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THE INVESTMENT PROMOTION ACT

Regulations made by the Minister under section 28 of the
Investment Promotion Act

Short title
These regulations may be cited as the Investment Promotion (Integrated Resort Scheme) Regulations 2002.
Interpretation
In these regulations
"Act" means the Investment Promotion Act;
"Integrated Resort Scheme" means the Integrated Resort Scheme established under regulation 3;
"non-citizen"
1. means any citizen other than a citizen of Mauritius; but
2. does not include a prohibited immigrant as defined in the Immigration Act;
"Scheme" means the Integrated Resort Scheme.
Establishment of Integrated Resort Scheme
There is established for the purposes of these regulations a scheme to be known as the Integrated Resort Scheme.
Object of the Scheme
The object of the Scheme is to attract mainly high net-worth non-citizens into Mauritius by allowing them to acquire luxury villas under the Scheme.
The Scheme
1. Subject to paragraphs (2), (3) and (4), any project under the Scheme shall provide, within the boundaries of the integrated resort area, luxury villas of international standing and high-class amenities and facilities including golf course, marina, individual swimming pool, catering, nautical and other sport facilities and health centre.
2. The project shall in addition make provision for day-to-day management services to the residents, including security, maintenance, gardening, solid waste disposal and other household services.
3. The amenities and facilities provided for in any project shall not be limited to those specified in paragraph (1) and any one project may not cater for all those amenities and facilities.
4. The extent of land in respect of each villa shall not exceed 0.5276 hectare (1.25 arpents).
5. Subject to subsection (6), the amount of investment in the acquisition of an immovable property for residence including land shall
  1. in the case of a non-citizen or a company registered as a foreign company under the Companies Act 2001, be not less than 500,000 US dollars; or
  2. in the case of a citizen of Mauritius or a company incorporated under the Companies Act 2001, be not less than the amount equivalent to the amount specified in paragraph (a) in Mauritius currency.
6. The amount referred to in subsection (5) shall include a fixed duty of 70,000 US dollars or its equivalent in Mauritius currency, as the case may be, payable on the registration of the immovable property.
7. Where the investment is made by a person referred to in paragraph 5(a), the amount of investment shall be transferred in US dollars and the transfer, in whole or in part, shall be made through any reputable bank listed in the Banking Almanach recognised by the Bank of Mauritius.
8. The acquisition of the immovable property for residence may be made either on the basis of a plan, during the construction phase or when the construction is completed.
9. Where the acquisition of an immovable property is made on the basis of a plan or during the construction phase, the contract shall be governed by the provisions of a vente a terme or vente en l'etat futur d'achevement, as the case may be, in accordance with the provisions of Articles 1601-1 to 1601-45 of the Code Civil Mauricien.
Application under the Scheme
1. No person shall make an application for an investment certificate in relation to a project under regulation 5(1), (2), (3) and (4) unless the person is a company incorporated under the Companies Act 2001 and is engaged wholly and exclusively in a project under the Scheme.
2. Any application under paragraph (1) shall be made in accordance with section 12 of the Act.
3. Any person referred to in regulation 5(5) who intends to acquire immovable property under the Scheme for residence shall make an application to the Managing Director in the form set out in the Schedule.
4. Where an application under paragraph (3) is made by a non-citizen, he may forward to the Managing Director an application for the status of resident in accordance with the Immigration Regulations 1973 in respect of himself, his spouse and dependants.
Determination of application
1. On receipt of an application under regulation 6(3), the Board shall, within 30 days of the date of receipt of the application
  1. approve the application on such terms and conditions as the Board may determine; or
  2. reject the application.
2. Where an application under regulation 6(3) is approved, the Managing Director shall forthwith notify the applicant that upon acquisition of an immovable property under the Scheme, a residence permit under the Immigration Act shall, on an application being made in the manner referred to in regulation 6(4), be granted.
3. A residence permit granted to a non-citizen shall remain in force until such time as the non-citizen holds immovable property under the Scheme.
Investment incentives under the Scheme
1. No duties and taxes under the Land (Duties and Taxes) Act shall, in accordance with sections 4(5)(e) and 9(2)(c) of that Act, and no duty under the Registration Duty Act shall, in accordance with item 15 of paragraph J of Part I, and item 15 of Part III, of the First Schedule to that Act, be payable on a deed witnessing the transfer of land to a company holding an investment certificate for the purposes of a project under regulation 5(1), (2), (3) and (4).
2. Any transfer of an immovable property from a company holding an investment certificate in respect of a project under the Scheme, shall be subject
  1. in accordance with section 4(6) to the land transfer tax leviable under the Land (Duties and Taxes) Act at the rate of 5 per cent payable by the transferor; and
  2. to a fixed duty payable by the transferee in accordance with item 4(a) of Part IV of the First Schedule to the Registration Duty Act, of
    1. in the case of a person referred to in regulation 5(5)(a), 70,000 US dollars; or
    2. in the case of a person referred to in regulation 5(5)(b), the amount equivalent to the amount specified in subparagraph (i) in Mauritius currency.
3. No certificate under the Non-Citizens (Property Restriction) Act shall be required by virtue of section 3(3)(c)(iii) of that Act, where a non-citizen or a company registered as a foreign company under the Companies Act 2001 acquires an immovable property from a company holding an investment certificate in respect of a project under the Scheme.
4. The Morcellement Act shall not apply, by virtue of section 3(3) of that Act, to a company holding an investment certificate in respect of a project under the Scheme.
5. Any non-citizen who acquires an immovable property for residence under the Scheme shall be eligible, under section 5(1)(g) and (i) of the Immigration Act, to be granted the status of resident in Mauritius.
Notification prior to sale of immovable property
Where a person intends to sell an immovable property acquired under the Scheme, he shall, within 30 days prior to the sale, give notice in writing thereof to the Managing Director.

