- A natural person, whether a citizen of Mauritius, a noncitizen or a member of the Mauritian diaspora;
- A company incorporated or registered under the Companies Act;
- A société, where its deed of formation is deposited with the Registrar of Companies;
- A limited partnership under the Limited Partnerships Act;
- A trust, where the trusteeship services are provided by a qualified trustee; or
- A Foundation under the Foundations Act.
Note: A qualified global business as defined under the Financial Services Act 2007 holding a Global Business Licence may acquire property under the Property Development Scheme.
- If you are a foreigner, you can only buy into a government-approved real estate scheme. Your purchase must be approved by the Economic Development Board (EDB).
- Find the home you love.
- Sign the Contrat de Réservation Préliminaire (CRP) and pay a deposit to secure your property.
- Pay the additional fees:
- 5% Government registration tax
- 1% Notary fees
- MUR50,000 administration cost.
- Await the EDB's approval (approximately one month).
- Collect your permanent residency permit, if applicable, from the EDB.
- Celebrate your new property purchase.
- Pay the balance owing on your property in the stipulated period.
This is a payment plan, that facilitates instalment payments over a period.
- 10% deposit on CRP signature
- 20% on title deed signature
- 5% on completion of foundation
- 20% on completion of 50% structure
- 15% at roofing in
- 20% at boxing up
- 5% on completion of work
- 5% on handover
The Property Development Scheme (PDS), which has replaced the Integrated Resort Scheme (IRS) and Real Estate Scheme (RES), allows the development of a mix of residences for sale to noncitizens as well as citizens and members of the Mauritian diaspora. These range from luxurious villas to spacious, light-filled apartments.
The Property Development Scheme (PDS) enables noncitizens, Mauritians and the Mauritian diaspora to acquire property within a prestigious residential development.
The PDS harmonises the registration tax at a single rate of 5% (instead of USD70,000 for registration of a deed under an Integrated Resort Scheme (IRS) and USD25,000 under a Real Estate Scheme (RES)). The PDS has replaced the IRS and RES.
A foreign buyer, i.e. a noncitizen, who invests more than USD375,000 (or the equivalent in another currency) in a PDS is eligible for permanent resident status. In addition, their dependents (spouse, children under 24 years of age, and dependant parents) are granted a permanent residence permit.
What's more, the buyer and their spouse no longer need an occupation permit to invest and work in Mauritius.
Noncitizens can acquire high-end residential property under the IRS and RES.
They and their spouse, children under 24 years of age and dependant parents all qualify for a permanent residence permit when they buy property for a minimum amount of
USD375,000.
As a result, the buyer and their spouse no longer need an occupation permit to invest and work in Mauritius. The buyer becomes a tax resident in Mauritius and is not subject to any restrictions on the repatriation of funds or income from the sale or rental of the property.
The G+2 allows foreigners to invest in a condominium apartment in a building with at least two floors. The selling price must not be less than MUR6 million (or the equivalent in another currency). This legislation allows noncitizens with or without an occupational permit to invest in more than one luxury apartment and they are also able to rent it out.
For any purchase above USD375,000 (or the equivalent amount in another currency) a noncitizen may apply to the EDB for permanent residency encompassing the spouse, dependent children, and parents.
Yes. Local banks offer attractive home loan rates.
- No property tax or housing tax
- 15% income tax on rental income
- No tax on dividends and capital gains
- No inheritance tax
- Double taxation agreement signed with more than 40 countries (such as France, South Africa, and Luxembourg among others)
- Low bond interest rates
- Political and social stability
- Safe, secure lifestyle
- Tropical climate all year round
- International schools and universities
- Top-quality medical care
- Get Mauritian permanent residency with minimum property investment of USD375,000
- Regulated real estate investment - financial guarantees of completion
- Good rental returns and capital growth
- Established expat communities
- English is widely spoken
- Leading international retail brands
- Shopping malls and markets
- Regional platform for banking and financial services
- Hybrid legal system (substantive law is generally based on the French codes while procedural laws are based on English law)
Temperatures range between 25°C and 33°C. The Mauritian summer is November to April. Winter stretches from May to October. The ocean temperature is 23°C to 28°C throughout the year.
