Amendments to the Non-Citizens (Property Restriction) Act (the “Act”)
The Non-Citizens (Property Restriction) (Amendment) Act 2021 (the “Amendment Act”) was legislated on 29th April 2021 and brings in several major changes to the Act as follows:
The Amendment Act clarifies on instances where PMO approval is not required for the disposal of immovable property:
For non-citizens:
in accordance with any other enactment or convention to which Mauritius is a party while he is the spouse of a citizen, married under the “régime legal de communauté”
by inheritance
by the effect of marriage
For non-citizens and non-residents of Mauritius:
shares or securities of a company which is listed on the Official List of the Stock Exchange or on any Second Market which may be established under the Stock Exchange Act
We note that no such exemption has been granted for the disposal of
investments made in a unit trust scheme or collective investment scheme
properties acquired under the Invest Hotel Scheme, Property Development Scheme or Smart City Scheme, prescribed under the Economic Development Board Act 2017
an apartment used, or available for use, as residence, in a ground + 2 building and whose purchase was of at least Mur 6 million
plot of land for the construction of a residence acquired by a company holding a certificate under the Smart City Scheme
residential property acquired under the Integrated Resort Scheme and Real Estate Scheme
If you have any questions or you require more information on the Non-Citizens (Property Restriction) (Amendment) Act 2021, please get in touch with your usual contact person at ITL or write to us on info@intercontinentaltrust.com
ITL Data Protection compliance programme - Reminder
As you are aware, we hold your contact details on our database and have been sending you regular newsletters and updates about the latest developments in the Mauritius financial landscape and other areas of interest.
Following recent changes in the EU General Data Protection Regulation (GDPR) and the Mauritius Data Protection Act 2017, we now require your consent to hold your personal data. Please click here to confirm that you still want to hear from us and get the latest news about the Mauritius International Financial Centre.
Should you wish to opt out of our future e-mail communications, please click here to stop receiving correspondence from ITL. Alternatively, you may use the unsubscribe button at the bottom of all our communications or send us an e-mail at unews@intercontinentaltrust.com
Data security and protection is of prime importance to us and we invite you to read our privacy policy which provides information about how we manage and process your personal information.
We are only a phone call or an e-mail away. If you have any comments, questions or concerns about any of the information in our policy, or any issues relating to the processing of personal data by ITL, please contact your regular contact person at ITL or write to us ondpo@intercontinentaltrust.com
DISCLAIMER
The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.
