Mauritius, ideally located in the Indian Ocean, has a mild, tropical climate year-round and is praised for its idyllic landscape and luxurious island living style. It is now considered to be one of the tropical destinations that offers opportunities to foreign investors to buy real property under different schemes. One of the schemes concerned with the acquisition of property is the Property Development Scheme (PDS).
The PDS allows the development of a mix of residences and the programme is designed to facilitate the acquisition of residential property by non-citizens in Mauritius. The PDS is an integrated project with social dimensions for the benefit of the neighbouring community and allows for the development and sale of high standing residential units mainly to foreigners. This scheme distinguishes itself from the IRS (Integrated Resorts Scheme) and RES (Real Estate Scheme) as it does not differentiate between small and big landowners. Moreover, it harmonizes the registration duty to a single rate of 5% instead of USD 70,000 on registration of a deed under IRS and USD 25,000 under RES. Under PDS, Mauritius has seen the development of luxurious residences on freehold land of at least 4041 square metres, but not exceeding 5276 square meters. In addition, these properties boasts of various facilities such as high-quality public spaces, recreational facilities and a host of daily management services to the residents of these properties.
The investors are not restricted in the purchase price of the properties. It is, however, important to highlight that acquiring a property of an estimated value of more than USD 500,000 offers the owners the opportunity of obtaining a residence permit in Mauritius. They also have the option of renting out the property in view of generating income as they do not have to mandatorily stay in Mauritius after acquisition of their properties.
Mauritius has approved and is still working on a series of projects under the PDS over the last few years. Other schemes whereby non-citizens can acquire properties in Mauritius are among others Smart City Scheme, and Invest Hotel Scheme. More information about the schemes can be found at the following addresses: http://www.investmauritius.com/schemes.aspx and www.edbmauritius.org