Infrastructures and facilities are modern, especially in the private hospitals and clinics. Many foreigners travel to Mauritius for cosmetic surgery, dentistry and hair grafting. Wellkin Hospital, the largest private hospital in Mauritius and part of the CIEL Healthcare network, does cardiac and spinal surgeries as well as high-end orthopaedic and urological procedures.
If you want to live in the north, you will be close to the only 18-hole world-championship golf course in the area. In the west, the Tamarina golf course is the best bet.
There are good international schools for foreigners. If you want your children to attend one of the English private schools, apply long in advance so you won't be disappointed.
You drive on the left-hand side of the road, the same as in South Africa. You can use your own valid domestic licence or an international licence for the first month. You need to get a local licence after that.
Mauritius is a great retirement destination because of the attractive tax system. The island lifestyle also provides the potential for improved quality of life, health and well-being.
The people of Mauritius live in harmony. Expats tend to gravitate to the west (don't be surprised if you hear Afrikaans spoken in the streets) as well as the north. This is where the infrastructure is. With infrastructure comes good Wi-Fi, international schools, shopping malls featuring familiar global brands as well as local suppliers, medical practices, and sports clubs. In short, the areas have developed to meet the needs of foreigners used to a First World environment and to encourage them to stay and invest in Mauritius.
You can swim, kite, stand-up paddle, snorkel, hike, and walk in the nature reserves and mountains and along the beach. There are plenty of pretty spots to explore across the island. In the west, make a note to hike up Le Morne and to the Tamarin Falls as well as visit the Black River Gorges National Park. Grand Baie is fun, busy and touristy so if you like that energy, the north is the place to be. A lot of beach and watersports activities are offered here, including catamaran cruises to nearby isles.
The west has great kitesurfing conditions. Le Morne's large lagoon and soft wave break is recommended. More advanced riders can try the One Eye reef break. In the north, Cap Malheureux is an option but it is tidal, so water levels fluctuate. If the wind is not in your favour, you can SUP at many points along the coast.
When you spend a minimum USD375,000 on your new home, in a development approved for foreign investment, you will be eligible to apply for the permanent residency permit. Your application with the relevant Know Your Client (KYC) should be submitted to the EDB.
A foreign buyer, i.e. a noncitizen, who invests more than USD375,000 (or the equivalent in another currency) in a PDS is eligible for permanent resident status. In addition, their dependents (spouse, children under 24 years of age, and dependant parents) are granted a permanent residence permit.
The permanent residency permit remains valid for as long as the buyer owns the property.
If you are 50 years of age and older, you can apply for a retirement permit in Mauritius. This is valid for 10 years.
You must first transfer at least USD1,500 or its equivalent in freely convertible foreign currency to your local bank account in Mauritius. This exercise must be repeated monthly, or an annual deposit must be made of at least USD18,000, for the decade. You must provide proof of these deposits to the Economic Development Board once a year.
If you invest in property priced from USD150,000 to USD374,000, which means you won't qualify for permanent residency, you can still live in Mauritius through the retirement visa.
Because Mauritius is a COVID-safe destination, the island government has introduced the Premium Travel Visa for foreigners who are keen to work remotely while experiencing island life. The visa is valid for one year, renewable.
To qualify, potential applicants must produce proof of their long-stay plans as well as sufficient travel and health insurance for the planned period. They must also meet the following criteria:
-
Applicants should not enter the Mauritius labour market.
-
Applicants' main place of business, and source of income and profits, should be outside Mauritius.
-
Documentary evidence must be supplied to support their application i.e. purpose of visit, accommodation, etc.
-
Other basic immigration requirements must also be met.
An online platform for the e-Visa application will be available shortly.
