The Real Estate Scheme (RES)
The Real Estate Scheme (RES) was designed to open the Mauritian property market to more foreign investors wishing to acquire a property in Mauritius. This scheme provides for the development of luxury residential units on limited construction surface areas to be sold to non-citizens at a market related price with no minimum restriction. The development includes commercial facilities and leisure amenities, and day-to-day management services such as security, maintenance, gardening, solid waste disposal and household services.
The entities that qualify to buy an RES property are:
- foreign nationals
- citizens of Mauritius
- any company registered as a foreign company under the Companies Act 2001
- any company incorporated under the Companies Act 2001
- any ‘société’, where its deed of formation is deposited with the Registrar of Companies
- a trust, where the trusteeship services are provided by a qualified trustee, licensed by the Financial Services Commission
While RES units have no minimum selling price, an investment exceeding USD 500,000 automatically entitles the property owner to a residence permit, which extends to their immediate family. The residence permit is valid for as long as the person holds the property.
To acquire a real estate property under the RES scheme, the investor needs to apply to the Board of Investment. There is a non-refundable processing fee of Rs10,000. The potential buyer is required to deposit at most 25% of the amount of investment in the bank. The residential property is deemed to be acquired upon its registration and payment of the fixed duty of US$ 25,000.