Request for comments from the public
As annonced by the Honourable Minister of Finance and Economic Development in his 2015-2016 Budget Speech, an in-depth analysis is being planned to determine the weaknesses, and shortcomings of the Integrated Resort Scheme (IRS) and Real Estate Scheme (RES), respectively.
The IRS was introduced in 2002 to further diversify the economic base and attract high net worth individuals (HNWIs) to acquire luxury residential units in Mauritius. The RES, which also provides for the sales of luxury residential property, was introduced in 2007 to allow small landowners to become entrepreneurs and involve them in the real estate business.
With the implementation of the 2015-2016 budget, the objective is to design a new scheme that will favour inclusive development, do away with gated communities and provide for better social integration through a wider range of life style, quality living, employment and leisure opportunities for both nationals and resident foreigners.
The Board of Investment, as a fourth generation Investment Promotion Agency (IPA), is thus soliciting feedback and comments from the public on the two schemes.
This exercise is aimed at capturing the comments of all stakeholders and the general public in order to identify and address areas of concern and to ensure that consensus on the objective and scope of the new scheme is achieved before its adoption.
For the Board of Investment, feedback from the widest cross section of the public will serve as most welcome inputs for the preparation of the legal provisions, guidelines and Planning Policy Guidance for the new scheme,
The deadline for receipt of comments is Monday 6 April 2015.