This is the ideal opportunity for foreigners to experience life in Mauritius before deciding whether they want to make the island lifestyle more permanent.
In a competitive property market, securing your dream home requires strategic planning. To increase your chances of success, focus on making your offer stand out. Here are expert tips to help you rise above the competition:
- Strong First Impression: Present yourself as a reliable buyer by hiring an experienced agent and ensuring your financial documents are in order.
# Strong First Impressions: A Key to Success
In a competitive real estate market, making a strong first impression is crucial to standing out from other potential buyers. This initial impression can significantly influence the seller's decision, making it essential to present yourself as a reliable and attractive buyer.
Presenting Yourself as a Reliable Buyer
To create a strong first impression, consider the following:
1. Hire an experienced agent: Working with a reputable and knowledgeable PropertyTime agent can help you navigate the process and demonstrate your commitment to the purchase.
2. Ensure financial documents are in order: Having your financial documents organized and readily available shows that you're prepared and serious about the purchase.
3. Dress professionally and be respectful: When meeting with the seller or their agent, make a good impression by dressing professionally and being respectful of their time and property.
The Benefits of a Strong First Impression
By presenting yourself as a reliable and attractive buyer, you can:
1. Build trust with the seller: A strong first impression can establish trust and credibility, making the seller more likely to consider your offer.
2. Differentiate yourself from other buyers: In a competitive market, a strong first impression can help you stand out from other potential buyers.
3. Increase the likelihood of a successful offer: By presenting yourself as a reliable buyer, you can increase the chances of your offer being accepted.
By focusing on making a strong first impression, you can set yourself up for success and increase the likelihood of a successful offer.
- Competitive Price: Submit a competitive offer, but avoid overbidding, which may put you in a difficult financial position.
# Competitive Price: Striking the Right Balance
When making an offer in a competitive market, it's essential to submit a competitive price that reflects the market value of the property. However, it's equally important to avoid overbidding, which can put you in a difficult financial position.
Why Competitive Pricing Matters
1. Reflects market value: A competitive price shows that you've done your research and understand the market value of the property.
2. Increases the likelihood of acceptance: A competitive offer is more likely to be accepted by the seller, especially in a multiple-offer situation.
3. Demonstrates your commitment: A competitive offer demonstrates your commitment to purchasing the property and can help build trust with the seller.
The Risks of Overbidding
1. Financial strain: Overbidding can put you in a difficult financial position, making it challenging to secure financing or manage your mortgage payments.
2. Reduced negotiating power: If you overbid, you may have reduced negotiating power when it comes to other aspects of the sale, such as repairs or closing costs.
3. Potential for buyer's remorse: Overbidding can lead to buyer's remorse, especially if you feel like you've paid too much for the property.
Tips for Submitting a Competitive Offer
1. Research the market: Understand the market value of the property by researching comparable sales and current listings.
2. Work with a knowledgeable agent: A PropertyTime agent can help you determine a competitive price and navigate the negotiation process.
3. Consider multiple factors: When determining your offer price, consider multiple factors, including the property's condition, location, and amenities.
By submitting a competitive price that reflects the market value of the property, you can increase the likelihood of your offer being accepted while avoiding the risks associated with overbidding.
3. Know the Market Value: Understand the property's market value using comparable sales data and adjust your offer accordingly.
4. Clean and Simple Offer: Minimize contingencies to make your offer more attractive, but prioritize essential protections.
5. Flexible Transfer Timeline: Offer flexibility on the transfer date to accommodate the seller's needs.
6. Secure Pre-Approval: Get pre-approved for a home loan to demonstrate financial stability.
7. Act Fast: Be prepared to make an offer quickly, and consider submitting an earnest money deposit to showcase commitment.
By implementing these strategies and working closely with a PropertyTime agent, you'll significantly improve your chances of securing your desired property.
About the Author
Pierre Rousseau is the founder and principal of PropertyTime Real Estate Professionals, established in 2014. This article was created with the assistance of Meta AI.