Mauritius- Property Aquisition and Management System

Non-nationals are allowed to acquire residential property in Mauritius under special schemes known as the Integrated Resort Scheme (IRS) and the Real Estate Scheme (RES) respectively. Properties under the IRS are offered for sale at a minimum legal price of US $ 500,000 and the acquirer of an IRS property is automatically granted a residence permit.

Comparatively, a residential property bought within a RES development does not have to comply with a minimum price. However, acquiring a property under the RES does not confer permanent residency. Acquirers of a residence under the RES may wish to apply for residency under any of the 4 existing conditions: as an investor, as a professional, as a self-employed, or as a retired non-citizen.

Non-nationals holding a permanent residence permit are allowed to buy property freely over the whole island.

Intergrated Resort Scheme (IRS)

As Mauritius continues to attract a growing number of foreigners to its shores, investors have been showing a sustained interest in the luxury residential sector. The uptrend in high-end residential property sales remained unabated in 2007, with a continual influx of non-citizens acquiring villas and apartments within Integrated Resort Scheme (IRS) developments approved by the BOI. The IRS is one of the two existing schemes under which non-nationals are allowed to purchase residential property in Mauritius. The IRS caters for the upper end of the market by setting a minimum price of USD 500,000 for a residential property. Through the IRS, international buyers can become Mauritian residents as soon as they acquire a luxury property on the island.

The IRS represents a golden opportunity for developers with experience in comprehensive luxury residential developments of the highest international standards, complete with exclusive recreational and leisure facilities such as golf courses, marinas and wellness centers.

Real Estate Scheme (RES)

The Real Estate Scheme (RES) is the second scheme under which foreigners are allowed to purchase a residential property in Mauritius. The RES caters for property development on a smaller scale than the IRS. Under this scheme, any mix of residences can be constructed within a development area of less than 10 hectares that is also endowed with commercial and leisure facilities. Real estate developers, land owners and investors look to the RES as a lucrative investment opportunity through which residential properties can be offered for sale to non-foreigners without the restriction of a minimum legally-binding price.

Marinas

The development of luxury villas in Mauritius has been accompanied by a growing demand for pleasure craft and yachts from high net worth individuals. With marina facilities currently limited in Mauritius and the forecasted development of 3,500 luxury villas by 2010, a huge potential exists for the creation of marinas that will meet the future mooring requirements of yacht owners. The Mauritius Government has already identified potential and sustainable sites for marina development.

Hotel Development

With 2 million tourist arrivals targeted by the Government by 2015, the hotel industry is very likely to remain a powerful pillar of the economy. Significant investment opportunities exist for new hotel projects and for ancillary facilities such as restaurants, leisure parks and training centers for the hospitality industry.
The rapid emergence of Mauritius as a regional business platform should fuel strong growth in business tourism. Mauritius is increasingly being considered for MICE activities as evidenced by the success of the existing business hotels. The potential for up-market business hotels is still untapped to a large extent considering the expected growth in the business tourism segment.

Shopping Malls and Duty-free Shops

As Mauritius gradually turns into a duty-free island, remarkable opportunities exist for shopping malls set in strategic locations. Combining office spaces, commercial outlets for world famous brands and leisure activities in an exciting environment, the shopping malls can tap the expected 2 million tourists visiting the country in the near future as well as the local population and high net citizens working and living in the country.

Office Buildings, Business and Industrial Parks

The ease of doing business in Mauritius coupled with the Government’s policy to allow foreigners to acquire immovable property for business purposes are already transforming the country into a major regional business hub. The property development landscape is witnessing major changes and significant potential exists for developing new business and industrial parks.