FAQ
Background and Management
Eden Island Development Company (Seychelles) Limited
The Developers and the Project Consultants have extensive experience in property developments internationally over more than 20 years.
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.
The shareholders have invested substantial equity into the project and development finance is being provided by the Company’s Bankers.
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
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.
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.
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.
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.
Purchasers should seek their own advice in relation to the structuring of their ownership.
No
Yes, but only indirectly as a shareholder of the purchasing entity. The most common purchasing entity is a domestic Seychelles company.
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.
Seychelles law will apply and the court of competent jurisdiction is the Supreme Court of the Republic of Seychelles.
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.
Not at present
Not at present
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
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.
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
Each agreement of sale will specify the estimated transfer and occupation date. In the case of all properties they are sold as land with building works. Transfer of the vacant plot for maisons and villas will be effected first and then the building contract will start. In some cases building may well start before transfer of the land is effected to the Purchaser. In the case of apartments the contract is registered first and transfer later.
Residency and Visitor's Visas
No
None.