Kunfunadhoo Island, Baa Atoll, Republic of Maldives
9 Bed | 9 Bath
USD 15,000,000
Key Details
Kunfunadhoo Island, Baa Atoll, Republic of Maldives
The Maldives is blessed with year round sunshine and average temperatures of 28°C, rising to 32°C during March and April.
Golden beaches and mangroves form a dividing line between sparkling blue waters and a verdant island interior – the diversity of plant and animal life has earned these atolls UNESCO World Biosphere Reserve status.
The pace is relaxed, but there is plenty to do on both land and water. Clear waters and rich marine life make for exhilarating diving and deep sea fishing, whilst water sports ranging from kayaking and catamaran sailing to wakeboarding and kite surfing are available in abundance.
The Soneva Group pioneered the "No News, No Shoes' philosophy. Soneva Resorts' cuisine is dominated by fresh seafood and Asian flavours using fresh product from its own organic gardens.
The islands are reached via a 25-30-minute seaplane transfer from Malé International Airport. Once on the island, little more than a bicycle or a boat is required to get around.
A limited number of unique, luxury beachfront Private Residences will be built at both the sunrise and sunset sides of this magical island, Soneva Fushi Resort. There is also an opportunity to purchase a select few resort villas which are already fully operational and can be refurbished and extended. As a villa owner you will not only own the ultimate private island lifestyle but can also benefit from attractive rental yields. The Maldives offer very tax efficient ownership and does not have capital gains or acquisition taxes. Benefits of villa ownership include: 20% off of all Soneva resort services including treatments taken at the Six Senses Spa, diving and leisure services, and from any of our food and beverage outlets 20% off on all flight transfers (round trip) to/from Malé (or Bangkok if vacationing at Soneva Kiri) Income sharing in the Villa Rental Programme, enabling you to earn a return on investment while possessing the only residences available to foreigners in the Maldives Special “Soneva Villa Owner” benefits at all Soneva and Six Senses Resorts Membership in the exclusive Soneva Club Exchangeability of owner's days within all Soneva Resorts, subject to availability VILLA RENTAL PROGRAMME Your villa is yours to enjoy. Therefore, our Villa Rental Programme is tailored to your lifestyle needs. As an owner, you may use your villa for as little or as much time as you like, whether that be one week or eleven months. When you are not in residence, you may elect to place your villa in the Villa Rental Programme. Upon enrolment we will ask you to provide us with a schedule of when you would like your villa to be included in our inventory over the next calendar year. If you change your mind, you may terminate with six months prior written notice and your agreement to honour any previously made bookings. The Villa Rental Programme is compulsory for any existing (refurbished) villas. Joining the Villa Rental Programme allows you to enjoy your private residence and offset the ownership expenses with the income generated by the villa rental when you and the family are not in resort. Every quarter, Soneva Fushi will calculate the Gross Revenues generated by your Villa. e Gross Revenues will exclude any applicable sales commission and gross taxes. From Gross Revenues, Soneva Fushi will take 10% to pay for those expenses associated with the rental of your villa like housekeeping, laundry and the daily room amenities provided to villa guests, and marketing expenses. The remaining 90% of Room Revenue will be allocated between you and Soneva Fushi on a 50/50 basis. From your 50% share, annual ownership expenses equivalent to 1.5% of the purchase price are deducted. A further 0.5% of the purchase price will be deducted annually and set aside. The resulting net revenues can then be remitted to you (subject to applicable Maldivian withholding and income taxes, currently at 15%). You can also keep the net revenues in-resort to be applied against future spending so that you will not ever have to pull out your credit card to pay for any additional holiday expenses incurred in-resort such as your food and wine and spa activities. LAND LEASE AND VILLA PURCHASE AGREEMENTS The villa ownership will be on a sublease basis for the duration of the lease of the Island by Soneva Fushi and the Maldivian government. Any future lease extensions will be passed onto the buyer at a formula equal to [(1/total number of villas) x lease extension price for the island]. The lease to date (2016) stands at 29 years with option to extend as and when the island head lease is extended. OWNERSHIP AGREEMENTS Ownership will be structured via a series of onshore and offshore legal agreements to maximise tax effectiveness. These agreements comprise but are not limited to a Reservation Agreement, a Lease Agreement evidencing the buyers’ lease rights on the land, a Villa Management Agreement, showing Soneva’s exclusive right to manage the property on behalf of the buyer, and a Villa Rental Agreement, which shows the terms of rental of the villa (optional for villas yet to be built).
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