Immovable Property

L.N. 82 of 2008

IMMOVABLE PROPERTY

(ACQUISITION BY NON-RESIDENTS) ACT

(CAP. 246)

Immovable Property

(Designation of Special Areas) (Amendment) Regulations, 2008

IN exercise of the powers conferred by article 8 of the Immovable

Property (Acquisition by Non-Residents) Act, hereinafter referred to

as “the Act”, the Prime Minister and Minister of Finance has made the

following regulations>-

The title of these regulations is the Immovable Property Title.

(Designation of Special Areas) – (Amendment) Regulations, 2008 and

they shall be read and construed as one with the Immovable Property

(Designation of Special Areas) Regulations, 2006, hereinafter referred L.N. 227 of 2006.

to as “the principal regulations”.

Regulation 3 shall be renumbered as sub-regulation (4) of Renumbers

regulation 3

regulation 2 of the principal regulations.

of the principal

regulations.

Regulation 4 shall be renumbered as regulation 3 of the Renumbers

regulation 4 of the

principal regulations.

principal

regulations.

Immediately after regulation 3 as renumbered of the principal Adds new

regulation 4 to the

regulations there shall be added the following new regulation>-

principal

regulations.

4. (1) The Minister may also issue an Order

“Criteria and

guidelines

designating an area as a Special Designated Area in terms of

for

designation article 2 of the Act if an application is made in regard to a site

of vertical

developments of a superficial area below 10,000 square metres, on which

as Special

site the applicant has constructed or plans to construct a

Designated

minimum of thirty thousand square metres (30,000m 2 ) of the

Areas.

total floor area.

(2) For the purposes of these regulations, “floor

area” means the amount of floor area within a building

determined by the external measurements of the building, that

is including the thickness of the external walls and half the

thickness of the dividing or party walls, and includes any

staircase, lift, shafts, internal yards, verandahs, terraces,

balconies, canopies and other spaces, and a roof or terrace

used for commercial purposes.

(3) Prior to issuing such an Order, the Minister

shall ensure that satisfactory evidence is submitted to show

that the applicant has abided with any applicable conditions

contained in these regulations.”.

Fee payable.

(4) Upon approval of the application by the

Minister, but prior to the designation of the area as a Special

Designated Area, the applicant shall pay a one-time fee of

twenty three thousand euros (€ 23,000) increased by two

euros and thirty three cents (€ 2.33) per square metre of

total floor area in excess of thirty thousand square metres

(30,000m 2 ).”.

Regulations 6 and 7 of the principal regulations shall be

renumbered as regulations 5 and 6 thereof respectively.

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