MAURITIUS PROPERTY CONSIDERATIONS
Mauritius is becoming an entirely attractive destination for many South Africans seeking an improved lifestyle for themselves and their families, The Government in Mauritius implemented new immigration regulations for those who would like to relocate to Mauritius.
Currently, the Government is offering an exquisite attractive residency program for foreigners who would like to obtain permanent residence based on the purchase of a property, to qualify, you need to purchase within a designated scheme (IRS/RES/PDS or SC ) put in place by the government.
Property hunting can be a complex process, especially within a new country. Therefore, below are some guiding tips on how to buy your property in Mauritius and obtain your Residence Permit.
- Look and See: We request appeal to property buyers to travel to Mauritius and view a few properties prior to taking a decision. This will enable them to gain a sense of the area, better negotiate and will give them time and first hand insight to find the property they love.
- Signature of a Reservation Contract: An agreement between the two parties must be signed in order to secure a property, this is in a form of a deposit payment.
- Application for a Residence Permit: Once the property deposit is paid, a Residence Permit submission needs to take place at EDB. Within a few weeks, you will receive your approval and permit.
- Payment of the Outstanding Balance of the Property: Once your residence permit is issued, you will be required to deposit the outstanding balance in order to finalize the property acquisition.
- Final Settlement While Residing In Your new property: You are considered a Resident Permit holder and you may enjoy and live freely in Mauritius.
PROPERTY SPECIALISTS
We have aligned ourselves with 3 leading property partners in Mauritius partners. If you are interested in acquiring property, please reach out to us and we will do a personal introduction on your behalf.
Mauritius has long been a popular holiday destination for South Africans, but recent concessions have made it easier for them to retire, live and work there. “In June 2020, the Mauritian government’s changes to investment thresholds, the extension of work, residence, retirement permits and attractive property acquisition options led to renewed interest,” says Xpatweb director Marisa Jacobs. Beyond its natural beauty, the island is known for its excellent private schools, reputable banking systems, regulatory certainty and technology-driven government systems. “The dispensation for owning property in Mauritius is far more flexible than in most other African countries. In Mauritius, a South African is allowed to purchase a property as a freehold or through a 99-year lease agreement with the option of renewal,” Jacobs says. Foreign nationals are required to invest $375,000 in property to qualify for the permanent resident permit.
“Financial incentives, combined with the close proximity to SA, will likely see more people moving to Mauritius in the future” Marisa Jacobs, director, Xpatweb.
As featured in Everything Property / Business Day Home Front
