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Real Estate Scheme (RES) |
| 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.
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| Key Features: |
- Non Mauritians may purchase the property
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- The project property size must be
between 1 Arpent (about 1 acre) and 10 Hectares
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- Must be freehold land - this rules out
any beach front property that is usually government owned and leased.
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- The scheme must offer commercial and
leisure amenities in addition to residential.
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- The scheme must provide day to day
support services such as solid waste disposal, security, maintenance,
gardening and household services
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- 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.
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- Individual sites should not exceed 1.25
arpents (about 1.25 acres).
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- There is no minimum investment value
(IRS has a minimum of USD 500 000)
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- Payment for purchases off-plan shall be
in installments according to construction progress.
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- The first purchaser pays registration
duty of $25 000.
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- 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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| For more
information download the RES Guidelines (PDF) |
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| The first RES schemes are selling
off-plan. Contact us for more information.. |
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