Note:- The text of this internet version has been
prepared to reflect the regulations made on 13 August 2002. The authoritative version
is the one published in the Government Gazette
of Mauritius No. 83 of 20 August 2002.
Government Notice No 116 of 2002
THE INVESTMENT PROMOTION ACT
Regulations made by the Minister under
section 28 of the
Investment Promotion Act
1. Short title
These
regulations may be cited as the Investment Promotion (Integrated Resort
Scheme) Regulations 2002.
2. Interpretation
In these regulations -
Act
means the Investment Promotion Act;
Integrated
Resort Scheme means the Integrated Resort Scheme established under
regulation 3;
non-citizen
(a) means any citizen other than a citizen
of Mauritius;
but
(b) does not include a prohibited
immigrant as defined in the Immigration Act;
Scheme
means the Integrated Resort Scheme.
3. Establishment of Integrated Resort
Scheme
There is
established for the purposes of these regulations a scheme to be known as the
Integrated Resort Scheme.
4. Object of the Scheme
The object
of the Scheme is to attract mainly high net-worth non-citizens into Mauritius
by allowing them to acquire luxury villas under the Scheme.
5. The
Scheme
(1) Subject to paragraphs (2), (3) and (4), any project under
the Scheme shall provide, within the boundaries of the integrated resort
area, luxury villas of international standing and high-class amenities and
facilities including golf course, marina, individual swimming pool, catering,
nautical and other sport facilities and health centre.
(2) The project shall in addition make provision for day-to-day
management services to the residents, including security, maintenance,
gardening, solid waste disposal and other household services.
(3) The amenities and facilities provided for in any project
shall not be limited to those specified in paragraph (1) and any one project
may not cater for all those amenities and facilities.
(4) The extent of land in respect of each villa shall not
exceed 0.5276 hectare (1.25 arpents).
(5) Subject to subsection (6), the amount of investment in the
acquisition of an immovable property for residence including land shall -
(a)
in the case of a non-citizen or a company registered
as a foreign company under the Companies Act 2001, be not less than 500,000
US dollars; or
(b)
in the case of a citizen of Mauritius
or a company incorporated under the Companies Act 2001, be not less than the
amount equivalent to the amount specified in paragraph (a) in Mauritius
currency.
(6) The amount referred to in subsection (5) shall include a
fixed duty of 70,000 US dollars or its equivalent in Mauritius currency, as
the case may be, payable on the registration of the immovable property.
(7) Where the investment is made by a person referred to in
paragraph 5(a), the amount of investment shall be transferred in US dollars
and the transfer, in whole or in part, shall be made through any reputable
bank listed in the Banking Almanach recognised by the Bank of Mauritius.
(8) The acquisition of the immovable property for residence may
be made either on the basis of a plan, during the construction phase or when
the construction is completed.
(9) Where the acquisition of an immovable property is made on
the basis of a plan or during the construction phase, the contract shall be
governed by the provisions of a vente ΰ terme or vente en lιtat futur dachθvement, as the case may be, in accordance with
the provisions of Articles 1601-1
to 1601-45 of the Code Civil Mauricien.
6. Application
under the Scheme
(1) No person shall make an application
for an investment certificate in relation to a project under regulation 5(1),
(2), (3) and (4) unless the person is a company incorporated under the
Companies Act 2001 and is engaged wholly and exclusively in a project under
the Scheme.
(2) Any application under paragraph (1) shall be made in
accordance with section 12 of the Act.
(3) Any person referred to in regulation
5(5) who intends to acquire immovable property under the Scheme for residence
shall make an application to the Managing Director in the form set out in the
Schedule.
(4) Where an application under paragraph (3) is made by a
non-citizen, he may forward to the Managing Director an application for the
status of resident in accordance with the Immigration Regulations 1973 in
respect of himself, his spouse and dependants.
7. Determination of application
(1) On receipt of an application under regulation 6(3), the
Board shall, within 30 days of the date of receipt of the application
(a) approve the
application on such terms and conditions as the Board may determine; or
(b) reject the
application.
(2) Where an application under regulation 6(3) is approved, the
Managing Director shall forthwith notify the applicant that upon acquisition
of an immovable property under the Scheme, a residence permit under the
Immigration Act shall, on an application being made in the manner referred to
in regulation 6(4), be granted.
(3) A residence permit granted to a
non-citizen shall remain in force until such time as the non-citizen holds
immovable property under the Scheme.
8. Investment
incentives under the Scheme
(1) No duties and taxes under the Land (Duties and Taxes) Act
shall, in accordance with sections 4(5)(e) and 9(2)(c) of that Act, and no
duty under the Registration Duty Act shall, in accordance with item 15 of
paragraph J of Part I, and item 15 of Part III, of the First Schedule to that
Act, be payable on a deed witnessing the transfer of land to a company
holding an investment certificate for the purposes of a project under
regulation 5(1), (2), (3) and (4).
(2) Any transfer of an immovable property from a company
holding an investment certificate in respect of a project under the Scheme,
shall be subject -
(a) in accordance with section 4(6) to the
land transfer tax leviable under the Land (Duties
and Taxes) Act at the rate of 5 per cent payable by the transferor; and
(b) to a fixed duty payable by the transferee
in accordance with item 4(a) of Part IV of the First Schedule to the
Registration Duty Act, of
(i) in the
case of a person referred to in regulation 5(5)(a), 70,000 US dollars; or
(ii) in the case
of a person referred to in regulation 5(5)(b), the amount equivalent to the
amount specified in subparagraph (i) in Mauritius
currency.
(3) No certificate under the Non-Citizens (Property
Restriction) Act shall be required by virtue of section 3(3)(c)(iii) of that
Act, where a non-citizen or a company registered as a foreign company under
the Companies Act 2001 acquires an immovable property from a company holding
an investment certificate in respect of a project under the Scheme.
(4) The Morcellement Act shall not
apply, by virtue of section 3(3) of that Act, to a company holding an
investment certificate in respect of a project under the Scheme.
(5) Any non-citizen who acquires an immovable property for
residence under the Scheme shall be eligible, under section 5(1)(g) and (i) of the Immigration
Act, to be granted the status of resident in Mauritius.
9. Notification prior to sale of
immovable property
Where a
person intends to sell an immovable property acquired under the Scheme, he
shall, within 30 days prior to the sale, give notice in writing thereof to
the Managing Director.
Made by the
Minister on 13th August 2002
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