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in Real Estate Mauritius

Romuald Rousseaux

Why investing in real estate in Mauritius ?

  • Its beaches, lagoons and biodiversity.
  • World-renowned Mauritian hospitality.
  • Leading country in economic performance in Africa and ranked 8th in the world (Source: World Bank).
  • One of the world’s leading luxury tourist destinations.
  • Prosperous and diversified economy, multicultural population (49% Hindu, 32% Christian, 17% Muslim).
  • 9 golf courses of 18 holes being world famous.
  • Water sports, big-game fishing.
  • Average Temperatures ranging from 24° to 29° during the day.

Romuald Rousseaux

Why investing in real estate in Mauritius ?

  • Its beaches, lagoons and biodiversity.
  • World-renowned Mauritian hospitality.
  • Leading country in economic performance in Africa and ranked 8th in the world (Source: World Bank).
  • One of the world’s leading luxury tourist destinations.
  • Prosperous and diversified economy, multicultural population (49% Hindu, 32% Christian, 17% Muslim).
  • 9 golf courses of 18 holes being world famous.
  • Water sports, big-game fishing.
  • Average Temperatures ranging from 24° to 29° during the day.

How to invest In Real Estate in Mauritius ?

To invest in real estate in Mauritius, a non-citizen/foreigner must turn to the specific regimes set up by the government (PDS, RES, IRS).
These schemes allow investors to buy their property in full ownership in real estate complexes, , and that obtain a residence permit in Mauritius and claim to tax residence for a property superior than 450.000 euros.

Steps to acquire a property under VEFA :

A VEFA in Mauritius consists of three main steps, two of which are approved by a contract :

– The Reservation Contract (CRP) :
This first contract, which the future buyer signs with the developer, is a way to book a property. Upon signature, a deposit representing a security deposit must be paid into a specific escrow account, usually that of the notary.

– The approval letter from the EDB (formerly BOI), the Economic Development Board :
Buyers must provide several documents to the developer required by the Mauritian authorities so that the developers can, on behalf of the client, submit an application for the acquisition of a type of property referred to above by the EDB. The latter reviews each request and for those approved, a letter of approval allowing the sale to be concluded is submitted.

– The deed of sale :
Upon receipt of the approval letter from the EDB, the client and developer meet at the notary’s office for the final step: signing the deed of sale.

At this stage the buyer officially becomes right for the owner of his property in Mauritius. The residence permit granted as part of the acquisition of a real estate property of the RES, IRS, or PDS type, remains valid as long as the purchaser remains the owner of his property.
This residence permit is transmitted from owner to owner and to one of the descendants in the event of inheritance.

Moreover, to be able to work as a professional on the island, a holder of a residence permit obtained under the RES, IRS or PDS framework will have to apply for a work permit, which is generally granted without any difficulty as long as all the criterias are met.

Sale in the Future State of Completion

According to article 1601-3 of the French Civil Code applicable to Mauritius, the Off-Plan Sale in Future State of Completion (VEFA) is the contract by which the seller immediately transfers to the purchaser his proprietary rights on the land as well as the ownership of existing building in construction. As further structural works are carried out in the building, these also become the property of the purchaser.
The buyer is required to pay the price as the work progresses. The seller retains the powers of contracting authority until the delivery of the property.

Of course it is also possible to buy a property in Mauritius which is already built and accessible to foreigners/non-citizens.

Guarantee Financial Completion

To meet the requirements of the VEFA, the promoters have secured a Financial Guarantee of Completion (GFA) with major banking institutions. The GFA gives the buyer the assurance of the good delivery of his property according to the conditions stipulated in his contract, because if the promoter failed, the banks would become guarantors of the good delivery of the development.

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Romuald Rousseaux Real Estate
3 Sunset Boulevard, Route Royale
Grand Baie île Maurice

Romuald Rousseaux Real Estate
3 Sunset Boulevard, Route Royale
Grand Baie île Maurice

    Copyright © 2019 / Legal Notice

    Copyright © 2019 / Legal Notice

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