Property Scheme
By opening its doors to high-net-worth individuals (people with around USD 1m in liquid financial assets), Mauritius has gained popularity with the internationally mobile community.
By opening its doors to high-net-worth individuals (people with around USD 1m in liquid financial assets), Mauritius has gained popularity with the internationally mobile community.
The Economic Development Board’s introduction of property development schemes to attract foreign investment has eased the way for investors since 2002.
Island USPs include the tropical weather (with the sun shining on beaches all year round), a 330 km coastline touched by the inviting waters of the Indian Ocean, and the ease of settling down.
Live the resort life! Foreigners can buy residences such as villas, townhouses, apartments, penthouses, duplexes and serviced plots (maximum extent 1.25 arpents or 5,276 square metres) in approved IRS projects.
The advantage of buying in an IRS is the prescribed inclusion of resort-style facilities for shopping and leisure pursuits. The land area must be at least 10 hectares and the development must be of some benefit to the neighbouring communities. In addition, developers must provide management services to homeowners such as security and maintenance.
Buying a home in an IRS for a minimum USD 375,000 makes noncitizens and their dependents eligible for a residence permit. In addition, they can become tax resident in Mauritius.
Owners are allowed to rent their property. What’s more, there is no restriction on the repatriation of funds or revenue received from the property’s sale or rental. Noncitizens with a residence permit under the IRS do not need an Occupation or Work Permit to invest and work in Mauritius.
Noncitizens can also qualify for a residence permit under the RES. These luxurious developments are usually smaller residences comprising villas, penthouses, duplexes and apartments. The minimum investment for a
residence permit for the investor and their dependents is USD 375,000.
Owners are allowed to rent their property. There is no restriction on the repatriation of funds or revenue received from its sale or rental. In addition, owners can become tax resident in Mauritius.
Noncitizens with a residence permit under the RES do not need an Occupation or Work Permit to invest and work in Mauritius.
The Economic Development Board introduced the PDS in 2016 to facilitate the development of high-end properties for sale to noncitizens. These international-standard developments incorporate large open spaces as well as top-notch leisure and recreational facilities. Daily management services are provided.
For as long as a homeowner owns a residential property purchased for a minimum USD 375,000, they can live in Mauritius under a residence permit.
This also covers their spouse, dependent parents and children younger than
24 years. What’s more, they do not need an Occupation or Work Permit to
invest and work in Mauritius.
Work, live and play are the core components of smart cities in Mauritius. These mixed-use developments integrate smart technology, spearheading innovation by giving space to a melting pot of innovators living in the same community. Multiple leisure activities are provided for them.
Noncitizens can own a townhouse, villa, apartment, penthouse or duplex in the smart cities. If the purchase price is at least USD 375,000, they are eligible for a residence permit.
What’s more, noncitizens with a Residence, Occupation or Permanent Residence Permit can buy serviced land of 2,100 square metres on which to build a home in a smart city residential development. This must be approved by the Economic Development Board (EDB) by June 30, 2022.
Smart city certificate holders for projects approved by the EDB include:
Foreigners may buy apartments outside the approved residential schemes. However, these must be in a complex that comprises at least two levels above ground (G+2). In addition, the price point must be a minimum of MUR 6m or its equivalent in a hard convertible foreign currency. For any purchase above
USD 375,000 (or the equivalent in another currency) a noncitizen may apply to the EDB for permanent residency and is exempted from the requirement of a work or occupation permit. This applies for the dependents of the buyer as well.
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