Foreigners cannot own land outright; they are restricted to long-term leases (bail emphytéotique) for up to 99 years. Alternatively, you can form a l... Read Moreocal Malagasy company (which can be 100% foreign-owned) to hold the land. A "Certificat d'Investisseur" from the EDBM is required for large projects. Be prepared for a slow process—title registration can take over a year. Closing costs, including registration and notary fees, typically total around 9% to 10%. Read Less