Investment by a non-citizen in a new, existing and management of a stand-alone (not within IRS/RES/PDS) Guesthouse or Tourist Residence
The acquisition of an immovable property by a non-citizen is governed by the provisions of the Non-citizens (Property Restriction) Act (the “Act”). Pursuant to section 3(3)(iv) of the Act, a non-citizen who intends to acquire an immovable property for business purpose, including a guesthouse or tourist residence, requires an authorisation from the Economic Development Board of Mauritius (“EDB”) prior to signing the deed witnessing the transfer of the immovable property.
On the 25th September 2019, the EDB has issued new policy regarding the investment by a non-citizen in a new and existing stand-alone Guest house or Tourist Residence.
The EDB will be the 1st point of contact for investors regarding:
- the acquisition of an immovable property
- the lease of an immovable property and
- the acquisition of shares in a company that holds an immovable property.
On receipt of an application, the EDB shall consult the Ministry of Tourism and any other relevant organisations. The recommendations of the EDB together with the views of the Ministry of Tourism shall be sent to the Prime Minister’s Office for determination of the application. Upon receipt of approval from the Prime Minister’s Office, the EDB shall issue an authorisation to the applicant to acquire a guesthouse or tourist residence and inform the Ministry of Tourism accordingly.
ELIGIBILITY CRITERIA
A non-citizen cannot submit an application to acquire or lease a guesthouse or tourist residence unless:
- the non-citizen is a company incorporated under the Companies Act 2001;
- the non-citizen holds a letter of no objection in respect of the project proposal from the Ministry of Tourism Policy on Investment by a non-citizen in a new, existing and management of a stand-alone (not within IRS/RES/PDS) Guesthouse/Tourist Residence;
- the minimum investment, excluding land cost, in the acquisition or lease of an existing guesthouse or tourist residence, shall be at least Rs 10 million; and
- the minimum investment, excluding land cost, of developing a new guesthouse or tourist residence shall be at least Rs 30 million.
The EDB has also provided new policy in respect of the concept and design, the management, the employment of the local staff as well as the safety & security of the guest house and tourist residence.
CONTACT DETAILS
For more information, please contact your relation manager or the Business Development Team by email on bd@mitcoworld.com or phone them on + 230 404 8000.