Foreign Acquisition
Foreigners are only allowed to purchase residential properties only under the Following Schemes:
Integrated Resort Scheme
As Mauritius continues to attract a growing number of foreigners to its shores, investors have been showing a sustained interest in the luxury residential sector. The uptrend in high-end residential property sales remained unabated in 2007, with a continual influx of non-citizens acquiring villas and apartments within Integrated Resort Scheme (IRS) developments approved by the BOI. The IRS is one of the two existing schemes under which non-nationals are allowed to purchase residential property in Mauritius. The IRS caters for the upper end of the market by setting a minimum price of USD 500,000 for a residential property. Through the IRS, international buyers can become Mauritian residents as soon as they acquire a luxury property on the island.
Real Estate Scheme
The Real Estate Scheme (RES) is the second scheme under which foreigners are allowed to purchase a residential property in Mauritius. The RES caters for property development on a smaller scale than the IRS. Under this scheme, any mix of residences can be constructed within a development area of less than 10 hectares that is also endowed with commercial and leisure facilities. Real estate developers, land owners and investors look to the RES as a lucrative investment opportunity through which residential properties can be offered for sale to non-foreigners without the restriction of a minimum legally-binding price.
Commercial Scheme
The Commercial Scheme allow the foreigners to buy commercial building or commercial land for developments and register in the name or company name.
Residence Permits
Today a foreigner can Invest, retire and purchase a villa in Mauritius. Mauritius a well-know for its sandy beaches, panoramic view, political stability and booming economic development.
A non-resident can own a Business and pay tax on net profit at a rate 15%. To purchase a business or start a business the investor should apply for an Investor Permit for 3 Years, then renewed. The following documents are required:
- Passport valid at least 6 month
- Birth certificate
- Married certificate or divorce certificate in case for women and children
- 4 Passport photo size
- Medical Certificate issued by a registered clinic in Mauritius
- Business Plan for investor only
- Bank Guarantee Mur 50,000 for applicant and Mur 20,000 for dependant
- Processing government fees Mur 10,000
Note: The name in passport and birth certificate and others should be the same or else a letter from a legal institution should be provided as they are the same person.
Retired Permit the same document is needed for the application. All permits is issued for 3 years and renewed after. The following conditions apply for renewal:
- Investor should make a turnover Mur 3 million during each respective year for the permit to be renewed. For permanent residence they have to make Mur 15 million.
- Retired should transfer at least USD 40 million each year for permanent residence or else there permit will be renewed.
For further information please refer to www.businessguidance.biz
Hotel development
With 2 million tourist arrivals targeted by the Government by 2015, the hotel industry is very likely to remain a powerful pillar of the economy. Significant investment opportunities exist for new hotel projects and for ancillary facilities such as restaurants, leisure parks and training centers for the hospitality industry.
Shopping malls and duty-free shops
As Mauritius gradually turns into a duty-free island, remarkable opportunities exist for shopping malls set in strategic locations. Combining office spaces, commercial outlets for world famous brands and leisure activities in an exciting environment, the shopping malls can tap the expected 2 million tourists visiting the country in the near future as well as the local population and high net citizens working and living in the country.
BGL
Sea Quest Holiday Ltd
Les Residence Palm
Les Residence Jasmine
Villas Camellia
Les Residence Dahlia