New Property Scheme

New in the Mauritian landscape land with in the crosshairs local and foreign buyers. The Integrated Resort Scheme (IRS) and the Real Estate Scheme (RES), two real estate acquisition systems set up by the Mauritian authorities in 2002 and 2008 respectively, have been replaced since last June by the Property Development Scheme ( PDS) as announced in budget 2015. While the IRS and RES is particularly distinguished by the size of the project and the minimum sale price attributable especially to the IRS, the PDS does not impose a minimum selling price. For cons, the size of the field must be between 1-50 acres maximum, with a minimum of 6 homes of “high standing”. At least 25% of the properties will be sold to Mauritian or members of the Mauritian diaspora. In addition, the costs of records were harmonized for all purchasers at a rate of 5%.

Foreign buyers will enjoy the same tax advantages as with older devices. The conditions for granting residence permits of Mauritius in the case of an expatriate or a pensioner does not change: the minimum real estate investment of USD 500 000 is required to automatically qualify for the status of Mauritian resident. Future PDS projects must meet certain criteria. They must ; be secure, fitted with equipment of excellent quality, offered a variety of entertainment, babysitting services, gardening and household and assured disposal. PDS projects including villas, apartments, penthouses and other luxury residences.

However, the Mauritian government wanted to further promote the social dimension of these developments because now developers will develop projects that integrate with the surrounding local population. In addition, these projects are intended PDS greener including such green features such as solar panels, green areas and water recovery systems among others. The implementation of the PDS Social Fund will also ensure the well being of Aboriginal. An interaction will be established with the neighboring population.