The Economic Development Board of Mauritius presents a particularly innovative program. Called the Integrated Modern Agricultural Morcellement Scheme (IMAMS), it was created in a context where food security is a major concern, both locally and globally.
The objective of this program is to encourage modern and innovative agricultural practices through the development of an integrated agricultural installation. Why are we talking about it here? The integrated farm facility may include a residential area as well as other commercial facilities (storage, processing, packaging and sales facilities).
What are the objectives of IMAMS?
The objectives of IMAM are many:
- To create a symbiosis between planters and encourage the concept of work, stay and follow up ;
- Facilitate the development of relevant infrastructure such as roads, water and electricity facilities;
- Generate the critical mass needed to achieve economies of scale and rationalize expenses related to input purchases and marketing;
- Promote on-site storage, processing and sales facilities to create branded regional agricultural facilities;
- Support the emergence of regional direct-to-consumer production outlets and regional agricultural brands.
Benefits of the Integrated Modern Agricultural Morcellement Scheme (IMAMS)
To attract developers to the Integrated Modern Agricultural Morcellement Scheme, the Mauritian government provides the following benefits:
- An 8-year tax exemption on income (conferred to planters);
- An exemption from the payment of registration fees on land acquisition (granted to planters);
- Conversion of up to 15% of these lands to residential or commercial use and exemption from payment of the land conversion tax (granted to developers/landowners).
What are the criteria to be eligible for the IMAMS program?
Please note that only farmland owners who meet the following criteria are eligible for the IMAMS program:
- The project must be based on innovative agricultural methods and practices;
- It must be done on at least 2 acres of land;
- It must meet the objectives of the program;
- The project must be approved by the Morcellement Board and any technical committee the EDB may establish;
- At least 25% of the agricultural land must have been sold, developed or made operational for the sole purpose of conducting agricultural activities;
- The project must comply with all applicable legislation and any other criteria and conditions that may be imposed by the EDB ;
- For developers seeking an exemption from the land conversion tax, the total area of land to be converted from agricultural activities to residential or commercial activities must not exceed 15% of the total area.
Why should I be interested in IMAMS?
By hosting real estate, the IMAMS program broadens the scope of local and foreign investors. Remember that the latter can choose between several options:
Ground +2 Apartments (G+2) – which allows you to purchase a residential property in a building with at least two floors above the first floor.
Integrated Resort Scheme (IRS) – which offers a wide variety of facilities for leisure, entertainment and wellness. While allowing the acquisition of villas, townhouses, penthouses, apartments, duplexes and serviced land in existing IRS projects.
Real Estate Scheme (RES) – which allows you to buy different types of residences (villas, penthouses, duplexes, apartments) located in exclusive residential developments.
The Property Development Scheme (PDS) – designed to facilitate the development and subsequent purchase of luxury properties by non-citizens in Mauritius. This program now includes the RES and the IRS.
Smart City Scheme – with residential developments that are part of an integrated master plan that promotes a sustainable and happy lifestyle, with plenty of space and opportunity for innovation-driven businesses and numerous leisure facilities, while living next door.
IMAMS, G+2, IRS, RES, PDS, Smart City? Which program is right for you? Ask your real estate agent for advice and he will accompany you during each step of your purchase project in Mauritius!