IRS-RES: Real Estate Market Becomes More Open to Foreign

8 years, 4 months ago - February 11, 2014
Criteria to allow foreigners to buy property in Mauritius were relaxed. Instead of acquiring a property in their own name, for example, they can do so through their offshore company.

If Mauritius could only slightly surpass the 500 sales of villas in eight years, a quarter of its initial goals of the launch of the Integrated Resorts Scheme (IRS) in 2005, it is not near release its fine share of the global market.

Instead, it goes into overdrive and softens its offerings. These measures announced in the last Budget and applicable from last month. These new opportunities are open to expatriates (retired / professionals / or investors) they give the island a higher profile in the international real estate market?

In any case, Mauritius intends to play his best cards. " Now retired expats can acquire an apartment if they invest more than U.S. $ 120,000 (approximately Rs 3.6 million) on their application for permanent residence , "said Roubesh Jhummun the Board of Investment (BOI).

Need for these expatriates who want to live their retirement to Mauritius to wait three years under the retired non-citizen allowed to be eligible to apply for Permanent Resident , and finally granted the right to acquire an apartment . In this segment of retirees say the operators of real estate market, Mauritius certainly gain in competitiveness in the markets we already serve: French, English and South African, but could also target new markets.

Involved, do we understand, Mauritius has suffered not only from the European crisis, but also the lack of awareness in some markets, where she finds herself competing with other destinations. Portugal, Spain, Costa del Sol destinations are now absorbing a nice European clients as well as Russian, reveals the latest edition of the magazine in the construction industry ( Construction & Real Estate ). Ajouterque and luxurious properties may be acquired in Spain, with the recession, half of their price. We understand why the IRS-market Real Estate Scheme(RES) has been rather tense in 2013. " Our prices had risen well above $ 500 000 and even when the claims were revised downwards, it does not mean hanging " supports an operator. 

Today, the country is desperate to win the most beautiful parts, offshore will be used as a platform to revitalize the IRS-RES segment. Entities Global Business licensed Category 1 (GBL1) may acquire property under the arrangements the IRS and RES. It will not be necessary for investors to make their own name, says Cédric Marin, also director of Park Lane in Real Estate and Construction . Through his offshore company, which is taxable 3%, the investor may buy a property on the island. This promises billions that are available in the offshore, he said, and there is no better way to increase the visibility of Mauritius in the global market.

According to Philippe de Beer, Director & Partner of Parklane Properties , such a measure will encourage investors to consider land as an investment choice among others. This will give a new impetus to the luxury segment. This is especially a winning formula, says another operator for the RES system, which is so far only small volumes of transactions and not yet very significant sales.

Another target: the professional who earns above $ 3,000 monthly salary, or its equivalent in any other currency, and holding an occupation permit . It now has the right to acquire an apartment that is part of a building of two floors. It is an opening that is also put Mauritius on the world business card, said an official with the BOI

 

Text by lexpress.mu

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