PROPRERTY DEVELOPMENT SCHEME
The Property Development Scheme ( PDS ) including the integrated resort scheme and the real estate scheme has been designed to facilitate the development and purchase of luxurious properties by non-citizens in Mauritius .
Under the PDS , property developers can engage in comprehensive development of luxury villas and outstanding residential properties to the highest international standards together with high-quality open spaces , high-class leisure and recreational facilities as well as day-to-day management services .
The non-citizen and dependents are eligible for a residence permit by virtue of the acquisition under the IRS , RES and PDS schemes when he has invested a minimum amount of USD 500,000 . The owners may rent the property , become tax resident in Mauritius and face no restriction on the repatriation of funds or revenue raised from the sale or renting of the property .
The real estate sector owes its success of the past decade to the opportunities for investment opened to non-citizens . In that context , the Property Development Scheme , launched last year in replacement of the then Integrated Resorts and Real Estate Schemes , has been reviewed . Henceforth , there is no restriction on the maximum extent of land for development of a project . Bu the most important amendment is the removal of the requirement to sell at least 25 % of residential units to Mauritian citizens . “ Developers were skeptical about this requirement as it was quasi impossible to find Mauritian buyers for expensive luxury residential units within PDS projects , since Mauritian buyers could always buy similar products outside PDS Schemes and at better prices .
Furthermore , Mauritians buying apartments in PDS projects were also subject to the registration duty of 25,000 USD , which was a major barrier ,”