4. How to acquire an IHS?

In the case of an acquisition by a foreign citizen, the following documents are compulsory:

• Authentic copies of the 5 first pages of his/her passport
• Authentic birth certificate
• Morality certificate not older than three months
• A letter from the bank certifying the buyer’s KYC (Know Your Client) exercise.

Use of the hotel room The units rented by the IHS promoter may be used and occupied by the owner or any other person authorized by the later for a period not exceeding 45 days on a period of 12 months Hotel operators and management The companies operating under the IHS scheme must retain the services of a hotel operator with competences acceptable by the Board of Investment. An IHS must hold a licence from the Tourism Authority to operate.

The reselling or the transfer of a unit or any other part of a hotel

• The owner of an IHS property is authorized to re-sell his property without a minimum pricing.
• In the case where the owner of an IHS property wishes to sell or transfer his property, he is to serve a written notice the General Director, at least 30 days before the sale. A copy of the advice will have to be addressed to the IHS Company and to the trustee.

• The person acquiring the property will have to submit an application according to the following conditions : The application will have to be accompanied by an account opening certification through which shall transmit the IHS unit’s payment as well as the check representing the non refundable registration fees amounting Rs 10 000 issued to the Board of Investment.