Island of Opportunity
South African businessman Sol Kerzner knew the pulling power of coral reefs and cricket white sand beaches when he opened the luxury resort of St Geran on the island of Mauritius some 40 years ago. Billed as a palm-draped paradise for well-heeled Parisians, word has since spread. These days, the Indian Ocean Island’s beachcombing clientele is a more cosmopolitan mix of British, Scandinavian and Central European sun seekers with a smattering of enlightened South Africans and Americans fleeing the hard sell of the Caribbean.
Today, like many castaway islands, tourism is a pillar of the economy, but the place is also ‘bigging up’ its profile as an offshore tax haven. Setting the residential tourism ball in motion - 2006 saw the launch of the first real estate investment scheme specifically aimed at foreigners, allowing the purchase of property in designated resorts approved by the government’s Board of Investment (BOI). “Integrated Resort Scheme (IRS) developments contain only luxury homes with a stipulated minimum purchase price of $500,000,” explains Niki Riley spokesperson for international agents Savills (www.savills.com). “Most projects are planned around golf courses and marinas, with high rises forbidden and generous minimum plot sizes to prevent overcrowding. A key investment incentive for foreigners is residency status, which is automatically granted to owners and their immediate family at the time of purchase, with a flat rate 15% tax rate including income and corporation tax and 0% inheritance tax and Capital Gains Tax.”
To date just a handful of developments have been granted IRS status, with investors enjoying solid pre-recession annual capital growth of between 10% and 15%. One resort attracting its share of international interest is luxury golf estate Anahita (www.anahita.mu) located on the scenic east coast. Its latest residential offering, Amalthea, comprises a limited edition collect of 63 stand-alone villas, townhouses and golf lodges.
New residents are in a prime position to enjoy all that is offered at this 213-hectare estate, including six kilometres of oceanfront shoreline; two exceptional resorts – Anahita The Resort and a signature Four Seasons Resort; and an 18-hole Par 72 golf course designed by champion Ernie Els. Villas are fully serviced by the resort, allowing homeowners to enjoy all the facilities of a five-star hotel in the comfort of their own home. At the hub of the community is a lively central village, ‘La Place Belgath’, with restaurants, boutiques, and a Wellness Centre. Homeowners also have access to the estate’s designated nature reserves, set in the interior of the island at L’Etoile and the Ferney Valley, which can be explored on foot, horseback or by quad bike.
Entry-level prices start at £412,000 for a golf lodge rising to £800,000 for a three bedroom villa. Adds Resort Marketing Manager Pierre Bruno: “Latest figures show that Mauritius counts among the world’s top 20 hot spots in terms of house price growth. This coupled with phased new development and infrastructure improvements bode well for future investment gains.”
Laura Henderson is editor of luxury property magazine Abode2 www.abode2.com
Today, like many castaway islands, tourism is a pillar of the economy, but the place is also ‘bigging up’ its profile as an offshore tax haven. Setting the residential tourism ball in motion - 2006 saw the launch of the first real estate investment scheme specifically aimed at foreigners, allowing the purchase of property in designated resorts approved by the government’s Board of Investment (BOI). “Integrated Resort Scheme (IRS) developments contain only luxury homes with a stipulated minimum purchase price of $500,000,” explains Niki Riley spokesperson for international agents Savills (www.savills.com). “Most projects are planned around golf courses and marinas, with high rises forbidden and generous minimum plot sizes to prevent overcrowding. A key investment incentive for foreigners is residency status, which is automatically granted to owners and their immediate family at the time of purchase, with a flat rate 15% tax rate including income and corporation tax and 0% inheritance tax and Capital Gains Tax.”
To date just a handful of developments have been granted IRS status, with investors enjoying solid pre-recession annual capital growth of between 10% and 15%. One resort attracting its share of international interest is luxury golf estate Anahita (www.anahita.mu) located on the scenic east coast. Its latest residential offering, Amalthea, comprises a limited edition collect of 63 stand-alone villas, townhouses and golf lodges.
New residents are in a prime position to enjoy all that is offered at this 213-hectare estate, including six kilometres of oceanfront shoreline; two exceptional resorts – Anahita The Resort and a signature Four Seasons Resort; and an 18-hole Par 72 golf course designed by champion Ernie Els. Villas are fully serviced by the resort, allowing homeowners to enjoy all the facilities of a five-star hotel in the comfort of their own home. At the hub of the community is a lively central village, ‘La Place Belgath’, with restaurants, boutiques, and a Wellness Centre. Homeowners also have access to the estate’s designated nature reserves, set in the interior of the island at L’Etoile and the Ferney Valley, which can be explored on foot, horseback or by quad bike.
Entry-level prices start at £412,000 for a golf lodge rising to £800,000 for a three bedroom villa. Adds Resort Marketing Manager Pierre Bruno: “Latest figures show that Mauritius counts among the world’s top 20 hot spots in terms of house price growth. This coupled with phased new development and infrastructure improvements bode well for future investment gains.”
Residency Status in Mauritius
Under the government backed Invest Resort Scheme (IRS) of which Anahita takes part, there are no restrictions regarding the acquisition of residential real estate by foreigners. Introduced by the Government in 2002, under the IRS scheme, international buyers and their dependent family can become Mauritian residents once they acquire a property on the island, within designated developments, allowing them to also benefit from a 15% flat tax rate.Laura Henderson is editor of luxury property magazine Abode2 www.abode2.com