Land Leases and Site Acquisition in GMC: Legal Advisory

Land in Gelephu Mindfulness City is made available to investors on lease, with the lease terms set site by site, and the tax, stamp duty and corporate consequences follow from a mix of GMC's own Acts and statutes applied by reference. Basnet Law Pte. Ltd. is the first law firm incorporated in GMC.

Advise the investor on the EDG one-stop shop, which the GMC Authority describes as providing "land identification, lease guidance, company incorporation, regulatory clearances, coordination with government agencies, and investor aftercare".

Negotiate and document the lease: term, renewal, permitted use, development obligations, assignment and security of tenure.

Advise on structuring the leaseholder entity, including whether a foreign company registered under the Companies Act 2025, which the Act permits to hold immovable property, should hold the lease directly, or a GMC subsidiary.

Advise on the tax treatment of lease costs and of vacancy costs under the Income Tax Act 2025.

Plan for the 15% withholding on real property disposal proceeds paid to non-residents.

Identify property tax and stamp duty exposure under the Property Tax Act 1960 and the Stamp Duties Act 1929, which apply in GMC through Schedule A to the Application of Laws Act 2024.

Manufacturers, agri-tech, energy and logistics investors in GMC's priority industries seeking a development site. Hospitality, wellness and education operators needing an operating lease. Data centre and digital asset infrastructure projects with power and land requirements. Developers and landlords who will derive rental income from GMC property.