MARIGOT–The Collectivité of French St. Martin recently launched the international tender for qualified developers interested in bidding for the works concession contract for the development of Marigot Bay in the capital, Marigot. Publication of the tender is reproduced here.
The project includes the development of some 21 hectares of reclaimed land; the dredging and excavation of a shipping channel; creation of berthing facilities to accommodate small and medium-size cruise ships, mega-yachts and inter-island ferries; construction of seawalls and other infrastructure.
The project also envisages the creation of a luxury conference hotel and beach resort and private residences and shops designed to modernise and enhance the Marigot waterfront and make a positive and sustainable impact on the economy of St. Martin.
In addition, the developer is required, under the terms laid out by the Territorial Council of St. Martin, to develop public areas, including parks, parking lots and other public facilities.
Developers will have three months to respond to the bid. The commencement of the development is scheduled for mid-2017.
The government of St. Martin will provide special incentives to the selected developer, to include taxable income limited to profits made in St. Martin; taxation rates at only 10 or 20 per cent; unlimited carry-forward of losses – in time and amount; tax-free repatriation of profits – an absence of any withholding tax for payments made to non-residents on dividends, interests or royalties; and tax incentives equivalent to a “tax holiday” scheme.
The closing time for receipt of tender offers is midday September 5, 2016. Late tender offers will not be accepted. Tender documents may be obtained by e-mailing Carole Bique at
[email protected]/* */ between 8:30am and 4:00pm on weekdays from July 29.
The Collectivité of French St. Martin is located in the Northeastern Caribbean, approximately 300km (190 miles) Southeast of Puerto Rico and shares the 37-square-mile island with Sint Maarten, a country within the Dutch Kingdom. The Collectivité offers low rates of taxation for investors; exemption from property tax for five years for new commercial premises and reduced transfer tax on the acquisition of land for the purposes of priority activities.
Source: Daily Herald
Collectivité launches tender for development of Marigot Bay