/ Offshore Property
Another popular residential development area is around Grand Baie in the north. Le Clos du Litteral, just outside the town, comprises luxury plantation-styled residences from about R8.7m, and Le Parc de Mont Choisy Golf and Beach Resort will launch phase 3 later this year, with phases 1 and 2 already sold out.
In neighbouring Pereybere is Ki Resort Villas, with apartments being launched later this year and priced from about R3.15m. And the nearby Opalines apartments and penthouses, set in stunning landscaped gardens.
In the west, the established development hubs are Black River and Tamarin, the latter of which is home to La Balise Marina. And in the south is Heritage Villas Valriche, an exceptional 2 500-ha estate set against sea and mountain, where villas are selling from US $ 800 000( about R9.3m).
Rules of investment
Investment opportunities fall within the Property Development Scheme( PDS), which has replaced the Integrated Resort Scheme( IRS) and the Real Estate Scheme( RES) by combining the best aspects of both.
The PDS allows non-citizens to buy property, with authorisation from the BOI, outside the developments specifically designated for foreign buyers, as long as the building or development is more than two storeys high, and not built on the Pas Geometrique( leasehold) land that makes up most of the island’ s coastal front line.
A PDS project has a minimum of six residential units and can be a mix of luxury villas, apartments and penthouses, all including management services and amenities. PDS projects also include high quality public space and leisure / commercial amenities and facilities.
The advantages of the PDS to South African Investors, explains Hudson, is that“ a flat 5 % property tax, or land transfer tax is applicable, whereas – under the previous IRS – it was a fixed fee of US $ 70 000.” Another huge benefit for South African investors is that – providing they acquire the property for US $ 500 000 or more – they are eligible for Mauritian Residency. Each buyer can claim residency for themselves, one spouse, and dependent children.
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