- Property Development Scheme (PDS) : A non-citizen is eligible for a residence permit upon the purchase of a villa under the PDS scheme when he has invested more than USD 375,000 or its equivalent in any freely convertible foreign currency
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Invest Hotel Scheme (IHS) : Where a non-citizen acquires a unit, forming part of a hotel under the IHS, for a price of not less than USD 375,000 or the equivalent in other freely convertible currencies, the owner is eligible for a residence permit.
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Under the IHS, the investor who has acquired a unit enters into a lease agreement whereby the unit is leased back to the hotel developer in return for rental income. The unit leased to the hotel developer may be used and occupied by the unit owner or any person on his behalf free-of-charge for a total of not more than 45 days in any period of 12 months.
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Exemption on Land Transfer Tax
No tax shall be leviable on a transfer - (a) between the heirs of a deceased person of property acquired by inheritance from that person; (b) where the transferor has acquired the property transferred through inheritance or legacy from his spouse, an ascendant, a descendant, a brother or sister; (c) where the transfer is made between spouses; (d) where the transfer is made to a company holding an investment certificate in respect of a project under the Integrated Resort Scheme prescribed under the Investment Promotion Act, provided that the transferor holds shares in the company equivalent to at least the value of the land transferred - Home Ownership Scheme : The Home Ownership Scheme is one of the measures introduced in the 2021/2022 Budget to support Government’s vision of a more inclusive society by making home ownership affordable for all. Under the Scheme, an eligible person buying a house, an apartment or bare land to construct his residence benefits from a refund of 5% of the cost of the property up to a maximum of Rs 500,000.