MAURITIUS
A very attractive alternative,
indeed, to the Caribbean.
People considering buying a property overseas
will find it hard to resist the emotional
pull of this island paradise, especially once
they have had the opportunity of experiencing
it first hand. Land of romance and fantasy,
steeped in history, its people are its greatest
asset. Gregarious and hospitable, the population
is composed of elements of European, African
and Asian origin - and a spectacular blend
of some or all of them – living together in
a miracle of peaceful co-existence. Mauritius
is attracting property buyers with a definite
flair for the good life in a safe haven, “a
la Mauricienne”.
SEA CHANGE “PAR EXCELLENCE”
Why should Mauritius be considered as a property-buying
destination?
Apart from the obvious appeal of living “la
belle vie a la Mauricienne”, in the temperate
climate of a sub-tropical island paradise
(tropical, is too hot and humid!) with stunning
beaches, an exquisite Botanical Garden and
amongst a people who speak your language,
Mauritius offers peaceful living conditions
with political and social stability. It is
still a Garden of Eden untainted by mass tourism
and it remains the government’s philosophy
to keep it that way. Add to that an exotic
cuisine with French, Indian, African, Chinese
and Malagasy influences. The Creole cuisine
with basic flavours of garlic, ginger, thyme,
tomatoes and chilli sits comfortably next
to Indian curries ranging from the milder
varieties from the north to the fiery ones
from the south of the great peninsula. Seafood
is abundant as well as venison and wild boar,
which are hunted in season. In the next two
years Mauritius will become a totally duty-free
island and a shopper’s Eldorado. Right now
a number of articles such as jewellery, textile
(some of the best known signature brands are
manufactured there), cameras, cell phones,
watches etc., are not taxed.
Mauritius is almost completely surrounded
by coral reefs offering protected lagoons
for all kinds of nautical sports. The water
is of excellent quality and a vibrant marine
life makes it a diver’s paradise. World Championship
golf courses and links are successfully welcoming
players from all over the world. Wellness
seekers should expect to be spoilt as a number
of spas cater for the senses with a variety
of programs.
The people of Mauritius are conscious of
the fragility of their environment, as they
do not wish to kill the chicken that lays
the golden tourist egg. As an added bonus,
the easterlies bring unpolluted air that has
travelled miles over the southern seas after
being blown from Antarctica without meeting
any other land mass. But the greatest asset
of Mauritius is the warmth of its people.
The foreigner is welcome there. Of course,
more practical considerations are also met
such as sophisticated communication, financial
and health infrastructures and a legal system
whose ultimate court of appeal is the Privy
Council in London.
Until last year, it was virtually impossible
for a foreigner to acquire property in
Mauritius unless it was through the PRS (Permanent
Residence Scheme) applicable to people investing
into manufacturing industries, tourism and
other approved areas or the SAPES (Scheme
to Attract Professionals for Emerging sectors
such as IT, financial services, medicine etc.).
Unless, of course, you married a local!
Nowadays Mauritius is a small island undergoing
a huge change of attitude, with new laws and
new draws for foreigners wanting a piece of
the idyllic Indian Ocean. Things have now
changed drastically in this land renowned
for hosting some of the best resort hotels
in the world. Having lost its preferential
status for the supply of sugar to the EC,
Mauritius had to find alternate ways of ensuring
a continued revenue stream. As Tourism had
already replaced Sugar as the major pillar
of the economy (close to 800,000 overseas
visitors last year), it was logical to build
upon the strengths of the successful up-market
positioning of that industry. (No charter
flights are allowed in the country). The government
came up with the IRS (Integrated Resort Scheme),
which allows conversion of agricultural land
under sugar plantation, mainly, for Tourism
projects. In that case, permanent residence
comes with the acquisition of the property.
This scheme has been introduced to attract
high net worth non-citizens including retirees
looking for an alternative place of residence.
The minimum investment is 400,000 pounds sterling
(which includes the fixed duty payable for
registration of the property) in a luxury
villa built on up to 0.5276 hectare of land.
The villas form part of complexes of high
international standing providing high-class
facilities and amenities such as golf courses,
individual swimming pools, marinas, health
centres, nautical and other sporting centres.
In addition, the provision of daily household
services, maintenance, gardening, solid waste
disposal and security are required of the
developers. These villas can be bought off
the plan, during construction or upon completion.
The status of permanent residence is automatically
granted to approved applicants (they must
not have any criminal record) and their dependents.
After residing for seven years in the country,
application for Nationality status will be
considered.
The purchaser can raise a loan with a local
bank (Barclays Bank has a strong presence
there) and can sell his property and repatriate
the funds as there is no exchange control
but he will have to settle a Land Transfer
tax of 40,000 pounds sterling and will automatically
lose his permanent resident status. The original
Land Transfer tax is paid for by the developer.
Conveyancing is handled by a notary, a member
of the legal profession, as it is done in
France.
The first IRS project to get off the ground
is the Tamarina Golf Estate and Beach
Club, situated on the popular south
west coast. Australia’s Rodney Wright has
designed the 18-hole golf course. The complex
also comprises a boutique hotel and 119 luxury
villas… with only a few left unsold. According
to Marie Josee Lewellyn of major real estate
player Pam Golding Property Group: “The
lifestyle is a key factor among international
investors seeking idyllic island real estate
opportunities for their second or leisure
home. We also anticipate a demand from professionals
who are able to relocate their international
business to a permanent residence in Mauritius
where the tax status is beneficial”. The
estate will provide 24 hr security and access
to specially trained housekeepers, chauffeurs,
cooks, child carers and…caddies.
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There are many other positive factors that
will lead to significant capital growth in
property values; Mauritius is investor-friendly
with no capital gains tax or estate duties
among the lures. A no double-imposition of
tax treaty has also been signed between Mauritius
and the UK.
Prime Minister, Dr. Navin Ramgoolam, a doctor
of medicine and a lawyer, who has obtained
his degrees from British institutions , states
emphatically:
“ My government is totally committed to
attracting quality investors in the real estate
market here. We shall do our best to facilitate
their inclusion into our society. We hope
that this will eventually bloom in an up-market
network of international and informal ambassadors
for our country.”
The IRS scheme limits the number of villas
to be built to 1500. These will be constructed
over the next few years. Many of them have
been sold off the plan, so we suggest you
get in on the action now, enjoy residency
rights while you own, rent out in your absence
and …sell up later when the secret’s out if
you so wish…! Pop down there and take an investigative
holiday. Book into one of the fantastic hotels
or better still why not rent an executive
villa for a month or so whilst you sort out
the preliminaries. That you give you a better
“feel” of your future environmen. They cost
around 2,000 ponds a month. Find out how you
can live along the path less travelled. If
you have got the chequebook for a second home
and are looking for a sound investment…zoom
in on Mauritius.
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OZMO, Australia-Mauritius Consultants
Nobody KNOWS Australia
& Mauritius like we do
…will
guide you in your first steps and recommend
you to the right people. All free of
charge.
Contact:
ozmocon@yahoo.fr
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