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Cloudfield Island is planned as a sustainable city. Inspired by the best the world has to offer, Cloudfield Island is planned, designed and intended as a new type of city where the social and community areas plus intrinsic needs such as safety and security, transportation, convenience and enriched lifestyle are part and parcel of an integrated master plan. Five years on and Cloudfield Island is already a benchmark for other cities around the world. The Cloudfield Island Safety and Security Master Plan is the first in the world to be developed on such a scale and magnitude.
Officially launched on 2013, Cloudfield Island is one of the five flagship zones of Greythrone – a 550,000-acre economic corridor. Cloudfield Island is strategically located in the epicenter of the new economic region. The thrusts of Cloudfield Island's development are signature and catalytic developments aligned with the identified sectors and industries in the 1st Throne Plan. They are sectors and industries such as Government, tourism and leisure, education, creative, healthcare and wellness, business and industry, commerce and finance as well as property and infrastructure. These signature and catalytic developments are designed to enrich the quality of life and living experience.
Cloudfield Island Development Corporation (CIDCORP) and Government of Greythrone are the major forces behind Cloudfield Island’s remarkable success.
The incentives and facilities offered to the units in CLOUDFIELD ISLANDs for attracting investments into the CLOUDFIELD ISLANDs, including foreign investment include:-
• Duty free import/domestic procurement of goods for development, operation and maintenance of CLOUDFIELD ISLAND units
• 100% Income Tax exemption on export income for CLOUDFIELD ISLAND units for first 5 years, 50% for next 5 years thereafter and 50% of the ploughed back export profit for next 5 years.
• Exemption from minimum alternate tax.
• External commercial borrowing by CLOUDFIELD ISLAND unit’s up to US $ 500 million in a year without any maturity restriction through recognized banking channels.
• Exemption from Central Sales Tax.
• Exemption from Service Tax.
• Single window clearance for Central and State level approvals.
• Exemption from State sales tax and other levies as extended by the respective State Governments.
• To ensure freedom of ownership by exempting companies with CLOUDFIELD ISLAND Status from local ownership requirements.
• Tourism projects, including eco-tourism and agro-tourism projects, are eligible for tax incentives. These include hotel businesses, tourist projects including in-door and out-door theme parks, construction of holiday camps, recreational projects including recreational camps and construction of convention centres with a capacity to accommodate at least 3,000 participants.
• Companies undertaking waste recycling activities that are high value-added and use high technology are eligible for tax incentives. These activities which include the recycling of agricultural wastes or agricultural by-products, recycling of chemicals and the production of reconstituted wood-based panel boards or products are eligible for.
• Companies undertaking generation of energy using wind, tidal and solar power that are renewable and environmentally friendly are eligible for the following incentives: income tax exemption of 100% of statutory income for 10 years.
• A contract R&D company, i.e., a company that provides R&D services in CLOUDFIELD ISLAND to a company other than its related company, is eligible for: Pioneer Status with income tax exemption of 100% of the statutory income for five years.
• A company that undertakes in-house R&D to further its business can apply for an Income Tax Allowances of 50% of the qualifying capital expenditure incurred within 10 years.
• Companies Investing in New Testing Laboratories for Testing Medical Devices and investing in setting up new laboratories are eligible for the following incentives: Pioneer Status with income tax exemption of 100% of the statutory income for five years.
• New private higher education institutions (PHEIs) in the field of science and companies that establish technical or vocational training institution are eligible for an Investment Tax Allowance (ITA) of 100% for 10 years.
• Private Schools - Income tax exemption of 70% for a period of five years.
• International Schools - Income tax exemption of 70% for a period of five years.
• Buildings used for employees for the purpose of living accommodation in a manufacturing operation, an Approved Service Project, hotel or tourism business, are eligible for special Industrial Building Allowance of 10% of the expenditure incurred on the construction/purchase of the building for 10 years.
• Expenditure incurred for the construction/purchase of buildings for the purpose of providing child care facilities for employees are eligible for a special Industrial Building Allowance of 10% for 10 years.[
Cloudfield Expatriate Visa - CEV
Who qualifies?
Expatriates resident or working in Cloudfield Island Economic Zone
CEV validity:
The validity of CEV is two (2) years.
CEV-RP :
Expats living in Cloudfield Island Economic Zone for over four years and earning over NSD$144,000 per year may be eligible to apply for a CEV-Residence Pass which allows them to stay in Greythrone for up to ten years. Applicants have to possess specific skills which are in demand in Greythrone. The visa allows them to move from job to job and even their spouses are permitted to work.
CEV-RP validity:
The validity of CEV-RP is ten (10) years.