Real Estate Schemes Mauritius – RES
The Real Estate Scheme Mauritius RES is a program designed to facilitate the acquisition of residential property by non-citizens in Mauritius. The Mauritius RES like IRS is basically a project for the construction and sale of luxury residential units to foreigners, however there is no minimum sale price for the units.
The Real Estate Scheme (RES) provides:
- 1. for development of luxury residential units of international standing on freehold land of LESS than 10 hectares to be sold at a market related price with no “minimum restriction”.
- 2. should the purchase price not exceed USD 500,000 the purchaser shall not benefit from an occupation permit, where purchase price exceeds USD 500,000 one will be eligible for the occupation permit as with IRS.
- 3. high class leisure and commercial amenities and facilities intended to enhance the residential units. These may include but not limited to, golf course, marina, nautical and other sport facilities, shopping mall, restaurant and wellness centre.
- 4. day-to-day management services such as security, maintenance, gardening, solid waste disposal and household services have to be provided to the residents.
Foreign buyers and their immediate families qualify for permanent Mauritian residency
Mauritius has been recognized as the one of the best administered economies in Africa and offers an ideal environment in which to do business, in part due to the low level of taxation, with a flat corporate tax rate of 15%.
There is no inheritance tax or capital gains tax and double taxation agreements have been concluded with 33 countries, including the United Kingdom, France, South Africa, India and China.[/tab]
The island is connected to the SA-SAT-3 fibre optic cable, enabling high bandwidth connectivity with Europe and Asia. This, coupled with the fact that there are daily flights to Europe, South Africa and Asia, means that Mauritius is ideally positioned to do business on an international level.[/tab]
Mauritius already attracts around 900 000 tourists per year and aims to increase tourism by 50% over the next five years, with its new airport that opened in 2013, upgrades to the road network constantly in progress and an ever-increasing number of new shopping malls and entertainment facilities.
Frequently Asked Questions
Q: Will I get Mauritian Residency if I buy a RES villa or apartment?
A: Yes, provided the purchase price is equal to or more than USD 500,000.
Q: What if I purchase a RES property for a purchase price of LESS than USD 500,000 – will I not get residency?
A: No. However you are able you stay in Mauritius for 6 months per year on a holiday VISA.
Q: What if I wish to purchase in a company, who will get residency?
A: If buying a Real Estate Scheme (RES) through a company, residency will be given to 1 of the directors and his/her immediate family.
Q: Up to what age will my kids be able to benefit from the residency permit?
A: Up to the age of 24 years old.
Q: Are the RES properties Freehold or full title?
A: Yes. All RES properties are freehold or full title.
Q: Is there Capital Gains tax payable if I sell the RES or IRS property at a profit?
A: No. There is no Capital Gains tax on Property in Mauritius. Likewise there is no inheritance tax.