The government of the Collectivité of French Saint-Martin has launched an international tender for qualified developers interested in entering into an economic investment partnership for a sustainable tourism project that will benefit nationals and visitors alike — the development of Marigot Bay Harbour in the island’s capital.
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-sized cruise ships, mega-yachts and inter-island ferries; and 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 modernize and enhance the water front of the capital city of Marigot and make a positive and sustainable impact on the economy of Saint Martin. In addition, the developer is required, under the terms laid out by the Territorial Council of French Saint-Martin, to develop public areas, including parks, parking lots, and other public facilities to build on the authenticity and character of the city and ensure local employment over the life of the project.
Developers will have just about three months to respond to the bid. The commencement of the development is scheduled for mid-2017. The government of Saint-Martin will provide special incentives to the selected developer to include:
• Taxable income limited to profits made in Saint-Martin.
• Taxation rates at only 10 or 20 percent.
• Unlimited carry-forward of losses – in time and amount.
• Tax-free repatriation of profits.
• Tax incentives equivalent to a “tax holiday” scheme.
The closing time for receipt of tender offers is noon on October 26, 2016.
The Collectivité of French Saint Martin is located in the northeast Caribbean, approximately 300 km (190 miles) southeast of Puerto Rico and shares the 37 square mile island with St Maarten, a country within the Dutch Kingdom.