RES in brief
The Real Estate Scheme (RES) for small landowners allows the development of any mix of residences which can be sold to non-Mauritian citizens in specific locations approved by the Board of Investment. These residences must include amenities and other facilities as well as day-to-day management services such as security, maintenance, gardening, solid waste disposal and household services. A project under the RES must be developed on freehold land of an extent of at least 1 arpent but not exceeding 10 hectares (23.69 arpents).
A project under RES can be developed by:
A small landowner who owns land of an extent of at least 1 arpent but not exceeding 10 hectares in aggregate.
Small landowners can group their land with other qualifying small landowners for a project provided that the lands are contiguous and the total real estate development area does not exceed 10 hectares.
Since December 2008, the requirement to have held this land for at least 5yrs has been abolished.
Only a company incorporated under the Companies Act where the owners of land retain shareholding in the company for at least 1 year after the completion of the project and issued with a RES certificate by the Board of Investment will be responsible for the execution, promotion, development and proper implementation of a project under the real estate scheme.
In addition to individuals (citizens and non-citizens) and companies (incorporated or registered), trusts and societes are eligible to acquire a residential property under IRS and RES under the new regulations. The extent of land that may be used for the development of a residential property within the RES must not exceed 1.25 arpent. There is no restriction on the minimum of investment in the acquisition of a residential property under RES.
All persons intending to acquire a residential property under RES shall require an approval from BOI. A processing fee of MUR 10,000 per application is levied.
No automatic residency is provided to the buyer of a residential property under RES unless the property value is over $500,000. However, application through the usual channels can be made.
Click here for details of RES projects for sale.
A project under RES can be developed by:
A small landowner who owns land of an extent of at least 1 arpent but not exceeding 10 hectares in aggregate.
Small landowners can group their land with other qualifying small landowners for a project provided that the lands are contiguous and the total real estate development area does not exceed 10 hectares.
Since December 2008, the requirement to have held this land for at least 5yrs has been abolished.
Only a company incorporated under the Companies Act where the owners of land retain shareholding in the company for at least 1 year after the completion of the project and issued with a RES certificate by the Board of Investment will be responsible for the execution, promotion, development and proper implementation of a project under the real estate scheme.
In addition to individuals (citizens and non-citizens) and companies (incorporated or registered), trusts and societes are eligible to acquire a residential property under IRS and RES under the new regulations. The extent of land that may be used for the development of a residential property within the RES must not exceed 1.25 arpent. There is no restriction on the minimum of investment in the acquisition of a residential property under RES.
All persons intending to acquire a residential property under RES shall require an approval from BOI. A processing fee of MUR 10,000 per application is levied.
No automatic residency is provided to the buyer of a residential property under RES unless the property value is over $500,000. However, application through the usual channels can be made.
Click here for details of RES projects for sale.