Mauritius is most well known for being a luxury tourist destination and a global offshore centre. The property sector in Mauritius has also enjoyed unprecedented growth in recent years with a broad range of properties available to buy from 6 million rupees to several million euros. This growth has been assisted by successive governments’ support for foreign investors purchasing Mauritius real estate. Mauritius has beautiful scenery, welcoming people, an idyllic location, limited land mass, reliable registration of land, and political and economic stability. This makes it a perfect real estate investment, especially if you are going for permanent residence at the same time.
Below is some information about property investment in Mauritius
1. IHS (Invest Hotel Scheme)
The IHS provides for existing hotel companies as well as new hotel development to sell hotel rooms to finance the refurbishment, reconstruction, alteration or upgrading of existing hotels or the construction of new hotels.
These developments offer services such as rental management, concierge services, SPA, fitness, children’s club…
Where a non-citizen acquires a stand-alone villa, forming part of a hotel under IHS, for a price of not less than USD 375,000 or the equivalent in other freely convertible currencies, the buyer becomes eligible for a residence permit.
2. IRS (Integrated Resort Scheme)
These residential developments of luxury villas, sumptuous apartments and penthouses developed under the IRS offer a wide variety of world-class facilities for leisure, entertainment and wellness. Some have golf courses, marinas, beach clubs, clubhouses and SPAs.
These activities and leisure activities are perfectly integrated into these prestigious residences and offer an exclusive resort experience. These residences offer services such as Rental Management, concierge services, restaurants, kids Clubs…
A foreigner can acquire residential properties such as villas, townhouses, penthouses, apartments, duplexes and serviced lots in existing IRS projects.
The non-citizen and his or her dependents can obtain a residence permit once he or she has acquired the property for a minimum amount of $375,000 USD.
Owners can rent the property, become tax residents in Mauritius and have no restrictions on the repatriation of funds or income from the sale or rental of the property.
3. RES (Real Estate Scheme)
As part of the luxury residential offer in Mauritius, the RES (Real Estate Scheme) projects propose different types of residences: villas, penthouses, duplexes, apartments
All are located in exclusive residential developments on a human scale.
A foreigner can acquire a residential property in the existing RES projects and will be eligible for a residence permit for himself and his dependents if he has invested a minimum amount of $375,000 USD to acquire the property.
Owners can rent the property, become tax residents in Mauritius and are not subject to any restrictions on repatriation of funds or income from the sale or rental of the property.
Non-citizens who have a residence permit under the RES will be exempted from an occupation or work permit to invest and work in Mauritius.
4. PDS (Property Development Scheme)
The PDS is one of the programmes approved by the Mauritian Government. It is designed to facilitate the development and purchase of luxury properties by non-citizens in Mauritius. This investment scheme now replaces the previous investment schemes*:
- Integrated Resort Scheme (IRS)
- Real Estate Scheme (RES)
The projects developed under this scheme offer exceptional luxury residential properties of high international standards, as well as high-quality open spaces, high-standard leisure and recreation facilities and day-to-day management services.
When acquiring a residential property for a price of more than USD 375,000, a non-citizen is granted a residence permit for as long as he or she holds the residential property.
The spouse and children under the age of 24 are also granted a residence permit. Non-citizens who have a residence permit under the PDS will be exempted from an occupation or work permit to invest and work in Mauritius.
*With regard to the resale of the property, previous investment schemes remain active.
5. G+2 (Ground +2) Scheme
Non-citizens are allowed to purchase flats in condominiums of at least two floors above ground (G+2) with the prior approval of the Economic Development Board (EDB), provided that the purchase price of a flat is not less than MUR 6 million or its equivalent in any other convertible foreign currency.
You will find amenities such as a common swimming pool, fitness, rental management, and concierge services.
When acquiring a residential property for a price of more than US$375,000, a non-citizen is eligible to apply for a residence permit as long as he/she holds the residential property.
The spouse and children under the age of 24 are eligible to apply for the residence permit
6. SCS (Smart Cities Scheme)
SCS is based on the concepts of work, life and leisure. They are large-scale mixed-use developments in cosmopolitan conurbations, with smart technologies and pioneering innovations at their core. The residential developments are part of an integrated master plan that promotes sustainable and happier living, with plenty of space and opportunity for innovation-driven businesses and multiple recreational amenities, while living next door.
A non-citizen can purchase a residential unit, whether it’s a townhouse, villa, apartment, penthouse or duplex in any of the smart cities.
Similarly, non-citizens holding a residence permit, occupation permit or permanent residence permit may acquire a serviced plot of land of up to 2,100 m2 for the purpose of building a residence, in a residential subdivision located in a smart city, approved by the EDB.
Mauritius has several tax-planning advantages to allow one to invest in the best conditions:
- No capital gains tax
- No inheritance, wealth or gift tax
- Flat 15% individual tax rate
- Corporate tax rate of 15% or lower
- No exchange control
- Strong tax treaty network
- No dividend, interest, or royalties withholding taxes.
Angel Realty Ltd by your side in the acquisition process
Investing in real estate abroad is a serious matter that requires time and energy. Angel Realty has selected partners of excellence that can accompany you personally depending on your investment project and your tax profile :
- Sales advisors are at your disposal across the island.
- Banking partners for the financing of your project.
- Specialized advisors to walk you through administrative, legal and tax procedures.
Angel Realty Ltd wishes to bring you all the guarantees and the necessary assistance to secure your purchase :
- A clear legal framework: you buy in full ownership and the sale is concluded before a notary with the same guarantees as in your country.
- In Mauritius, the purchasing process of a new villa is like the purchase of a property in VEFA (sale in State of future completion) in France. The payments are made progressively, as the work is completed, and the bank will issue a GEFA (Financial Guarantee of Completion).
- Your property is subject to guarantees which protect you in case of defects in construction or of failure of the contractor.
For information, advice or a customised appointment, contact us at +230 263 6301 or on sales@engel.mu
