Investment
“Creating more investment opportunities for the country’s economic development. “ This is the aim of the new Board of Investment (BOI) plan named the Investment Hotel Scheme and voted in September. This plan will allow an investor to purchase a room, a villa, a suite or any other part of a hotel, like a restaurant or a gym. As soon as the hotel’s part has been purchased, the new buyer is entitled to rent this unit to the hotel itself. Then, 45 days per year, the buyer will have the right to reside in his property while benefiting from the hotel’s services.
The required minimum investment in order to acquire a villa is of USD 500 000, i.e. approximately Rs 16 millions. Furthermore, the minimum surface area of the purchased unit must be of one hectare. The sales of those hotel units may be done during the hotels architectural planning, during the construction or after. Several parties may invest: a Mauritian company, a society registered with the Registrar of Companies or a foreign investor. However, the investment from a foreign individual or a foreign company will not guarantee the Mauritian residence permit.
This investment plan aims to ease the financing of new hotel projects around the island. “It consists of an interesting approach in order to ensure a fund inflow for the development of hotels infrastructure”, said Richard Stedman, Espitalier Noel (ENL) Developer Manager. “We are doing the calculations, but we will think a little more before issuing a final verdict” he added. For Tommy Wong from Sun Resorts, “it is a good scheme which represents an alternative to the bank loans system.”
Source: l’express of the 30/10/2009. Article by Jonathan David.
