Eligibility for the acquisition of a PDS property in Mauritius
The PDS programs represent an excellent opportunity for foreigners wishing to settle in Mauritius, whether as an individual or a company. The acquisition of a property within the framework of this scheme will make the buyers benefit from tax advantages in Mauritius. However, there are legal conditions for a person to officially acquire such property. In this article, you will discover the conditions of eligibility for the acquisition of a PDS property in Mauritius.
Acquire a PDS property as a non-citizen of Mauritius
Although foreigners must have a permit for the acquisition of property, they must also always obtain prior approval of the Mauritius Economic Development Board (EDB Mauritius) and the Office of the Prime Minister. For this, the foreign buyer will have to submit an application and provide a number of documents. The PDS scheme is also an amalgam between the IRS and RES programs since on the promoters’ side it does not differentiate between small and large landowners. There is also a stable registration tax which is a flat rate of 5% of the value of the property. Previously this was set at $ 70,000 for an IRS and $ 25,000 for a RES.
For a naturalized person, the acquisition application file will include an authenticated copy of the first 5 pages of their passport, a certificate of morality, their birth certificate, and a letter from a bank certifying the validation exercise of the client.
To obtain a residence permit, these documents must also include a medical file guaranteeing the foreign buyer’s good health when they enter the territory of Mauritius.
Acquire a PDS as a company
Companies can buy a residential property in Mauritius, but they will also have to provide documents with their application. They must provide a registration certificate attesting that the company is registered as a foreign company under the Companies Act 2001 or a Certificate of Incorporation.
Subsequently, the company must provide, inter alia, a register of its shareholders and a copy of the first 5 pages of the passport of each of them. They should also provide a resolution of the management committee specifying which director or shareholder will benefit from the sole permit of residence allocated by the authorities, as well as a more complete list of personal documents of this person and the members of his family.
Acquire a PDS as a trust
To purchase real estate as a trust, the business will have to prove that it is a qualified agent. It is up to the Financial Services Commission to prove this by referring to the Trust Act 2001. A copy of the trust deed will also have to be provided. The identity of the ultimate beneficial owner of the trust must be highlighted.
Acquire a PDS as a civil society or citizen of Mauritius
If a Mauritian civil society wishes to buy a residential property under the PDS regime, it will have to submit, along with the application, the statutes of the company and the proof of registration of the company with the Registrar’s Office.
The Mauritian buyer who buys in his own name will have to add, to his application file, a copy of his national identity card and a letter from the bank that justifies the opening of an escrow account.
It is only after receiving these documents that the Economic Development Board (EDB) can process the request. The EDB may give its consent or refuse the application, in which case the amount paid for submission of the application file and amounting to MUR 20,000 (€ 500) will not be refunded.