Azuri is a development project in Mauritius which is under the umbrella of Haute Rive Holdings Ltd. This is a joint venture between the Indian Ocean Real Estate Company (IOREC) and Flacq United Estates (FUEL).
Azuri offers potential purchasers the opportunity to invest in Mauritian property at a price that has not previously been possible, by offering investment at the earliest stage. At present, Azuri is a masterplan for a 420 acre site providing a luxurious ocean front setting, forest and agricultural land only 25 kilometres from the capitol Port Louis.
The masterplan for Azuri took nearly two years to prepare and will create a truly Mauritian, ocean front village. The developers have sought to create a new village providing education, hospitality, leisure and commercial facilities built around luxury residences. Azuri aims to be an evolving community of both year-round residents and seasonal guest. Azuri is not just a holiday destination but also a place to call home and will provide the ultimate experience for anyone in search of a better way of living.
An initial community of 169 foreign ownership qualified townhouses, penthouses and apartments in landscaped grounds, with basement car parking, moorings, club memberships and swimming pools, together with access to a wide variety of leisure activities both on and off site.
Local Mauritians will benefit from a mixture of 100 townhouses and apartment units, clustered around communal garden areas, with dedicated car parking and boat mooring facilities.
The Centara Grand Azuri Resort and Spa
An 85 bedroom five star boutique hotel in the heart of the new ocean front village will provide the perfect place for visitors to stay. In addition, it will create jobs for local people.
The Azuri village is not just a place for a holiday. It is also a place to live. A new international school will be established on the site to provide first class primary and secondary educational facilities to residents. The Azuri team is currently working with a variety of top Boarding Schools in the United Kingdom to transform Azuri into the most desirable area for education in both Mauritius and the Indian Ocean region.
Retail & restaurant
The island has recently become duty-free and the government plans to transform the island into a magnet for shoppers. The first phase of the scheme will provide essential amenities that will include new retail, restaurants and cafés to support residents and visitors.
Marine and leisure activities
In respect to the marine environment, there are to be six distinctive environments within 500 metres of the site, comprising the river area above the weir, the river estuary, the beach front, a protected lagoon and the areas inside and outside the reef. The site benefits from the island’s flora and fauna, creating a diverse environment for people both young and old to enjoy. Leisure activities will range from a relaxing picnic, a game of pétanque or scenic hiking to high-octane sports such as horse riding, mountain biking, “Go Aping” and quad biking.
The north of Mauritius benefits from a modern road network unlike the area to the south of Port Louis. As such, journey times are far quicker and offer easy access to the extensive range of facilities and activities in the north and east of the island. Port Louis, the hub for business and commerce on the island, can be reached in only 35 minutes.
Automatic Mauritian residency
Buyers will receive automatic Mauritian residency by acquiring a property under an Integrated Resort Scheme (IRS). Launched in 2002 to allow foreigners to own property in Mauritius, the IRS properties must form part of an approved development, built to international standards, with world-class amenities and facilities. The acquisition of a property for residential purposes by a foreigner under the IRS rules, allows the purchaser, and his/her dependent family, to reside in Mauritius for as long as they retain ownership. To qualify buyers must acquire freehold property off-plan or during the construction phase with a minimum investment of USD 500,000.
A unique investment
Despite Mauritius having nearly 200 kilometres of coastline, only a very small percentage remains as freehold and Azuri is one of a few locations in Mauritius where freehold property can be acquired. Foreign buyers will be able to invest in IRS properties at a price that is significantly below the average price for other IRS properties on the island. They will be able to become a Mauritian resident a price that is more affordable, with prices at Azuri staring from USD 500,000 to USD 800,000 compared to an average price for other IRS properties on the island of around USD 1.6 million.
Strong economy and tax haven
With a population of around 1.25 million, Mauritius is a serene tropical island nation off the southeast coast of Africa. Once under British rule, the island’s official language is English. Since its independence in 1968, Mauritius has evolved into a safe, politically stable nation, governed under democracy. Over the years Mauritius has developed from a low-income, agriculturally-based economy to a middle-income economy which has diversified to incorporate thriving industrial, financial, and tourism sectors.
Mauritius has achieved successful social-economic development by adopting an approach to economic liberalism that includes poorer sections of society. The approach includes programmes such as the IRS, which provide affordable housing and employment opportunities for local people. The island has many tax benefits. There is no capital gains tax, inheritance tax or wealth tax and the island has benefited in recent years by becoming completely duty-free, paving the way for the island’s transformation into a shopping Mecca.
Investors only have to pay a modest 15 percent on chargeable income when letting properties and a land transfer tax of USD 50,000 when selling. Mauritius has also become a popular country through which to invest into India due to the capital gains tax shelter on the divestment of equity in Indian companies by Mauritian residents (article 13 of the India-Mauritius Tax Treaty).
To enquire about buying an IRS property at Azuri, contact Hamptons International at http://www.azuri.mu/.