Apartments are sold only on strata title ownership basis on a leasehold land. The land leases are registered with the Maldivian Government and are renewable.

Yes. The apartments may be transferred subject to the terms and conditions of the lease agreement. Generally, a small fee is payable. In addition, the new owner must agree to be bound by the terms and conditions contained in the original lease agreement.

Leasehold ownership is a common method of ownership for foreign buyers. Once the lease and strata title are registered at the Ministry of Tourism Department, the lessee’s rights over the apartment will be officially recognized.

Approximately 1 month (issued by Ministry of Tourism) after full payment has been received, construction is complete, and application submitted. We will notify the owner of any documents and fees required for registration. Registration fee of strata title is MVR5000 (USD325).

The development includes five (5) beachfront apartment blocks containing 40 luxury apartments, located next to Kandima Maldives.

Construction will commence once the relevant government environmental and building approvals are obtained and is estimated to take approximately 18 months to complete.

Yes. Defect liability period is valid within 60 (Sixty) days from the date of handover.

As the apartments will be managed as part of the Kandima Maldives resort, a standard configuration and furniture and amenities package is required, and customization is not allowable.

As one of the key USP of Coral Residences, you will enjoy unobstructed views across the Indian Ocean for life.

You have the full access to The Coral Residences exclusive facilities, pool, and club house — in addition to facilities currently available at the Kandima Resort

Yes, rental program is available and mandatory for all units. These luxury apartments will be professionally and exclusively managed by Kandima Maldives resort offering a unique investment opportunity.

Owners shall be entitled to 30 days complimentary use of the apartment (room only, does not include breakfast or personal expenses) per fiscal year, including a maximum of 7 days during the peak season (22-Dec to 15-Jan). No blackout periods.

Owners should provide written notice of at least 180 days for non-peak season and 365 days for peak season. This is due to units may be pre-booked with third party guests, particularly for stays during high season periods.

Yes, subject to terms and conditions of the rental agreement (e.g. owners’ guests may be required to be pre-registered with the manager).

This is subject to the terms and conditions imposed under the rental program in order to maximise the rental yield especially during peak season. All reservations by owners for their stays are subject to availability.

For the first 5 years, we are offering a Guaranteed Rental Return (GRR) of 6% on investment. Owner’s rental earnings will be calculated on a pro-rata share of pooled owners’ return, which is 50% share of pooled net revenue, post deduction of (i) 3% base management fee (ii) 1% marketing fee (iii) energy cost and (iv) 4% pooled resort apartments repair expense held for property repair and maintenance.

Owners will be paid rental returns direct to their nominated bank on a quarterly basis.

Rental distributions made to non-resident (foreign) owners are subject to 10% withholding tax. Rental earned by Maldivian tax residents are subject to 5% - 15% income tax.

Note: applicable tax rates are current at the date of issue of this FAQ and may be subject to changes. Unit owners shall be responsible for any income and any other taxes, duties and fees of whatever nature which may be levied by relevant authorities on the unit in connection with the rental.

There are various forms of visas available to foreigners who wish to enter Maldives for multiple purposes ranging from 14 days to 5 years multiple entry which include.

• Meeting visa - short-stay visa for any foreign national visiting the Maldives for the purpose of attending a meeting, conference or convention held in the Maldives.
• Work visa – permit for foreigner to stay in Maldives for employment purpose.
• Tourist visa - granted for all nationalities on arrival to the Maldives.
• Marriage visa – granted for foreigner married to a Maldivian national.
• Dependent visa - issued to immediate family members of expatriate workers
• Business visa - temporary multiple-entry visa issued to a foreign national intending to operate business in Maldives.
• Corporate residency visa – shareholders, directors, partners or any senior officials of a foreign investment registered and operated in the Maldives with a minimum of USD250,000 investment in government approved businesses.

Please consult with an immigration specialist or the Maldivian Embassy / Consulate for more information.

It is included as part of the rental program.