Buying a property in Mauritius

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Mauritius, situated in the Indian Ocean, is a prime destination for foreigners seeking real estate investments. With its white sandy beaches, tropical climate, and peaceful lifestyle, it’s no wonder that an increasing number of people wish to invest in this little paradise.

However, purchasing property in Mauritius as a foreigner can be a complex process if one is not familiar with the administrative and tax requirements.

That’s why we’ve written this article to help you understand the various steps to follow in order to become a property owner in Mauritius. So, are you ready to live your dream of owning a property in the tropics? Let’s get started!

Table des matières masquer

1 Real Estate Programs Available to Foreigners

2 Acquisition Process

2.1 Preliminary Reservation Contract (CRP):

2.2 Approval Letter from the EDB (formerly BOI), the Economic Development Board:

2.3 Final Sales Contract:

3 Becoming a Resident and Benefiting from Tax Residency

4 Key Points to Remember When Acquiring Property in Mauritius

5 Conclusion

Real Estate Programs Available to Foreigners

To invest in real estate in Mauritius, a foreign national must necessarily turn to the specific schemes established by the government (PDS, RES, IRS). These schemes allow investors to purchase their property outright in real estate complexes, thereby obtaining a residence permit in Mauritius and qualifying for tax residency, for a property valued at over 375,000 euros.

Acquisition Process

A Property Under Development (VEFA) in Mauritius unfolds in three main stages, each validated by a contract:

Preliminary Reservation Contract (CRP):
Approval Letter from the EDB (formerly BOI), the Economic Development Board:
Final Sales Contract:

This initial contract, signed by the prospective buyer with the developer, serves to reserve a real estate property. Upon signing, a deposit representing a security deposit must be placed in a specific escrow account, typically held by a notary. Buyers are required to provide several documents requested by the authorities to the developers, so that they can, on behalf of the client, submit an application for the acquisition of the aforementioned property types to the EDB. The EDB reviews each application and for those approved, issues an approval letter, thereby allowing the completion of the sale. Upon receiving the approval letter, the client and the seller meet with the notary for the final step: the signing of the definitive sales deed. At this stage, the buyer officially becomes the owner of their real estate property in Mauritius. A residence permit granted in the context of acquiring a property of the RES, IRS, or PDS type remains valid as long as the buyer remains the owner of the property. This residence permit can be transferred from owner to owner and to one of the descendants in case of succession. Furthermore, in order to be professionally active on the island, a holder of a residence permit obtained under RES, IRS, or PDS must apply for a work permit, which is generally granted without difficulty as long as all criteria are met

Becoming a Resident and Benefiting from Tax Residency

By purchasing real estate in a designated development valued at over $375,000 or equivalent in other currencies, you will obtain your permanent resident card in Mauritius, regardless of your age.

By staying in your Mauritian residence for more than 183 days per year, you will then become a Mauritian tax resident with minimal formalities.

Key Points to Remember When Acquiring Property in Mauritius

Real Estate Programs for Foreigners: Foreigners should explore specific schemes like PDS, RES, IRS to invest in Mauritius. These schemes allow full ownership in residential complexes. A property valued at over 375,000 euros grants access to a residence permit and tax residency.
Acquisition Steps: The Property Under Development (VEFA) process in Mauritius consists of three stages. The Preliminary Reservation Contract (CRP) reserves the property. The EDB provides an approval letter after document verification. Finally, the definitive sales deed is signed at the notary's office.
Residence Permit: Acquiring a property of the RES, IRS, or PDS type offers a residence permit. This permit remains valid as long as the buyer retains ownership of the property. It can be transferred in case of succession and requires a work permit for professional activity.
Tax Residency: Purchasing a property valued at over $375,000 grants access to a permanent resident card. By staying in Mauritius for more than 183 days per year, one becomes a tax resident with minimal formalities.

Conclusion

Mauritius is a haven for real estate investment, but foreigners must navigate through specific schemes like PDS, RES, or IRS. These programs offer full ownership and a residence permit for properties exceeding 375,000 euros.

With “Romuald Rousseaux Mauritius properties” by your side, the acquisition process becomes a seamless experience, bringing you closer to your tropical dream.