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New Property Investment schemes in Mauritius

Tuesday, September 8, 2015

New Property Investment schemes in Mauritius

Since 2006, IRS (Integrated Resort Scheme) and RES (Real Estate Scheme) where the only two property schemes allowing non-residents to obtain a Permanent Residency Permit.

The new government elected in Spring has decided to restructure the IRS and RES through the amendment of the Investment Promotion Act.

From now, the Investment Promotion Act makes provision for the introduction of a Smart City Scheme (SCS) and a Property Development Scheme (PDS). The two new schemes will be administered by the BOI under a new set of Regulations.

What are the Smart City Scheme (SCS) and the Property Development Scheme (PDS):

The Smart City Scheme is an economic development programme aimed at consolidating the Mauritian international business and financial hub by creating ideal conditions for working, living and attracting investment through the development of smart cities across the island. Tax incentive, Permanent residency and Mauritian Citizenship are part of the incentives provided to create and develop this scheme.

The Property Development Scheme is replacing the IRS and RES schemes with the same idea of providing opportunities for foreigners to invest in property and acquire Permanent Residency with a purchase over $500,000.

As a note, non-citizens acquiring immovable property under IRS or RES, for more than USD 500,000 or its equivalent, will still be eligible to apply for a residence permit.

For more information, please contact us on kristell.thornton@secondhome.ch

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