The Deal
Type of Purchase Contract:
Special Concession for 90 years; therefore, the title granted to the buyer will be: Owner of the Concession for the Island, Pan de Azúcar.
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After Purchase:
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From the moment the Resolution is signed, the following rights are granted:
General cultivation around the Island and breeding of goats, sheep, and other animals. In this case, this activity is identified as Labor Housing.
Other activities, such as tourism, constructions for hostels, etc., are also allowed, depending on the requirements. The same would come into effect by requesting a change with the same documents.
Apart from the activity (cultivation and animal breeding), the new Owner have the right to transfer, share, or sell the Concession rights granted by the Government, specifically through ANATI, the institution that is in charge of dealing with this subject matters, which has jurisdiction over all this.
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What can not be Done Over the Island ?
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The new Owner do not have the right to extract minerals or engage in activities that do not align with the requested purpose. In this case, it’s Labor Housing.
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How the Ownership Document will be processed ?
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The document would be processed through the National Authority for Land Titling and Distribution (ANATI).
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Current Rights of the Island
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No other organization, private company, or individual is involved apart from our Seller Client over the Island. We have a written and notarized agreement that allows for registration, prescription, withdrawal, and any other legal or administrative decisions, as needed.
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Are this 90 years Concession extendable ?
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“Regarding the 90 years of time granted by ANATI in the Special Concession, these are extendable.”
In the context of the Special Concession, the term “Prorrogables” refers to the possibility of extending the concession beyond the initial 90-year period. This means that the rights associated with the concession can be renewed or extended if certain conditions are met.
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Is there any Zoning or Building Restriction on the Island ?
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“In relation to what would be considered infrastructure, there are no limits on the Type of Construction, number of people or square meters, as long as the project transitions from Labor Housing to Touristic Housing, which is effectively covered by the law.”
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