Types of Land in Mauritius
When it comes to land use in Mauritius, there are various types of land and corresponding regulations to govern them. Understanding these rules is crucial for anyone interested in acquiring or holding immovable property in the country. In this article, we will delve into the different categories of land and the corresponding guidelines that apply.
Immovable Property: Explained
In Mauritius, immovable property refers to a plot of land, a building, or a portion of a building. It can be classified as either Freehold Land or Leasehold Land. However, it is important to note that non-citizens who wish to own or acquire immovable property must obtain authorization under the Non-Citizens (Property Restriction) Act.
Acquisition of Residential Property: Real Estate Schemes
To facilitate the acquisition of residential property by foreigners, the Mauritian government has established several real estate schemes. These schemes are designed to attract international buyers and provide them with opportunities to invest in residential properties. Let's take a closer look at these schemes:
Integrated Resort Scheme (IRS): This scheme aims to develop luxurious properties while promoting inclusive development. It offers a wide range of living, employment, and leisure opportunities for Mauritian citizens, members of the Mauritian Diaspora, and non-citizens.
Real Estate Scheme (RES): The RES enables the development and purchase of high-quality residential properties. It caters to the diverse needs of individuals and families, fostering a thriving real estate market.
Property Development Scheme (PDS): The PDS is a comprehensive scheme that encourages the development and purchase of luxurious properties. It allows non-citizens to invest in residential units without any minimum price requirement.
Smart City Scheme (SCS): The SCS focuses on private sector-led developments that integrate residential, business, and leisure spaces into smart cities. These cities offer a "live-work-play" environment and attract investments in various sectors.
PDS for Senior Living: This scheme caters specifically to the senior population, offering purpose-built retirement and care homes. Non-citizens who acquire residential units under this scheme can apply for a residence permit.
Ground+2 Apartments: Non-citizens are also permitted to purchase apartments in condominium developments that comprise at least two levels above the ground floor. The purchase price of such apartments should not be less than MUR 6 million or its equivalent.
Remarkably, these real estate schemes have already attracted over 4,000 buyers from more than 60 countries, resulting in a staggering investment amount of USD 2.7 billion.
Benefits and Considerations
Under these schemes, non-citizen buyers and their dependents become eligible for a residence permit upon investing a minimum of USD 375,000 in a residential unit. The purchased unit can be registered under the buyer's name, a company, a society, a trust, or a foundation. Moreover, property owners can rent out their units, become tax residents in Mauritius, and face no restrictions on repatriating funds or revenue generated from property sales or rentals.
PDS Senior Living: Exemptions and Perks
The PDS Senior Living scheme offers additional advantages to retired non-citizens who have acquired residential units from a PDS Company. These individuals can apply for a residence permit for themselves and their spouse or common-law partner. Notably, any income derived from outside Mauritius during the five years following residency is exempt from income tax.
In terms of customs duties, when a PDS Company imports dutiable goods (excluding furniture) for infrastructure works and building construction, no customs duty is payable. Similarly, if furniture is imported and requires further processing resulting in a value addition of at least 20% of the cost, no customs
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