Hospitality & Property Development
Mauritius has successfully positioned itself on the international scene as a renowned up-market tourist destination.
One of the measures announced in the 2015/2016 budget was the restructuring of the Integrated Resort Scheme (IRS) and Real Estate Scheme (RES). As a result, the Investment Promotion Act has been amended through the Finance (Miscellaneous Provisions) Act 2015.
The Investment Promotion Act makes provision for the introduction of a Smart City Scheme (SCS) and a Property Development Scheme (PDS). The two new schemes will be administered by the BOI under a new set of Regulations. Government will come up with a clear roadmap and guidelines for the development of these projects that will be prescribed shortly.
The Smart City Scheme (SCS) will promote targeted economic activities while at the same time consolidation the industrial and service base and an economic diversification path the promotion and uphold ecological sustainable development.
The Property Development Scheme (PDS) will attract investment from abroad by allowing non-citizens to acquire residential properties under the Scheme.
Letter of approvals or certificates issued to companies to develop an IRS or RES project will continue to remain in force. Non-citizens acquiring immovable property under IRS or RES, for more than USD 500,000 or its equivalent, will still be eligible to apply for a residence permit.
BOI shall however continue to consider applications made under the provisions of the Invest Hotel Scheme (IHS).
The Property Development sector offers numerous high-return investment opportunities: