A new scheme, other that the IRS, will be introduced to enable small land owners, owning land not exceeding 10 hectares in aggregate during the past 5 years, to carry out mixed use development and sell residential units to non-citizens. The Salient features of the small land owner schemes are:

• Development on freehold land not exceeding 10 hectares in aggregate by land owner or group of land owners
• The land owner, or group of land owners of the proposed development, will be an important shareholder of the development company
• No minimum selling price for the residential units.
• Foreign buyer will not be entitled to residence or occupation permit. However, they can qualify for such permit under other scheme
• Exemption from the morcellement Act and the morcellement Tax

The Scheme will:

• Provide a huge boost to the real estate sector and offer for mixed property development projects
• Promote economic growth, create employment to citizens and opportunities to small and medium entrepreneurs to service the development
• Create opportunities for small land owners who so far have been unable to tap the opportunities offered by the opening the economy and who would otherwise not qualify for a project under the Integrated Resort Scheme to embark on upscale residential development
• Lead to a more appealing environment which will help to induce much needed professionals to take up employment in the country

If you are a smallowner and qualify as stated above please contact us for further advice and help