New in real estate industry in Mauritius, for local and foreign buyers - The Integrated Resort Scheme (IRS) and the Real Estate Scheme (RES), two real estate acquisition schemes set up by the Mauritian authorities in 2002 and 2008 respectively, have been replaced since last June by the Property Development Scheme ( PDS) as announced in the 2015 budget. While the IRS and RES were particularly distinguished by the size of the project and the minimum sale price attributable especially to the IRS, the PDS does not impose a minimum selling price. However, the size of the property must be between 1-50 acres and have a minimum of 6 luxury residences. At least 25% of the properties will be sold to Mauritian or members of the Mauritian diaspora. In addition, the costs of registration have been fixed at a rate of 5%.
Foreign buyers will enjoy the same tax advantages as with older schemes. The conditions for granting residence permits in the case of an expatriate or a pensioner do not change: the minimum real estate investment of USD 500 000 is required to automatically qualify for the status of Mauritian resident. Future PDS projects must meet certain criteria. They must be secured, fitted with equipment of excellent quality, offer a variety of entertainment, security services, gardening, household and waste disposal services. PDS projects include villas, apartments, penthouses and other luxury residences.
However, the Mauritian government wanted to further promote the social dimension of these developments. Developers will now develop projects that integrate with the surrounding local population. In addition, these projects are intended to be ecological including facilities such as solar panels, green areas and water recovery systems among others. The implementation of the PDS Social Fund will also ensure the well-being of the natives. An interaction will be established with the neighbouring population.