Mauritius Real Estate for Non-Citizens: What You Need to Know Before Moving
Category Living in Mauritius
Mauritius, with its breathtaking beaches, diverse culture, and year-round pleasant climate, has become a sought-after destination for those looking to relocate. As a non-citizen considering a move to this island paradise, it's essential to understand the intricacies of the real estate market and the purchasing process. Here's a comprehensive guide to help you navigate the journey of making Mauritius your new home.
Understanding the Real Estate Landscape
Mauritius offers a unique real estate market with various opportunities for non-citizens. The government has established several schemes to facilitate property ownership by foreigners, ensuring a smooth and transparent process. These schemes allow non-citizens to invest in high-quality residential properties and enjoy a luxurious lifestyle on the island.
Key Schemes for Non-Citizen Property Ownership
- Integrated Resort Scheme (IRS) and Real Estate Scheme (RES): These schemes allow foreigners to purchase luxury villas and apartments with access to world-class amenities such as golf courses, marinas, and spas. Properties under IRS and RES are often located in prime locations, offering stunning views and a high standard of living.
- Property Development Scheme (PDS): The PDS is designed to promote high-end residential developments with a focus on eco-friendly and sustainable practices. Non-citizens can purchase villas and apartments under this scheme, benefiting from an integrated lifestyle that includes recreational facilities, security services, and community spaces.
- Smart City Scheme: This scheme encourages the development of mixed-use projects, integrating residential, commercial, and leisure facilities. Non-citizens can invest in properties within these smart cities, enjoying a modern lifestyle with advanced infrastructure and technological amenities.
- Ground+2 Apartments: Non-citizens can purchase apartments in buildings of at least two floors above ground (Ground+2) for a minimum price of USD 128,500. This option is ideal for those looking for a more affordable entry into the Mauritian real estate market.
Legal Considerations and Processes
Economic Development Board (EDB) Application
Non-citizens interested in purchasing property in Mauritius must apply to the Economic Development Board (EDB) to ensure compliance with local regulations. The EDB serves as a key facilitator, guiding investors through the process of acquiring property under the various schemes available. The application requires specific documentation, including proof of identity, financial statements, and the sales agreement for the intended property. Once the EDB reviews and approves the application, the non-citizen can proceed with the purchase and benefit from the residency options tied to their investment.
Obtaining Residency
Purchasing a property in Mauritius can lead to obtaining a residence permit. Non-citizens who invest at least USD 375,000 in an approved residential property are eligible for a residence permit, which remains valid as long as they hold the property.
Obtaining Visas
Mauritius offers several visa options for non-citizens wishing to reside on the island. Each visa type caters to different profiles, ensuring that everyone from retirees to professionals can find a suitable category:
- Retirement Visa: Designed for non-citizens over 50 years old, this visa allows retirees to enjoy a peaceful lifestyle in Mauritius. Applicants must transfer a minimum of USD 1,500 per month into a local bank account.
- Investor Visa: This visa is ideal for entrepreneurs looking to invest in Mauritius. To qualify, applicants must invest a minimum of USD 100,000 in a business activity listed under the government's approved sectors.
- Self-Employed Visa: Tailored for professionals working independently, this visa requires applicants to earn an annual income of at least MUR 600,000 (approximately USD 13,500) in their first two years and MUR 1,200,000 (approximately USD 27,000) thereafter.
- Professional Visa: Targeted at professionals working in Mauritius under an employment contract, this visa is granted to those with a minimum monthly salary of MUR 60,000 (approximately USD 1,350).
Property Taxes and Fees
Non-citizens should be aware of the various taxes and fees associated with purchasing property in Mauritius. These include:
- Registration Duty: Typically set at 5% of the property value.
- Notary Fees: Usually around 1.5%-2% of the property value, as notaries facilitate the legal aspects of property transactions.
- Agency Fees: Generally 2% of the property price, plus VAT.
Financing Options
Several Mauritian banks offer financing solutions tailored to non-citizens, making it easier to invest in real estate on the island. It's advisable to explore these options and seek guidance from financial experts to make informed decisions.
Why Choose Mauritius?
Lifestyle and Environment
Mauritius offers a unique blend of cultures, cuisines, and natural beauty, making it an attractive destination for those seeking a high-quality lifestyle. With its tropical climate, stunning beaches, and diverse recreational activities, Mauritius provides a perfect backdrop for both relaxation and adventure.
Economic and Political Stability
Mauritius is known for its stable political environment and growing economy, offering a secure and prosperous setting for real estate investment. The government's commitment to attracting foreign investment and enhancing infrastructure makes it a favorable destination for non-citizens.
Educational and Healthcare Facilities
The island boasts excellent educational institutions and healthcare facilities, ensuring a comfortable and safe environment for families and individuals. With numerous international schools and modern medical centers, Mauritius caters to the needs of its diverse expatriate community.
Investing in real estate in Mauritius offers non-citizens the opportunity to own a piece of paradise while enjoying a luxurious lifestyle. With various schemes designed to facilitate foreign ownership and a supportive legal framework, Mauritius is an ideal destination for those looking to relocate. Before making your move, it's essential to conduct thorough research, consult with real estate experts, and understand the financial and legal implications. At RE/MAX 24 Mauritius, we are here to guide you through the process, ensuring a seamless transition to your new home in this island paradise.
Author: Jay