By Lameez Omarjee
Under the Mauritian government’s Property Development Scheme (PDS), non-Mauritian citizens can acquire residence permits when investing more than $500 000 in property developments. However, developers are required to sell 25% of residential units to Mauritian citizens, or members of the Mauritian diaspora, says Vipashna Betchoo, investment executive of hospitality and property development at the Mauritius Board of Investment.
Mauritius is becoming increasingly appealing to investors. Tax incentives such as a flat corporate tax rate of 15%, personal income tax at 15% and no capital gains tax are among contributing factors that make Mauritius attractive.
The World Bank also ranked Mauritius first in Africa for Ease of Doing Business; it is ranked 32 out of 189 countries.
It was also ranked 1st in Africa for the Forbes Survey of Best Countries to do Business.
Further, its political and social stability; good governance and efficient public services; modern infrastructure and telecommunications services; and an effective public private sector partnership are also appealing, according to Red4 managing director Norbert Koenig.
Red4 is a property development company based in Mauritius. It has partnered with ENL Property, part of the ENL Group, to develop a private residence in the north of Mauritius. St Antoine Private Residence will extend over 17 acres and comprise of 100 luxury apartments and penthouses to serve as family or holiday homes.
The Mauritian government has also been working to encourage foreign direct investment by making it easier for non-citizens to do business in the country. Foreigners can start their own businesses within one to three working days, with no minimal capital requirement, and ownership can remain theirs, explains Betchoo.
Foreigners are also granted an occupational permit to live and work in Mauritius. If a non-citizen has invested more than $5m in a development and has been issued a residence permit for more than two years, then they are eligible to apply for Mauritian citizenship.