Investing in property in Mauritius is an attractive option for many due to its friendly government policies, a wide range of properties available under different property development schemes, and the potential for receiving permanent residency. This article aims to guide you through the property development schemes available for foreigners, how to buy property in Mauritius, and the types of visas available. Whether you are a first-time buyer or not, this guide covers it all.
Can foreigners buy property in Mauritius?
Foreigners are allowed to buy property in Mauritius, and the government offers initiatives to attract foreign investors. However, there is one exception – foreigners are not allowed to buy agricultural land. Foreigners can purchase property under different schemes, including the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS), Ground +2 Scheme (G+2), Smart City Scheme, and Invest Hotel Scheme (IHS).
These different schemes cater to various needs of investors looking to buy property in Mauritius and may even offer additional benefits such as residency permits. It is important to understand the rules and regulations regarding property ownership.
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What are the property development schemes in Mauritius?
There are six different schemes available for foreign investors looking to buy property in Mauritius. Each scheme offers something unique to attract investors. Below are details about the types of schemes, their benefits, and the required minimum investment amount.
Integrated Resort Scheme (IRS)
Under this scheme, foreigners can purchase freehold luxurious residential properties with a minimum investment amount of at least $500.000 or more. The developments must adhere to specific guidelines regarding minimum land area, high-class facilities, management services, and contributions to neighboring communities.
Benefits:
- Luxurious properties with high-end amenities.
- Well-developed properties with high living standards.
- Possibility for a residence permit.
Real Estate Scheme (RES)
Similar to the IRS but more affordable, this scheme was created for foreigners looking to buy property in Mauritius and make property ownership accessible to smaller investors. There is no minimum investment amount, but with an investment of over $375.000, investors can qualify for a residency permit.
Benefits:
- Multiple property types available.
- Accessibility due to lower investment requirements.
- Possibility for a residence permit with higher investments.
Property Development Scheme (PDS)
The PDS replaced the IRS and RES schemes in 2015. It offers a range of properties from luxurious to more affordable options. All developments under this scheme must provide management services, high-quality public spaces that promote social interaction, and high-class leisure amenities. There is no minimum investment requirement under this scheme, but with an investment of over $375.000, investors can qualify for a residency permit.
Benefits:
- Both expensive and affordable options available.
- Focus on sustainable living.
- Possibility for a residence permit with higher investments.
Ground +2 Scheme (G+2)
This scheme allows foreigners to buy apartments in condominium developments if the apartments are at least two levels above the ground. Foreigners are allowed to buy multiple apartments under this scheme without occupational permits. The sale prices of these apartments start at $150.000.
Benefits:
- Affordable entry with a minimum investment amount of $150.000.
- Access to modern apartments in developed areas to buy property in Mauritius .
Smart City Scheme (SCS)
The Smart City Scheme was created by the government of Mauritius to create a modern, sustainable, and integrated living and working environment while attracting local and foreign investors. This scheme offers several incentives when you buy property in Mauritius and possibilities for permanent residency.
Investors can invest in various types of properties including residential properties, commercial spaces, technology hubs, hotels, and infrastructure projects.
Benefits:
- Possibility for a residency permit with an investment of at least $375.000.
- Sustainable and modern living.
- Different investment opportunities with high potential returns.
Invest Hotel Scheme (IHS)
Foreigners can invest in the hotel and tourism sector through the Invest Hotel Scheme (IHS). This scheme allows hotel developers to finance the development by selling villas, suites, rooms, or other parts to local or foreign investors.
Benefits:
- Opportunities to invest in Mauritius’s hospitality industry.
- Potential for high returns on investment.
- Some projects may offer residency, depending on the investment amounts.
How to buy property in Mauritius in 7 steps
Buying property in Mauritius is possible under the different schemes created for foreign investors. Here are the 6 general steps involved when foreigners buy property in Mauritius:
Step 1: Determine the scheme and eligibility:
Before starting your property search, determine which scheme fits your goals and investment amount.
Step 2: Search for a property
Look for a property that falls under your chosen scheme. Consider factors such as location, property type, and amenities. You can find properties through online portals, real estate companies in Mauritius, or by visiting different areas.
Step 3: Engage a real estate agent
Hire a local real estate agent who can assist you throughout the buying process.
Step 4: Conduct legal checks
Before you want to buy property in Mauritius, conduct due diligence by checking the title, outstanding mortgage, and ensuring compliance with local laws and regulations.
Step 5: Sign the preliminary agreement and deposit
To secure a property, sign a preliminary agreement and pay a deposit of typically 10% to 20% of the property price.
Step 6: Contract and final payment
The notary draws up the final contract, which is signed by both parties. After signing the contract, make the final payment.
