Estate Living Magazine Estate Living Issue 29 May | Page 53

Aerial view of Radisson Blu Azuri Resort & Spa (Blue Life Ltd)
for up to 45 days in the year. IHS provides investors with an
opportunity to enjoy rental income without the hassle of having
to manage and market the property themselves. Units under
IHS may not be sold for less than USD 500,000.
Purchase of Apartments at G+2 level
The Non-Citizens (Property Restriction) Act was amended
in 2016 to allow foreigners to purchase apartments in
condominium developments of at least two levels above
ground (G+2). The acquisition price for such apartment must
be in excess of MRU6 million (approximately R2.15m).
Purchase of residential units within smart cities
The Smart City concept was launched in Mauritius in 2015 to
favour the emergence of eco-friendly integrated working, living
and leisure property developments. Residential units will be
developed in these smart cities and will be
available for acquisition by non-citizens.
As a high-growth sector, real estate has been,
for some years now, the main contributor to
foreign direct investment flows to Mauritius.
In 2016, FDI in real estate reached
MRU9.9bn, of which as much as MRU 7.9bn
was invested in IRS/RES/HIS projects. With
a projected 10% growth in real estate sold
to foreigners for the coming year, it might be
the time to buy.
Currently non-citizens can acquire property
in Mauritius under any one of four existing
schemes. For more information please find
a link to the Board Investment of Mauritius
(http://www.investmauritius.com/).
The Property Development Scheme
(PDS)
PDS has replaced the former IRS
and RES regimes. Under PDS, luxurious residential units are
developed on freehold land of at least 4041m2, with adjoining
high quality public spaces and recreational amenities and
providing a host of day-to-day management services, including
security, to residents. Since the PDS regime was launched
in 2015, 11 projects have been approved by the Board of
Investment. There is no restriction on the minimum price at
which a PDS property can be sold. Buyers having invested a
minimum of USD 500,000 are eligible for a residence permit.
A Mauritius Trust is a structure frequently used
by foreigners for the legal ownership of real
property acquired in Mauritius. It provides for
optimal asset protection and transmission.
Non-residents can set up trusts in Mauritius.
ABAX is a licensed trustee and provides comprehensive trust
formation and administration services.
For more information on how we can help, please get in touch
with our team:
Alan Witherden
[e-mail] | [phone]
Nousrath Bhugeloo
The Invest Hotel Scheme (IHS)
[e-mail] | [phone]
The IHS scheme allows property developers to sell hotel
rooms, villas and suites as separate units to individual buyers.
The buyer then enters into a lease agreement with the seller
and the unit leased to the seller may be used by the unit owner
www.abaxservices.com
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