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Mauritius: RES Villas of standing for foreign owners are struggling to find buyers on the island




Mauritius: RES Villas of standing for foreign owners are struggling to find buyers on the island
Initiated at the end of the year 2007 by the Mauritian Government to allow foreign owners to acquire real estate Luxury Real Estate Scheme (RES) now has difficulties to find buyers for its high-class villas.
 
Only 362 RES villas were sold, while 27 projects have not yet started and that the same number is also under construction, as indicated the newspaper Le Matinal.com.
The crisis in the euro zone that continues to plague the European economy would be solely responsible for the health of the RES property market in Mauritius.
 
The developers are now considering to explore other geographical horizons to boost real estate investment activities for foreign owners on the island.

As a reminder, the acquisition of a property of standing under the RES does not give an automatic right to its owner to reside in Mauritius unless the value of the property exceeds $ 500 000 (376 943 euros). In this case, the device of residence shall apply under the same terms granted when buying villas under the IRS (Integrated Resort Scheme.

However, it should be possible for the owner falling within the legal framework of the RES to solicit an application for a residence permit in accordance with other provisions for investors, professional employees or those settling on their own account, and for foreign people opting to reside in Mauritius for their retirement.



Fabrice François


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