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Mauritius: Foreign citizens invest more and more in real estate projects of high-end

According to the latest Board of Investment (BOI) for 2013 high-end real estate projects for foreign citizens of type RES, IRS (1) and IHS (2) have earned 4.6 billion rupees (3) of investments in Mauritius.
In 2012, foreign investors had injected 4.2 billion rupees against only 3.3 billion in 2011.
From 2007 to 2013, more than 21 billion rupees have been invested in these real estate programs and 1,122 villas found buyers since the launch of these specific real estate projects, as reported by the newspaper Le Défi Quotidien.
(1) The Real Estate Scheme (RES) put in place at the end of the year 2007 by the Mauritian Government allows foreign owners buy luxury real estate in Mauritius.
Acquisition real estate premium under the aegis of the RES does not give automatic right to its owner to reside in Mauritius except if the value of the property exceeds 500,000 dollars (376.943 euros).
In this case, operative of residence applies according to the same clauses granted during the purchase of villas under the vote IRS (Integrated Resort Scheme) regime in 2002 which in turn permits the acquisition for the holder of the property and its family of resident status in Mauritius.
(2) The IHS (Invest Hotel Scheme) allows potential buyers to buy hotel rooms, villas and suites of a Mauritian hotel.
(3) one euro roughly equivalent to 41 rupees

Fabrice François

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