on Foreign Exchange Transactions (FXD 2/2025), issued in terms of section 35(1) of the Exchange Control Regulations (Statutory Instrument 109 of 1996), the RBZ provides a clear pathway for individual foreign investors and non-resident Zimbabweans to participate in the local property market. 

The guidelines offer a simplified framework that promotes real estate investment while ensuring transparency and proper tracking of cross-border financial flows.

2. No Prior RBZ Approval Required

According to section 5.3.3.3 of the RBZ guidelines, individual foreign investors and non-resident Zimbabweans may acquire residential immovable property in Zimbabwe without seeking prior RBZ approval.

This reform reflects a liberalisation of the property investment environment and acknowledges the importance of diaspora capital and international investment. However, while prior approval is not needed, compliance with post-transaction registration remains mandatory.

3. Post-Investment Registration with the RBZ

After acquiring the property, the investor must register the investment with the RBZ (ex post). The registration must be supported by:

Copy of the Sale Agreement

Proof of payment of Capital Gains Tax to ZIMRA

Documentary evidence of telegraphic transfers confirming receipt of the purchase price in Zimbabwe

Indication of the source of funds

Copies of relevant passport pages confirming the purchaser’s residential and citizenship status

4. Disinvestment and Repatriation of Proceeds

Section 5.3.3.4 allows foreign investors and non-resident Zimbabweans to freely disinvest (sell their residential properties) and repatriate the sale proceeds, provided that:

The original purchase was paid for from outside Zimbabwe, and

The investment was properly registered with the RBZ.

This guaranteed ability to repatriate funds enhances investor confidence and aligns Zimbabwe with global investment norms.

5. Requirements for Repatriating Sale Proceeds

When applying for the remittance of property sale proceeds through an Authorised Dealer (local bank), the seller must provide:

RBZ approval under which the initial investment was registered

Copies of telegraphic transfers confirming receipt of the initial purchase consideration

Copy of the current Sale Agreement

Proof of payment of Capital Gains Tax to ZIMRA

Copies of relevant passport pages confirming the seller’s residential status

6. Practical Implications for Investors

For non-resident Zimbabweans and foreign investors, the guidelines create a transparent and predictable investment ecosystem.

Key takeaways include:

Ease of entry – No pre-approval delays when buying property

Assured exit – Freedom to sell and repatriate proceeds through formal banking channels

Regulatory compliance – Documentation remains essential to meet RBZ, ZIMRA and AML standards

Diaspora engagement – The policy signals Zimbabwe’s intention to strengthen ties with its global citizens and attract international capital

7. Conclusion

The 2025 RBZ guidelines mark a significant step in liberalising Zimbabwe’s property sector. By removing the requirement for prior approval while maintaining robust post-investment compliance, the RBZ strikes a balance between encouraging investment and ensuring financial oversight. 

For diaspora buyers and foreign investors seeking to enter Zimbabwe’s growing urban property market, the message is clear: the door is open — as long as you follow the formal process.