THE INVESTMENT PROMOTION ACT
Regulations made by the Minister under section 28 of the Investment Promotion Act

These regulations may be cited as the Investment Promotion (Integrated Resort Scheme) (Amendment) Regulations 2005.
In these regulations "principal regulations" means the Investment Promotion (Integrated Resort Scheme) Regulations 2002.
The principal regulations are amended
1. in regulation 5(1), by deleting the words "Subject to paragraphs (2), (3) and (4)" and replacing them by the words "Subject to the other provisions of this regulation";
2. in regulation 8
  1. in paragraph (3), by deleting the words "from a company holding an investment certificate in respect of a project";
  2. by adding; immediately after paragraph (5), the following new paragraph
    
    Where a project includes a golf course or any other facility which in the opinion of the Board promotes the development of tourism, that portion of the land relating thereto shall, for the purposes of land conversion tax under the Sugar Industry Efficiency Act 2001, be deemed not to be part of the integrated resort area.
3. by deleting regulation 9 and replacing it by the following regulation-
  1. Rental or resale of property under the Scheme
    1. No owner of an immovable property for residence under the Scheme shall offer the property for letting otherwise than through, a company holding an investment certificate under the scheme or a management company duly appointed by such company.
    2. Where the owner of an immovable property under the Scheme intends to sell that property, he shall, within 30 days prior to the sale, give notice in writing thereof to the Managing Director.
    3. Any transfer of an immovable property pursuant to paragraph (2), shall be subject to-
      1. a fixed amount of land transfer tax payable by the transferor, in accordance with section 4(7) of the Land (Duties and Taxes) Act, of
        
        in the case of a person referred to in regulation 5(5)(a), 50,000 US dollars; or
        
        in the case of a person referred to in regulation 5(5)(b), the amount equivalent to the amount specified in subparagraph (i) in Mauritius currency;
      2. a fixed duty payable by the transferee, in accordance with item 4(a) of Part IV of the First Schedule to the Registration Duly Act, of -
        
        in the case of a person referred to in regulation 5(5)(a), 70,000 US ~ dollars; or
        
        in the case of a person referred to in regulation 5(5)(b), the amount equivalent to the amount specified in subparagraph (i) in Mauritius currency.
    4. The provisions of regulation 5(7) shall apply where the property is acquired by a person referred to in regulation 5(5)(a).
    5. The provisions of regulation 5(5) relating to the amount of investment shall not apply on the resale of a property under the scheme.

Made by the Minister on 22nd February 2005.

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