The Economic Development Board explains that the Smart City Scheme is an ambitious economic development program, which aims to consolidate Mauritius’ status as a financial and investment hub. A true smart city, it was created to offer the best conditions for working, living and stimulating investment. To achieve this, it takes advantage of the latest innovations in urban planning and digital technologies.
The main characteristics of Smart Cities in Mauritius
In Mauritius, smart cities are for non-residents as well as for Mauritian citizens. The main features of this program as a whole:
- Developed on a land area of over 21.105 hectares;
- Multiple categories of beneficiaries, including residential properties, commercial facilities and recreational facilities;
- Effective energy efficiency measures (energy reduction, energy production, water management, waste management, etc.);
- Possibility for retirees to acquire lifetime rights;
- Affordable Middle Income Housing Units;
- At least 25% of residential properties sold to Mauritian citizens and persons registered under the Mauritian Diaspora Scheme;
- Non-citizens can acquire residential properties under the Smart City Scheme;
- Smart City companies and developers are allowed to sell land for residential and non-residential purposes;
- Smart city management company for intelligent management of common areas.
The advantages of investing in a Smart City program in Mauritius
For foreigners, real estate investment in Mauritius does not stop at RES, PDS, IRS, etc. in Mauritius. Mauritian citizens have an additional option if they wish to become homeowners. Indeed, the Smart City:
- Allows Mauritians and non-Mauritians to buy a property in the country;
- Does not impose any minimum investment threshold on non-residents;
- Offers an exemption of Rs 200,000 on registration fees to first-time buyers;
- Offers a full exemption from registration fees to Mauritians who are beneficiaries of the Mauritian Diaspora Scheme;
- Makes foreigners eligible for the Mauritian Resident Permit for any investment equal to or greater than USD 500,000 in real estate;
- Is to date the only real estate program that allows foreigners to acquire office space in Mauritius;
- Offers an attractive range of tax and non-tax benefits to purchasers.
At a time when we are all looking for a true work-life balance, Smart Cities seem to be a first concrete answer to all.
Mauritians and non-residents alike have a particularly interesting investment opportunity here, as up to now, the many existing real estate programs in Mauritius have been aimed particularly at expatriates.
Discuss your purchase project with your real estate agent!