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Posted: 06 May 2009 | 9:28 am
There remains a key link between what Government initiatives are in place to attract the foreign property investor and lucrative retirement market. One such market is Mauritius who initially launched aggressive schemes a few years ago in 2005. Integrated Resort Schemes (IRS) and lower investment Real Estate Schemes (RES) targeted different type of buyers with the former aimed at upscale villa and luxury properties while the later is more focused on the entry point condo/apartment segment.
One key perk of the market is that purchasers of homes over US$500,000 can again permanent residency though they need to be part of the IRS accredited projects. Tax advantages in the country are 15% income tax, while expenses can be deducted and no capital gains tax. The lower priced RES scheme has a minimum of US$300,000 though the permanent residency bonus is not available.
For retired persons those maintaining a US$40,000 minimum at local banks are allowed granted retirement visas. While Mauritius has been a widely used tax haven in recent times with double taxation treaties with many major jurisdictions including Thailand, the recent OECD actions look to jeopardize the sustained grow the tax sheltering. Thailand has remained mute during the present administration on the subject of foreign ownership and the likelihood of changes in legislation look to be remote in the near term.
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