Foreigners in Mauritius

What is the new law about?

Plaisance City has a special status which is neither Smart city, RES, PDS or IRS simply because the project falls under the new legislation of the Non-Citizen Act passed on December 20, 2016, allowing foreign investors to acquire an apartment on the island of Mauritius in a residence of more than two floors, for a minimum amount of 150 000 Euros.

The Non-Citizens (Property Restriction) Act has been amended on 20 December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Board of Investment. The amount payable for the acquisition of an apartment must not be less than Rs 6 million or its equivalent in any other freely convertible foreign currency.

Any non-citizen, with or without an occupation permit, residence permit, permanent residence permit, may acquire apartments. Thus, there is no restriction for non-citizens who wish to acquire:

– a residential unit developed under the IRS, RES and PDS

– a residential unit developed in a smart city

– an apartment located in a building comprising at least two floors above the ground floor.

Plaisance Estate -Phases of the Project

The first phase of the project remains the apartments. The construction will continue with Plaisance Business Park, a building which will accommodate Office space and Conference centers. Phase 3 of the project will be the Hotel Residence and finally the First-Class Hotel that will cater for the needs of businessmen.

Faced with the land release of many luxury real estate projects, the CEO is not afraid by a saturation of the market.  ‘Real estate remains a value. However, you have to be careful to ensure the quality of the construction, that’s all what we do. There are still great opportunities.’

When is construction scheduled to begin?

To note that more than a hundred owners have bought an apartment in Pleasance Eco-city, in less than six months. Work is scheduled to begin in the 3rd quarter of 2017, and over 10% of the project concretization will be allocated to small contractors. The start of the work has been postponed due to a change of Architect and an increase in standards for the benefit of its residents. Therefore, Mr. ARNALDI remains confident that there will be no re-scheduling.

Stay tuned for more information about Apartments in Mauritius!

Plaisance City.

Benefits of choosing Plaisance City Apartments?

Benefits of choosing Plaisance City Apartments?

Plaisance is taking advantage from its developing surroundings, Smart Cities, Forests and Beaches, but also new infrastructures making the area a pleasant place to live. Not only will residents benefit from the incredible view, one side with sunrise, the other with sunset directly from their apartment, but also a fully equipped residence with Club House, swimming pool oriented towards the sea, a Tennis field, a Fitness room and a French coffee bar.

Furthermore, residents will freely benefit from the Boat House with bicycles, paddles and windsurf equipment to enjoy the beach 800 meters away. Of course, Plaisance Smart Shuttle Buses will be available to bring our beach lovers back and forth.

The south-eastern region of the island is very easy access and the project is an investment in a forced area to expand, as the center of the island will soon reach saturation point. It also offers unique benefits. It is 1 km from the beach of La Cambuse, 2 minutes by car, 10 minutes by bike, 30 minutes by foot.

‘We find ourselves in a working area that will experience an extraordinary development with a superior quality of life, with several restaurants, gymnasiums, spa, a panoramic swimming pool with sea and the surrounding mountains’, explains the CEO. And most importantly, all the buildings are close to the airport which will generate an increasing traffic of passengers.

Finally, we are 20 min far from the Avalon Golf course and 25 min far from Trou aux Cerfs. Our product therefore fits to the need of nature and sports lovers, including Golf, Diving and Surfing.

Plaisance City.

Eco City

Why an Eco-City?

Plaisance Eco City will be a model in line with international sustainability standards and thus lay the groundwork for a new Mauritius, where ecology has a prominent place. This innovative and attractive model will provide present and future generations an improved quality of life and the vision of a sustainable Mauritius.

Indeed, solar panel will be placed on the roof of the entire building in order to provide sustainable energy to residents. Water will be recycled through a special sewage treatment plant, an environmental friendly interior design and Electric cars will be put in place to ensure a high quality living environment.

