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Investment In Construction Pays Dividends In Mauritius,
by Ulrika Lomas, Tax-News.com, Brussels
Wednesday, February 25, 2009
Determined to uphold Mauritius’s reputation as an international financial
hub and ideal business location for foreign investors, the government’s
drive to support the construction industry, and to extend incentives for foreign
investors, has paid dividends – property sales of luxury villas offering
first-class facilities and amenities, are booming.
Endeavouring to mitigate the effects of the global economic crisis on its construction
industry, the Mauritian government is working alongside the Committee on Resilience
to implement measures to ensure that hotel construction and Integrated Resort
Scheme (IRS) and Real Estate Scheme (RES) projects are completed. A series of
initiatives unveiled in the government’s fiscal stimulus package in December,
will also serve to boost the industry.
The IRS scheme is an investment project – worth around MUR15bn (USD450m) over the
course of the next two years – for the construction and sale of luxury
villas to attract high net-worth foreigners. Under the scheme, non-citizens
acquiring a villa may be granted resident status, therefore benefiting from
substantial fiscal advantages, such as low income tax and no capital gains or
inheritance tax.
Under the Real Estate Scheme, the Board of Investment has also given a spur
to investment, where ten projects, worth in the region of MUR4.8bn, will enable
the construction of 1,900 residential units and ancillary facilities over the
course of 2009 and 2010.
Key measures designed to boost construction contained in the government’s
MUR10.4bn fiscal stimulus package include:
Removing the requirement that land should have been purchased five years
in advance before being used for development under the RES.
Allowing the acquisition of a residential property under either the Integrated
Resort Scheme or the Real Estate Scheme to be made in any hard convertible
currency – previously payment was to be made only in US dollars, euros,
or GB sterling.
Enabling all IRS villas to be subject to the minimum duty of USD70,000
until December 31, 2010.
Reducing duty levied on iron bars in coils, imported by registered contractors,
from 15% to 7.5% from January 1, 2009.
Suspending payments of land transfer tax and registration duty from January
1, 2009 until December 31, 2010, for approved projects.
Enabling land transfer tax to be deducted from income tax.
Evidence that the property market is successfully weathering the financial
storm – thanks to government efforts – is clearly visible.
At luxury residential golf estate Villas Valriche, over 90% of the 132
properties in Phase One have already been sold.
In the first phase of the property project ‘les Allées d’Helvétia’,
in Moka, officially launched only last week, 50% of the most expensive properties
have already been purchased. Two additional phases are due to follow in August,
2010.
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