{"id":13598,"date":"2020-06-23T12:08:04","date_gmt":"2020-06-23T12:08:04","guid":{"rendered":"https:\/\/immo-ile-maurice.com\/?p=13598"},"modified":"2020-06-23T12:08:04","modified_gmt":"2020-06-23T12:08:04","slug":"2020-21-budget-mauritius-new-laws-for-the-real-estate-sector","status":"publish","type":"post","link":"https:\/\/immo-ile-maurice.com\/en\/2020-21-budget-mauritius-new-laws-for-the-real-estate-sector\/","title":{"rendered":"2020-21 budget Mauritius: new laws for the real estate sector"},"content":{"rendered":"

The 31st of May marked the end of COVID 19 confinement for Mauritius. In line with this new socio-economic climate, the Minister of Finance, Planning and Development, the Honourable Dr Payadachy, presented the new budget for 2020-2021. New measures have been announced regarding the real estate sector. Find out what they are below.<\/em><\/p>\n

New laws for Mauritian buyers<\/h2>\n

Mauritian citizens will now be fully exempted from registration duties when acquiring a newly built property not exceeding Rs 6 million. This scheme will be extended on 2 years, i.e, until the 30th June 2022. In addition, the threshold value of the newly built residence will be raised from Rs 6 million to Rs 7 million.<\/p>\n

The exemption is also applicable if the property is bought off-plan or during construction under VEFA (Vente \u00e0 terme or vente en l’\u00e9tat futur d’ach\u00e8vement). This measure does not apply to PDS, IRS, RES orto properties on leasehold.<\/p>\n

New laws on the construction of housing estate<\/h2>\n

The new scheme will run from the 1st of July 2020 to 31st December 2020, for registration of estates of minimum 5 residential units with the MRA.<\/p>\n

There will be no registration duty and land transfer tax will be payable on the transfer of freehold bare land for the construction of a housing estate project, provided the land is transferred by 31st December 2020.<\/p>\n

Construction must be completed before 31st December 2021.<\/p>\n

And finally, the exemption of land transfer tax will be granted on the sale of a residential unit, including under VEFA, provided it is old to a Mauritian before 30th June 2022.<\/p>\n

Exemption for Mauritian first-time buyers<\/h2>\n

A Mauritian buying for the first time can benefit from the exemption on registration duty even if he or his spouse was the owner or co-owner of an immovable property acquired by inheritance in the case where the land is now less than 20 perches.<\/p>\n

\u00a0Measures to improve the Ease of Doing Business<\/h2>\n

The government has announced a series of innovative measures in a bid to improve the country’s ranking of Ease of Doing Business, by putting emphasis on digitalisation and e-services in order to help the Mauritian Business environment. Here are the following measures :<\/p>\n