Processing fees for residential units qualifying under the Integrated Resort Scheme (IRS), the Real Estate Scheme (RES), the Invest Hotel Scheme (IHS) and the Smart City Scheme (SCS) will soon be standardised. The Minister of Finance announced these changes in his Budget 2023-24 on 2 June.
As a result, a processing fee of Rs 25,000 per application will be levied for applications for the acquisition of R+2 units by non-citizens and for applications for residence permits (under the residential schemes).
In addition, it has also been stipulated that holders of residence permits will be able to acquire a residential property worth a minimum of US$350,000 under schemes other than the existing ones, subject to a 10% contribution to the Solidarity Fund.
Furthermore, a non-refundable processing fee will be introduced as follows: Smart City Scheme: Rs 1 million, Property Development Scheme: Rs 500,000, Invest Hotel Scheme: Rs 500,000, Premium Investor Certificate: Rs 50,000, Integrated Modern Agricultural Morcellement Scheme: Rs 25,000.
The Immigration Act will also be amended to grant a residence permit retroactively to a retired non-citizen and his or her family when acquiring a property under a PDS scheme for housing for the elderly, provided that the price exceeds USD 200,000 and the non-citizen is over 50 years of age.
