Real Estate & Hospitality Schemes
The Government of Mauritius, through the Smart City Scheme, is therefore offering a plethora of opportunities to global investors to share in the vision of Mauritius in creating intelligent, innovative and sustainable cities of tomorrow.
The Smart Cities, revolving around the work, life and play concept, incorporate mixed use developments in cosmopolitan conurbations with smart technology and pioneering innovation at their core. The focus is to deliver a happier lifestyle through the development of self-sufficient cities offering integrated sustainable solutions and ensuring minimum wastage and maximum comfort for the long-term benefit of all citizens and the future generations irrespective of social and economic class.
Dedicated to bringing these ambitious goals to life, the Government of Mauritius has set up the ‘Smart City Scheme’, providing a clearly defined enabling framework and an attractive package of fiscal and non-fiscal incentives to investors. This paves the way for tremendous investment opportunities in a wide array of components in the pioneering urban development.
Enterprising visionaries have already presented compelling smart city development projects that complement the scenic spots of the island.
Projects approved by the Economic Development Board include:
Smart City Certificate Holders:
- Mon Tresor Smart City
- Cap Tamarin Smart City
- Moka City
- Jin Fei Smart City
Holders of Letter of Intent:
- Beau Plan
- Mon Choisy Smart City
- Trianon Smart City
- Saint Felix Smart City
- Yi Hai Gardens Smart City
- Royal St Louis
Blessed with sunshine all year round, as well as a coastline that is bathed by the warm waters of the Indian Ocean and spread over hundred kilometres, Mauritius remains the ‘place to be’. Ever since the promulgation of a more liberal property market, Mauritius has gained rising popularity with the internationally mobile community comprising HNWIs and influential business personalities. As such, non-citizens and expats are allowed to acquire residential property in Mauritius under schemes approved and managed by the Economic Development Board such as the:
- Integrated Resort Scheme (IRS)
- Real Estate Scheme (RES)
- Property Development Scheme (PDS)
Property Development Scheme
The Property Development Scheme (PDS), is one of the approved schemes, which has been designed to facilitate the development and subsequent purchase of luxurious properties by non-citizens in Mauritius.
To draw on opportunities from the PDS, property developers can also 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.
On acquisition of residential property for a price exceeding USD 500,000, a non-citizen is granted a residence permit for so long as he/she holds the residential property. The spouse and children below the age of 24 are also granted a residence permit.
A foreigner also has the opportunity to acquire residential properties in existing projects, namely the Integrated Resort Scheme (IRS) and the Real Estate Scheme (RES). 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 Invest Hotel Scheme has been set as an alternative financing mechanism where new hotel developers and existing hotel companies are allowed to sell hotel rooms to finance the construction of new hotels or refurbishment, reconstruction, alteration or upgrading of existing hotels.
This scheme allows investors and individual guests to partake in the success of Mauritius’ thriving strategic hospitality sector by becoming an owner of exclusive hotel units located in Mauritius. It offers individual buyers all the facilities of exquisitely-furnished luxury resort hotel with amenities like F&B, fully serviced spas and fitness centres, resort-style pools with a promise of an income.
The unit owner or any person on his behalf may use that unit for a total of 45 days in any period of 12 months. As well as enjoying the privilege of their hotel unit, each owner has the prospect of sharing in unexploited hotel returns and enjoy diversification benefits through lease back.