MAURITIUS Law and Practice Contributed by: Sameer K. Tegally, Sonia Xavier and Ashvan Luckraz, Venture Law
• particulars and information relating to promoters, beneficial owners, controllers and proposed direc - tors. Property Development An application on the prescribed form must be filled in and submitted to the EDB. Consequences of Investing Without Approval Financial services Any person who operates without securing an FSC licence shall commit an offence and shall, on convic - tion, be liable to a fine of up to MUR500,000 and to imprisonment for a term of up to five years. Property development In the case of a property that is acquired by a for - eigner, without an authorising certificate, the curator shall take possession of the property and cause it to be sold. 2.3 Commitments Required From Foreign Investors Conditions Attached to an FSC Licence for Financial Services The FSC shall not grant an application unless it is shown to its satisfaction that: • the application complies with the provisions of the law; • the criteria for the licence are met; • the applicant has adequate resources, staff with appropriate competence and experience to carry out the activity for which the licence is sought; • the applicant and each of its controllers and bene - ficial owners are fit and proper persons to carry out the business for which the licence is sought; and • the applicant has adequate arrangements for proper supervision of everything done under the licence to ensure compliance with the law. Conditions Attached to an Acquisition of Property Conditions attached to an acquisition under the Non- Citizens (Property Restriction) Act are as follows: • the non-citizen shall not use the apartment for any purposes other than those for which the authorisa - tion has been granted;
• the non-citizen shall not transfer or dispose of the apartment without authorisation and under such conditions as may be imposed; • the non-citizen shall not engage in any property speculation whatsoever, and an authorisation shall be valid for six months; • any non-citizen acquiring an apartment shall not be eligible to make an application for the status of resident in Mauritius; • the land duties and taxes shall be paid on the present market value of the immovable property, which may be subject to review by the Registrar General; and • the shares of the company (where applicable) shall not be disposed of, in any manner, without prior approval under the Non-Citizens (Property Restric - tion) Act. Conditions attached applicable to resident non-citi - zens in Mauritius are as follows: • the residential property may be used as a personal residence only and not for any other purpose; • only one residential property may be purchased or acquired; • the property purchased should not exceed 0.5276 hectare (1.25 arpent); • where a plot of serviced land/bare land is acquired, the residential property must be built on the land within a period of five years from the date of its acquisition; • the property cannot be disposed of without the authorisation of the PMO, and in accordance with the applicable legislation and upon such conditions as may be imposed; and • the non-citizen shall not engage in any property speculation whatsoever. 2.4 Right to Appeal EDB There is no review on non-authorisation from the EDB. An authorisation will be granted if the criteria are met. FSC A Review Panel conducted by the FSC has been established; however, it shall not hear an applica - tion relating to a decision on not granting a licence,
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