Luxury Indian Ocean No1 Édition 2014 | Page 53

DR Change you can acquire a luxury villa with a pool, usually in a residential complex with facilities that may include a golf course, a marina and restaurants, as well as sporting facilities and fitness centres. The IRS scheme concerns integrated property developments on over ten-hectare (twenty-five-acre) sites. In addition to the pleasure of living in a peaceful and idyllic setting, buying a villa automatically grants permanent resident status to the owner, his wife and dependents. The residence permit will apply for as long as the investor possesses a property in Mauritius. And, as the cherry on the cake, when you become a resident you pay only 15% income tax! The other option concerns the Real Estate scheme (RES). Often less expensive than IRS villas, these properties offer quality services and facilities, often in delightful locations. The regulatory framework is slightly different. RES projects concern developments on less than ten-hectare sites and there is no set minimum price. Whilst buyers do not automatically qualify for a residence permit, if they wish to acquire one, they can to apply to the appropriate authorities if they meet certain legal provisions. In any case, it is possible to stay in Mauritius for six months of the year without a permit. Hotel rooms for Sale The Ministry of Finance’s latest measure is the Invest Hotel Scheme (IHS), also known as Hotel Residence or Hotel Combi. It allows hotels or property developers to sell a room, a suite or a villa in a hotel to both citizens and non-citizens. Rules of co-ownership apply and the management of the property must remain in the hands of the hotel. The buyer has the right to occupy the room for 45 days per year, access to all hotel facilities to returns on his/her investment. However, this arrangement does not include the right to apply for a residence permit. More information on all these schemes can be found on www.investmauritius.com Luxury Mauritius 53