Land Lease and Site Acquisition Support in GMC

Land in Gelephu Mindfulness City is not bought freehold. It is made available to investors through long-term lease arrangements coordinated by the GMC Economic Development Group (EDG), 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.

Guide the investor through 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.

Structure 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 a long-term 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.