FAQ
Background and Management
Who is responsible for the development of Eden Island? Who is responsible for the development of Eden Island?
Eden Island Development Company (Seychelles) LimitedWhat other development projects has the developer been involved in? What other development projects has the developer been involved in?
The Developers and the Project Consultants have extensive experience in property developments internationally over more than 20 years.Who is the Chief Executive Officer of the Developer and who are the major shareholders? Who is the Chief Executive Officer of the Developer and who are the major shareholders?
The Chairman of Eden Island is Craig Heeger.The shareholding of Eden Island is held through offshore structures representing the interests of South African and Austrian investors.
Who is financing the development of Eden Island? Who is financing the development of Eden Island?
The shareholders have invested substantial equity into the project and development finance is being provided by the Company’s Bankers.What is the management structure of Eden Island? What is the management structure of Eden Island?
There is a management and organisational structure in place in the Seychelles which manages the day to day operations of the Company and which reports to the CEO. In addition, various firms of professional consultants assigned to the project bring a broad range of essential project management, architectural, urban design, environmental, engineering, sales, marketing, financial and legal expertise to the project.What management structure is in place to manage the development? What management structure is in place to manage the development?
Owners of units at Eden Island are members of a Village Management Association (VMA) which manages the day to day running, maintenance, services etc. on the island and monthly levies are raised to cover, water, security, general maintenance costs etc.Control and Ownership Structures
What legal title in the units and moorings are passed to Purchasers? What legal title in the units and moorings are passed to Purchasers?
All properties in the Eden Island residential development are sold and transferred to Purchasers on freehold title. In the case of the maisons and villas, Purchasers acquire individual freehold title and in the case of the apartments, freehold title is given in terms of the Condominiums Act of Seychelles.In the case of the moorings belonging to each unit, a lease is entered into between the owner of a unit and the Developer /Village Management Association that attaches the right of use of the mooring to the specific unit.
The nature of the lease is long term (i.e. 99 years) and is linked to ownership of the unit in question. The annual/monthly rental is a nominal amount plus such amount as is necessary to cover levies applicable to the mooring in question and the maintenance and management thereof.
What has facilitated the ability of the Developer to be able to sell units on freehold title in Seychelles? What has facilitated the ability of the Developer to be able to sell units on freehold title in Seychelles?
The Developer has entered into agreements with the Government of the Republic of Seychelles in terms whereof the island has been subdivided into 2 portions, one for the residential development and the other for the commercial development (which includes the bridge, causeway and the marina). The Developer currently holds the freehold title in the residential development portion and accordingly freehold title will be passed to all Purchasers.Are there any restrictions placed on Owners selling their units before the development is complete? Are there any restrictions placed on Owners selling their units before the development is complete?
Yes, An Owner may not sell his unit without first giving the Developer the first right of refusal to acquire the unit back at market value.What formalities are imposed by Seychelles law in respect of the transfer of ownership of immovable property situated in the Seychelles? What formalities are imposed by Seychelles law in respect of the transfer of ownership of immovable property situated in the Seychelles?
Property ownership may be transferred as of right to a Seychellois national, and with Government sanction to a non-Seychellois as required under the Immovable Property (Transfer Restriction) Act.What are the various methods of ownership of immovable property which apply within the Seychelles (including ownership in terms of the Condominium Property Act)? What are the various methods of ownership of immovable property which apply within the Seychelles (including ownership in terms of the Condominium Property Act)?
Individual ownership, co-ownership, corporate ownership and ownership as a partnership.How may ownership of immovable property held by a corporate body be transferred? What particular formalities are required? How may ownership of immovable property held by a corporate body be transferred? What particular formalities are required?
It can be transferred either by way of a sale of the shares of the corporate body that owns the property or by way of selling the immovable property out of the corporate body. If the intended transferee is a non-Seychellois national, Seychelles Government sanction is required under the Immovable Property (Transfer Restriction) Act.What are the benefits, if any, of taking ownership in an off-shore company versus individual ownership? What are the benefits, if any, of taking ownership in an off-shore company versus individual ownership?
Purchasers should seek their own advice in relation to the structuring of their ownership.Can a trust be registered in the Republic of the Seychelles? Can a trust be registered in the Republic of the Seychelles?
NoCan a trust registered outside the Seychelles own residential property in the Seychelles? Can a trust registered outside the Seychelles own residential property in the Seychelles?
Yes, but only indirectly as a shareholder of the purchasing entity. The most common purchasing entity is a domestic Seychelles company.Can minors own immovable property in the Seychelles? Can minors own immovable property in the Seychelles?