Step 7: Registration and transfer
The transaction will be registered by the notary, officially transferring ownership of the property to you. Pay any taxes and fees associated with this process.
Overview of property prices in Mauritius
Researching the prices and areas is important before you buy property in Mauritius. Below is an overview of average house prices in Mauritius per region and area:
| Region/Area | Property type | Average price range |
|---|---|---|
| North Coast (e.g., Grand Baie, Pereybere) | Apartments, Villas | $200.000 to over $1 million |
| West Coast (e.g., Flic en Flac, Tamarin) | Apartments, Villas | $250.000 to $2 million |
| East Coast (e.g., Belle Mare, Trou d’Eau Douce) | Apartments, Villas | Starting from $300.000 |
| Central Plateau (e.g., Ebene, Moka) | Apartments | Starting from $150.000 |
| Coastal Areas | Villas | Varies widely |
Taxes and fees when buying property in Mauritius
Foreigners face various taxes and fees when they buy property in Mauritius. Here is a general overview of the costs involved :
| Tax/Fee | Description and calculation | Paid by |
|---|---|---|
| Registration Duty | A government levy on property transactions, usually around 5% of the property value. | Buyer |
| Land Transfer Tax | Tax levied on the transfer of land, approximately 5% for properties under specific schemes. | Buyer |
| Notary fees | Fees for the notary’s services, typically range between 1-2% of the property value. | Buyer |
| Agency fees | Commission for the real estate agent’s services, usually around 2-4% of the property sale price. | Buyer |
| Value-Added Tax (VAT) | Applicable on the sale of new buildings or developments, generally at 15% of the sale price. | Buyer |
| Annual property taxes | Yearly taxes based on the property’s location and value, varying significantly depending on these factors. | Owner |
Please note that these are general percentages and that they can change due to different factors.
Visa options in Mauritius for foreign investors
Foreigners looking to buy property or reside in Mauritius have several visa options available:
1. Occupation Permit (OP): Available for foreign investors, professionals, and self-employed individuals who want to work and reside in Mauritius. This permit is issued for a maximum of ten years, renewable if criteria are met.
2. Permanent Residence Permit (PRP): Available for foreigners who want to live and work freely in Mauritius. The permit is issued for 20 years and can be renewed for another 20 years if requirements are met.
3. Retired Non-Citizen Permit: Accessible for individuals who are 50 years or older and wish to retire in Mauritius. This permit allows a stay of up to ten years, with the possibility of applying for a Permanent Residence Permit after three years. Holders of this permit can invest in any business as long as they are not employed by or receive a salary from that business.
4. Premium Visa: Allows foreigners to stay in Mauritius for up to one year, renewable.
Buy property in Mauritius with Own Property Abroad
Do you want to buy property in Mauritius? Or are you opting to buy land in Mauritius? Own Property Abroad can assist you and ensure a seamless and hassle-free property journey. Thanks to our extensive knowledge and local experience in the Mauritian real estate market, we can help with legal requirements, finding suitable properties, negotiating the best deals, and conducting due diligence.
With our expert team, you won’t have to navigate the complexities of buying property in Mauritius alone. For further information on how we can assist you, kindly drop your details below or email us at [email protected]. Let’s start working on your property success story today!
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Frequently Asked Questions (FAQs)
Can foreigners buy property in Mauritius?
Yes, foreigners can buy property in Mauritius under different development schemes created to attract foreign investors, including the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS), Ground +2 Scheme (G+2), Smart City Scheme, and Invest Hotel Scheme (IHS).
What is the cost of buying a house in Mauritius?
The cost varies per region and area but typically starts around $150.000 and can go up to millions.
Where can non-residents find property for sale in Mauritius?
Non-residents can find property for sale through online real estate portals, local real estate agencies, developers’ websites, or international property websites.
Is it worth buying property in Mauritius?
Yes, buying a property in Mauritius can be worth it, especially for investors and individuals seeking a stable and attractive location for property investment, residency, and lifestyle.
Is property in Mauritius expensive?
Property prices in Mauritius vary widely based on location, type, and amenities. Coastal and tourist areas tend to be more expensive, with luxury villas and apartments commanding higher prices. However, there are also more affordable options, particularly in less developed regions or inland areas.
How to buy a house in Mauritius?
To buy a house in Mauritius, start by determining eligibility under investment schemes like IRS, RES, PDS, or G+2 if you’re a foreigner. Engage a local real estate agent, conduct due diligence on the property, sign a preliminary agreement and pay a deposit, secure financing if needed, finalize the sale with a notary, and complete the registration and transfer process.
2 Responses
Are there properties with no near neiborous available for sale? Do such homes still exist there in Mauritius?
Hi Elina, those homes do exist. You can still buy a property in Mauritius with no neighbors. To get help finding a house, please email us at [email protected].