Frequently Asked Questions
Curious about purchasing one of our stunning Amilla Residences? Here’s a list of frequently asked questions about ownership. If you still can’t see the answer to your question here, contact us and one of our Islanders will get back to you with the answer. Alternatively, email us here.
HOW LONG DOES HANDOVER TAKE?
It takes around six months to complete a sale.
WHAT IS THE PROCESS FOR PURCHASING A VILLA THAT’S YET TO BE BUILT?
If you’re purchasing a Residence that’s yet to be constructed it can take up to a year and a half. A 10% deposit is payable to secure your villa. 30% is due on the exchange of contracts. 30% is due when the roof is completed. The final 30% is required for completion of the sale and handover.
IS A LOCAL MORTGAGE AVAILABLE?
No mortgage options are available at the moment for international buyers in the Maldives. However, if this changes we will update this information.
IS AMILLA RESIDENCE OWNERSHIP A LEASEHOLD OR FREEHOLD AGREEMENT?
Foreign ownership of properties at any resort in the Maldives is always granted upon a leasehold basis. Therefore, Amilla Residence ownership is issued upon a sublease basis between Amilla Fushi and yourself. The lease period lasts for the duration of the lease of the island between Amilla and the Maldivian Government (around 50 years, with an extension of around 50 more available). Any future lease extension fees will be passed on to the buyer at a formula equal to 1 divided by the total number of Residences times the lease extension price for the island.
WHICH MALDIVIAN LAWS/REGULATIONS APPLY TO MY PURCHASE?
Once we have received payment for a Residence and the relevant documentation has been signed and completed, we will lodge an application with the Ministry of Tourism to obtain a ‘strata title’ for you which will be evidence of your ownership of the Residence. In the Republic of the Maldives, foreign ownership of a property falls under the Tourist Resorts Transfer of Rights Regulation No: 2010/R-14. This was published in the Maldivian Government Gazette 9/12/10.
WHAT IS THE OWNERSHIP STRUCTURE?
A series of onshore and offshore legal agreements which comprise of (but aren’t limited to) a Lease Agreement, a Management Agreement (which lays out Amilla’s exclusive right to manage the property on your behalf), and a Rental Agreement (which shows the terms of rental of the property - optional for Residences yet to be constructed).
WHICH MALDIVIAN TAXES AM I LIABLE FOR?
12% TGST (Tourism Goods and Service Tax), payable at the time of purchase, and Annual Business Profit Tax @ 15% on the net profit from rental revenues.
WHAT DOES VILLA OWNERSHIP INSURANCE ENCOMPASS?
Ownership insurance offers you the peace of mind of having comprehensive insurance against damage to your Residence. It includes building cover, personal accident, plant and machinery, electronics, natural perils, and fire. Ask us for more details!
AS A RESIDENCE OWNER, CAN I USE RESORT FACILITIES?
Yes, you have full access to the resort facilities including all the dining venues and the spa. You’ll have complimentary use of non-motorized water-sports and selected activities as well as free use of a dedicated golf buggy and bicycles.
WHICH UTILITIES AND SERVICES ARE INCLUDED?
Within your 60-night limit, utilities and services such as water, electricity, pool cleaning, gas, and four hours of daily housekeeping are included for no extra charge.
CAN I PURCHASE GROCERIES/PROVISIONS FROM THE RESORT?
Yes, simply complete a store order for food or provisions and you will receive them for cost price plus 15%. This is for only applicable for owners, during their quota of 60 nights per annum.
WHAT IF I WANT TO STAY LONGER THAN THE 60-NIGHT LIMIT?
If you wish to stay for longer than 60 nights, an additional amount will be charged to you to cover the cost of utilities, amenities, staff and other operating costs plus a charge to subsidize replacement amenities etc. and the Residence management fee. Extending your stay is subject to availability, depending upon the time of year and rental return.
CAN I REQUEST MORE SERVICES?
Additional services such as extra maintenance works, housekeeping, katheebs etc. are available at cost price plus 15%.
CAN I TRANSFER MY COMPLIMENTARY NIGHTS TO MY FRIENDS/FAMILY IF I’M NOT THERE?
Yes, a Friends and Family Rate is available if you’d like to offer your Residence to them while you’re not staying at the property. Your family and friends will be treated with our typical charismatic service. The rate will be higher during school holiday periods.
WHAT HAPPENS IF I WANT A RESELL MY RESIDENCE?
If you decide to sell your Residence you’ll need to request prior approval to do so from the island owner but permission won’t be unreasonably withheld. A right of first offer on resale exists for the developer. You can only resell your Residence once full payment for your Residence has been processed (and only after construction has been completed if it’s a new Residence) and the unencumbered title is received. The resale market for real estate like this may take years - most owners contemplate at least a 10-year holding period. If you sell your Residence to a purchaser who was introduced to you by the developer or any host or agent of Amilla, we charge a fee of 3% of the resale price, in addition to any agent’s fees. Amilla has built a global network of agents and intermediaries who are the top luxury real estate specialists in their countries and are trained in selling Amilla Residences. They would be happy to help resell your Amilla Residence.
MODIFICATIONS TO RESIDENCES
If you wish to modify the floor plan/layout, the exterior, or the materials used in the construction, the developer’s written approval is required in advance.
Our Residences have a two-year construction warranty. All Residences are constructed using the materials which were selected for their durability in a tropical climate as well as their quality and reliability. All the internal fixtures and fittings come with a manufacturer’s warranty.
ARE THERE ANY OTHER EXPENSES?
A 1.5% ownership expense is applicable to subsidize replacements of supplies, equipment, and linen (managed by the resort). A subsidized scheme is in place for the replacement of furniture, fixtures and equipment and for future refurbishments and the like.
ARE THERE ANY CHARGES FOR MAINTENANCE?
Minor repairs on things such as toilets, showers, electrical items, air conditioning, and blown lightbulbs, etc. will be taken care of by the resort. Any major maintenance works will be charged at cost + 15%. Labor costs will be approx. USD $20/hr for a junior tradesman.
Details within this guide may change while we work to finalize the structure of the sale process and rental program. We will undertake this with the best of intentions as our goal is to attract Residence owners who we can work with towards a positive outcome for all. The offers here are exclusively for the first buyer of each Residence (specifically the discounts and the 60 day stay flexibility).
WHAT IS THE NEXT STEP?
We will co-sign a letter of intent with you. The sales and rental agreements and ownership deeds will follow. We can recommend a Maldivian lawyer to review the agreements to ensure that all parties are satisfied with the positive outcome.