Finweek English Edition - - IN DEPTH - Lameez Omar­jee trav­elled to Mau­ri­tius as a guest of Red4 and ENL Prop­erty.

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.

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