Who can buy under the Property Development Scheme?

The Property Development Scheme (PDS) is easily amongst the most successful government programmes to attract foreign investors in Mauritius. The broad market base of this innovative programme on property development is partly behind its success.

Residential purchase in a PDS project is open not only to an individual—a citizen, Mauritian diaspora or foreigner. The Economic Development Board (EDB) of Mauritius has also included the following as eligible buyers in PDS projects:

• A company registered under the Companies Act
• A society with statutes deposited in the Registrar of Companies
• A limited partnership in conformity with the Limited Partnerships Act
• A trust (trustee) with the guardianship services of a qualified administrator
• A foundation as defined in the Foundation Act

Documents for purchase applications

Prospective buyers of residences in a PDS project have to file a purchase application with the EDB. This application shall be channelled through the project’s promoter. A sale can only proceed once a PDS company or promoter has obtained such EDB purchase authorisation to a buyer.

Foreigners buying a residence in a property development under PDS need to submit the following documents:

• An authenticated copy of the first five pages of the buyers’ passport
• A certification letter from a notary or local bank validating the buyers’ identity, source of income, activity, and use of the bank account

Buyer companies, on the other hand, have to provide these documents:

• Registration card and shareholders’ register
• Copies of the first pages of the shareholders’ passport
• Board resolution appointing the foreign national to occupy the residential property and stay as a Mauritius resident
• KYC procedure certification from a notary or a local bank

To buy a PDS residence as a trust, below are the documents to submit.

• A certification from the Financial Services Commission that the trust is a qualified agent
• A copy of the trust deed identifying the ultimate beneficial owner
• A copy of the first five pages of each shareholder
• A KYC procedure certification from a notary or a local bank

Property developers have evidently recognized the wide market potential of projects under the PDS. Since it was launched in 2015, the EDB has approved some 70 projects under this innovative project.

The country’s no. 1 luxury real estate developer, 2Futures, notably has three PDS projects. These include Ki Residences, Ki Resort and Serenity Villas. Significantly, this kingpin also maintains a wide industry network to fast-track processing of buyers’ purchases.

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