Yes they can, but minors cannot sell the immovable property during their minority without the permission of the Supreme Court of the Republic of Seychelles.Which legal system will govern any contracts of sale concluded in order to transfer ownership of units at Eden Island? Which legal system will govern any contracts of sale concluded in order to transfer ownership of units at Eden Island?
Seychelles law will apply and the court of competent jurisdiction is the Supreme Court of the Republic of Seychelles.What currency restrictions are there with regard to the on sale of properties on Eden Island? What currency restrictions are there with regard to the on sale of properties on Eden Island?
Any Purchaser may transact anywhere in the world and in any currency and no forex is required to go onshore to the Seychelles, except for the 6.5% stamp duty and sanction fee that is to go to the Government of the Seychelles for purposes of registration of this transfer of any on sales;Example: Mr A can sell his unit in 5 years to Ms B in Dublin, transact in Euros and get paid in Dublin. Ms B must just transmit 6.5% of the purchase price (as stamp duty and sanction fee) to the Seychelles for purposes of effecting the transfer.
There is a complete dispensation granted to the Eden Island Development Company and all of its successors in title, in that they are "entitled to retain 100% of the foreign currencies earned" in relation to this development (clause 6 (8) of the Commercial Agreement) between Eden Island Development Company and the Seychelles government.
Will the sale of immovable property attract Capital Gains tax in the Seychelles? Will the sale of immovable property attract Capital Gains tax in the Seychelles?
Not at presentWill ownership of the property attract estate duty in the Seychelles? Will ownership of the property attract estate duty in the Seychelles?
Not at presentCan a foreign company become an owner of property on Eden Island? Can a foreign company become an owner of property on Eden Island?
Yes, but only indirectly as a shareholder of the purchasing entity. The most common purchasing entity is a domestic Seychelles company . The foreign company is required to obtain Government sanction in terms of the Immovable Property (Transfer Restriction) Act.Sale, Occupation and Transfer
How does a Purchaser go about acquiring a unit on Eden Island? How does a Purchaser go about acquiring a unit on Eden Island?
The website contains most of the information needed to do this. Prior to sales documentation being finalised a simple unit reservation process is in place and is explained on the website. This enables Purchasers to reserve units of their choice ahead of signing up an agreement of sale. A Reservation Fee of USD 5,000 is payable to reserve an apartment, USD 10,000 to reserve a maison and USD 20,000 to reserve a villa on Eden Island.When will agreements of sale be available for signature? When will agreements of sale be available for signature?
All agreements of sale are available for signature and must be signed within 14 calendar days after delivery to the Purchaser.What are the broad terms of the agreements of sale with regards to payment of the purchase price? What are the broad terms of the agreements of sale with regards to payment of the purchase price?
A 10% initial payment is payable on signature of the agreement of sale. In the event that a Purchaser had already reserved a unit and paid the reservation fee then this will form part of the initial payment. This initial payment will be held in an escrow account until transfer. Purchasers have to provide certain Know Your Client information to the Bank for purposes of opening their escrow accounts (a list of what is required is available on this website) and it is suggested that this required information be obtained without delay. The balance of the purchase price is to be secured by way of payment into escrow account or by way of a bank guarantee within 30 days of signature or such extended time as agreed with the Seller.When will the purchase price be paid to the Developer? When will the purchase price be paid to the Developer?
In the case of :APARTMENTS:
An amount equivalent to10% of the purchaser price shall be paid upon signature of the agreement of sale
An amount equivalent to 40% of the purchaser price, 90 days before the anticipated commencement date
An amount equivalent to 30% of the purchaser price, 90 days after works have commenced
An amount equivalent to 20% of the purchaser price, 180 days after works have commenced
The purchase price shall then be disbursed as follows:
25% on Contract Registration
25% on Works Commencement
30% when works have reached roof height
10% on date that the occupancy certificate is issued
10% less USD 10,000 on the date of transfer
USD 10,000 is a retention amount held back and released once any defects have been rectified.
MAISONS AND VILLAS
An amount equivalent to10% of the purchaser price shall be paid upon signature of the agreement of sale.
The balance of the purchase price is to be paid into the Escrow account 30 days from date of signature of the agreement of sale and shall be disbursed to the Developer as follows:
40% on date of transfer of the land to the Purchaser
10% on the date the unit reached floor level
30% on the date the unit reached roof height
10% less a retention on the date of transfer
The retention amount will be held back and released once any defects have been rectified.
Retention Villa USD 100,000
Retention Maison USD 10,000