Jet setters international ltd is proud to be amongst the first companies to achieve its RES approval letter from the

Mauritian Board of Investment.

At long last, Mauritius has opened its market to non citizen ownership.

RES in brief

• The RES scheme is a new affordable and smaller version of the initial IRS scheme, being so far the only available property investment scheme for the island.
• Unlike IRS schemes we, the developers, do not have minimum price restraints and projects are at a smaller scale, for example at present most IRS start at 1.2 million USD
• For further details please visit the website www.investmauritius.com

Key Features:

• Individuals (citizens and non-citizens) and companies (incorporated or registered), trusts and societe will be made eligible to acquire a residential property under RES new regulations.
• The project property size must be between 1 Arpent (about 1 acre) and 10 Hectares
• Must be freehold land.
• The scheme must offer commercial and leisure amenities in addition to residential.
• The scheme must provide day to day support services such as solid waste disposal, security, maintenance, gardening and household services.
• There is no restriction on the minimum investment value; the developer sets its selling price based on the market value as opposed to IRS Scheme that had a minimum investment barrier.
• Payment for purchases off-plan shall be in installments according to construction progress.
• The first purchaser pays registration duty of $25 000.
• Re-sales require the purchaser to pay land transfer tax of 5% on the property value plus the registration duty of $25 000.
• All persons intending to acquire residential property under the RES shall require an approval from the Board of Investment. A processing fee of MUR 10,000 per application is levied. No residency is provided to the buyer of a residential property under RES.
• The regulations also provide for where a property is acquired by foreigners, the investment must be financed from funds outside Mauritius and where loans is taken with the bank in Mauritius, the whole amount should be in USD, EURO or GBP.

You may also find it useful to visit the site www.investmauritius.com to get information on residency issues,

laws and regulations on our island.