New 2024 Economic Development Board Regulations

New 2024 Economic Development Board Regulations

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In a bid to enhance Property Schemes and Fund contributions, several regulations have been issued by the Economic Development Board as follows:

  • Economic Development Board (Processing Fees) Regulations
  • Economic Development Board (Smart City Scheme) (Amendment) Regulations
  • Economic Development Board (Property Development Scheme) (Amendment) Regulations
  • Economic Development Board (Invest Hotel Scheme) (Amendment) Regulations,
  • Economic Development Board (Real Estate Development Scheme) (Amendment) Regulations

These regulations are set to implement previously announced measures concerning schemes managed by the Economic Development Board, which involve:

  1. Aligning the processing fees required for purchasing residential properties and establishing new processing fees;
  2. Extending the deadline for a promoter to sell a serviced plot of land to a non-citizen until 30 June 2026; and
  3. Instituting the payment of contributions per property to the National Resilience Fund.