Handover of the villas/construction times – 12 – 18 months depending upon customization.
Local mortgage availability – currently there are no mortgage facilities offered locally for international buyers.
Ownership Regulations – Ownership on a villa is transferred pursuant to Tourist Resorts (Transfer of Rights) Rules No: 2010/R-14 published in the Maldivian Government Gazette on 9 December 2010. On handover of the villa, an application will be lodged with Ministry of Tourism to obtain a ‘strata title’ which will be a conclusive evidence of ownership of the villa.
Applicable Taxes – Villa owners are primarily liable to two taxes i.e. (i) Tourism Goods and Service Tax @12% payable on the gross invoice value; and (ii) Business Profit Tax @ 15% on the net profit on the villa owner. The said rates are in accordance with the laws applicable as per July 2016.
Ownership benefits – As a part of villa transaction, Soneva offer many ownership benefits including:
– 20% discount on F&B (excluding alcoholic beverages);
– 20% discount on all resort facilities excluding those operated by third parties like Six Senses Spa, Dive center, Six Senses Gallery etc;
– Personal Mr/ Ms Friday butler service;
– 2% commission on gross sale price for recommending a residential prospect and payable on successful signing of definitive sale and purchase agreements; etc.