Promoters promise futuristic buildings which will make optimum use of day-light and the air passing through, for lighting and air conditioning. These buildings will be largely autonomous in renewable energy. Moreover, with such competitive prices, you will surely save more than you think while investing in such a valuable property.

‘An apartment today will be worth at least double its current value in 5 years’ states the CEO, and ‘with the increasing amount of tourist on the Island, it will be easy for residents to rent it while they are not there and make a considerable return on investment’.

Plaisance is an opportunity to offer work to people from surrounding villages. In fact, the creation of about 1000 direct and indirect jobs are anticipated. Projects are beginning to surface in this region of the island, and this will surely help for the further development of the southern region of Mauritius.

Plaisance City.

 

Plaisance City: About Us

A new project of major infrastructure will get out of the ground this year: PLAISANCE ECO-CITY, a French investment of Rs 4 billion or Euros 100 million. This sustainable city, including high standing Apartments, a Business Park with Conference Centers, a Hotel Residence and a First-Class Hotel will be autonomous in electricity, powered by solar panels. This is the very first project of its kind to be developed on the island of Mauritius – 100% Eco-friendly!

How did the project start?

This project aligns itself to the vision of the government for a greener Mauritius – Maurice Ile Durable – and at the same time will be an example for countries around the world still struggling with sustainable development. The promoter of the project, Patrick ARNALDI, wanted to contribute to the economic landscape of the country, being already familiar with Mauritius.

Indeed, the South-Eastern part of the island was still empty while the northern part was getting always busier with luxurious villas – he decided to make a change. He affirmed that he ‘wanted to leave a trace in this wonderful country by establishing a product designed for Mauritians, that would be affordable and respectful of the environment’.

What is new?

The South-East part of Mauritius is currently developing because of the increasing number of international Tourists acquiring houses in other parts of the Island, but also because of the growing amount of foreign businesses settling in Mauritius. Indeed, Mauritius is a hub for Corporations doing business around Asia and Africa.

Therefore, since December 2016, the Non-Citizen Act reform allows foreigners to acquire an apartment for a minimum investment of 150 000 Euros. Plaisance City is therefore proud of its Eco label, stating for Ecological and Economical, providing an excellent price-quality ratio in an Environmental friendly residence, fully furnished and ready to live in.

Plaisance City.

Permanent Residence Permit

In order to become resident, the law requires investing in an apartment for a minimum of around 460 000 Euros. However, what we offer are apartments for around 150 000 Euros allowing foreigners like you to acquire a property in Mauritius which are not only luxury villas. Very often, foreigners invest in Mauritius to spend a few months over here and rent their flat the rest of the time. Therefore, they do not need the resident permit but are simply using their tourist visa.

Now, it is of course possible to become resident with the Permanent Resident Permit if you wish and it enters under certain criteria according to the Board of Investment as you may check on their website http://www.investmauritius.com/work-live/prp.aspx

The Permanent Residence Permit allows a non-citizen to work and live in Mauritius for a period of ten years. The following categories are eligible for the Permanent Residence Permit.

-An investor who holds a valid Occupation Permit and the aggregate turnover of his company has exceeded 45 million rupees for any consecutive period of 3 years.

-An investor who invests at least USD 500,000 in a qualifying business activity as per list below:

Agro-based industry, Audio-visual, Cinema and Communication, Banking, Construction, Education, Environment-friendly and green energy products, Financial Services, Fisheries and Marine Resources, Freeport, Information Technology, Infrastructure, Insurance, Leisure, Manufacturing, Marina development, Tourism and Warehousing, Initial Public Offerings.

-A self-employed who holds an Occupation Permit and where the annual income exceeded MUR 3 million for three consecutive years.

-A professional having a valid Occupation or a Work Permit and whose monthly basic salary exceeded MUR 150,000 for three consecutive years immediately preceding the application.

-A retired non-citizen who has held a Residence Permit for three years and has transferred USD 40,000 annually to his account in a local bank during each of these three years.

Plaisance City.

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