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The
Real
Estate
Scheme
(RES)
is
essentially
a
slimmed
down
version
of
the
Integrated
Resort
Scheme
(IRS)
that
has
made
such
an
impact
on
the
Mauritian
property
market
in
the
last
two
years.
The
thinking
behind
the
scheme
is
to
let
smaller
land
owners
have
a
share
of
the
property
development
pie.
IRS
development
has
been
dominated
by
the
large
sugar
companies.
The
benefit
for
investors
is
that
RES
property
will
be
more
affordable
than
IRS
property.
Key
Features:
Non
Mauritians
may
purchase
the
property
The
project
property
size
must
be
between
1
Arpent
(about
1
acre)
and
10
Hectares
Must
be
freehold
land
-
this
rules
out
any
beach
front
property
that
is
usually
government
owned
and
leased.
The
scheme
must
offer
commercial
and
leisure
amenities
in
addition
to
residential.
The
scheme
must
provide
day
to
day
support
services
such
as
solid
waste
disposal,
security,
maintenance,
gardening
and
household
services
Only
small
land
owners
who
have
owned
the
land
for
at
least
5
years
may
apply
for
an
RES
permit.
This
land
owner
should
not
own
more
than
10
hectares
in
total
in
Mauritius. THIS
CONDITION
HAS
BEEN
REMOVED
AS
PER
THE MINI
BUDGET PUBLISHED
ON
19
DECEMBER
2008
Individual
sites
should
not
exceed
1.25
arpents
(about
1.25
acres).
There
is
no
minimum
investment
value
(IRS
has
a
minimum
of
USD
500
000)
Residence
is
given
to
buyers
of
property
exceeding
USD500
000
(recent
addition
published
in
the mini
budget of
Dec
08.
Payment
for
purchases
off-plan
shall
be
in
installments
according
to
construction
progress.
The
first
purchaser
pays
registration
duty
of
$25
000.
Re-sales
require
the
purchaser
to
pay
land
transfer
tax
of
5%
on
the
property
value
plus
the
registration
duty
of
$25
000.
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