Incentives

incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives TAX HOLIDAY St. Maarten boasts an ideal climate for foreign incentives incentives incentives incentives investment and investment services, offering tax incentives for firms wishing to invest or incentives incentives incentives incentives establish companies to process their investments incentives incentives incentives incentives abroad. There are three areas of development that are specified for which a Tax Holiday can be considered. incentives incentives incentives incentives incentives incentives incentives incentives • Hotels and other Rest & Recreational Accommodations • Land Development incentives incentives incentives incentives • Industrial incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives THE SPECIFIC CONDITIONS THAT APPLY TO EACH AREA ARE: incentives incentives incentives incentives incentives incentives incentives incentives HOTELS AND OTHER REST & RECREATIONAL ACCOMMODATIONS • The application for the tax exemption must be for the incentives incentives incentives incentives exploitation of a hotel or other rest & recreational incentives incentives incentives incentives accommodation;

INCENTIVES THE GOVERNMENT OF ST. MAARTEN HAS CREATED A WIDE RANGE OF INCENTIVES TO ATTRACT INTERNATIONAL INVESTORS. exemption will only be honored if all the conditions have been met.

LAND DEVELOPMENT

• There must be a minimum investment of $1.100.000 excluding the value of the land; • The land must be fallow; • The minimum size of the parcel of land must be 2.5 hectares; • A road and other infrastructural facilities such as plumbing, water and electricity must be installed; • Real estate must be developed; • The company must stimulate economic activity in St. Maarten;

• The company mentioned above must be geared towards the enhancement of foreign visitors; • The company must stimulate employment in St. Maarten;

• The company’s goal must be land development. These requirements are also cumulative.

• The construction and primary furnishing should encompass an investment of at least $561.798;

• The company is expected to contribute to the broadening of the economic base of St. Maarten;

• There must be a minimum of 25 rooms with a surface

space of at least 30 square meters each; • There must be a creation of permanent employment of at least 5 persons.

The above mentioned conditions are cumulative; the tax

INDUSTRIAL

• There must be a minimum investment of $83.303.330;

• The company is expected to contribute to the broadening of the economic base of the island;

incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives INCENTIVES incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives • There must be a creation of permanent employment of at incentives incentives incentives incentives least 5 persons, excluding board members. incentives incentives incentives incentives These requirements are also cumulative. incentives incentives incentives incentives incentives incentives incentives incentives APPLICATION PROCEDURE incentives incentives incentives incentives • The request for tax exemption should be submitted on a form, which has been approved by the Governor. This form can be acquired from the Directorate of Taxes on the island. • The form must be filled out completely, a stamp attached, and forwarded to the Governor. Only one application per form is allowed. Incomplete forms will be rejected. • The application must contain: - Data on the amount of employment the project will generate specified by local and foreign. - Information on financing methods; whether funds will The Golden Book of Sint Maarten 11 65

incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives © Viktor Hladchenko / Shutterstock.com incentives incentives incentives incentives be acquired locally or internationally. incentives incentives incentives incentives incentives incentives incentives incentives • A detailed business plan including description and feasibility study of the project. incentives incentives incentives incentives incentives incentives incentives incentives • Other relevant material such as maps, drawings, or any other aid deemed relevant incentives incentives incentives incentives for illustration or clarification may be incentives incentives incentives incentives annexed. incentives incentives incentives incentives • The interested party will be given incentives incentives incentives incentives the opportunity to conduct an oral presentation of the project to the St. incentives incentives incentives incentives Maarten Tax Holiday Committee. incentives incentives incentives incentives The Committee will then forward its incentives incentives incentives incentives advice to the Council of Ministers who in incentives incentives incentives incentives turn advises the Directorate of Taxes. The Directorate of Taxes will then make the final incentives incentives incentives incentives decision and the candidate will be notified. incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives incentives INVESTMENT GUIDE incentives incentives incentives incentives