Tags: Acquisition

Attention non-citizens holding a residence/occupation permit! This opportunity might be exactly what you've been looking for. Discover a perfect fit for your lifestyle.

ELIGIBILITY FOR THE ACQUISITION OF RESIDENTIAL PROPERTY
The following non-citizens are eligible to acquire a residential property of a minimum value of USD 500,000 for personal residence:
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a. Main holder of a Permanent Residence Permit
b. Main holder of a residence permit issued by virtue of the purchase of an immovable property under the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS), Invest Hotel Scheme (IHS), Smart City Scheme (SCS) or apartment located in ground +2 building
c. Main holder of an occupation permit as investor, professional, self-employed
d. Main holder of a short-term occupation permit
e. Main holder of a family occupation permit
f. Main holder of a residence permit as retired non-citizen
For the avoidance of doubt, the spouse, dependent child, parent or other dependent of the main holder of a permit shall not be eligible to acquire a residential property under section 3(3)(d) of the NCPR Act.

DEFINITION OF PROPERTY
A non-citizen may only purchase or acquire 1 (one) property under section 3(3)(d) of the NCPR Act being:

i. a residential property (stand-alone house, villa, apartment, etc) constructed on land not exceeding 0.5276 hectare (1.25 arpent)
ii. bare land or a plot of serviced land, provided that the area does not exceed 0.5276 hectare (1.25 arpent)
A non-citizen cannot purchase or acquire –
• a residential property situated on State land, including Pas Géométriques;
• a bare land classified as agricultural land;
• a plot of serviced land exceeding 0.5276 hectare (1.25 arpent); or
• a standalone residential property constructed on an extent of land exceeding 0.5276 hectare (1.25 arpent)
 
You may visit our website to view our portfolios of properties for sale now available to you: https://stg-mauritiusseeffcom-staging.kinsta.cloud/property/?property_status=sale

Are you looking to live on the beautiful island of Mauritius or invest in a return on investment type of property? People from all over the world contact Seeff daily in search of the perfect real estate matching their needs.

Owning a property in Mauritius is made possible through different schemes put in place by the government.

Acquiring property can be a viable investment opportunity and it is advisable to consult with a local real estate agent who can provide personalised advice and guidance on acquiring property in Mauritius.

We invite you to view our portfolio of properties and developments for sale: (Click here to view our portfolio of properties for foreigners)

Let’s have a closer look at these schemes:

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Ground Floor + 2 Apartments

Non-citizens are allowed to purchase apartments in developments of at least two levels above ground (G+2) with the prior approval of the Economic Development Board.

Starting Price: As from MUR 6 million and up.

Residence Permit: Any non-citizen who has acquired an apartment for a price not less than USD 375,000 will be eligible to a residence permit. It remains valid so long as the non-citizen holds the apartment.

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Integrated Resort Scheme (IRS)

The Integrated Resort Scheme (IRS) is meant for the development of luxurious residential units such as villas, apartments, penthouses, townhouses and serviced lands located in projects which boast golf courses, marinas, restaurants, shops etc.

The owners may rent the property, become a tax resident in Mauritius and face no restriction on the repatriation of funds or revenue raised from the sale or rent of the property.

Starting price: minimum price of USD 375,000.

Residence Permit: any person purchasing an IRS property to the value of USD 375,000 and above, is entitled to permanent residency, as well as his (her) spouse and any dependents. The spouse and children below the age of 24 are also granted a residence permit.

Non-citizens who have a residence permit under IRS will be exempted from an Occupation or Work permit to invest and work in Mauritius.

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Real Estate Scheme (RES)

The Real Estate Scheme (RES) is a smaller version of the IRS offering more affordable types of residences such as villas, apartments, penthouses and townhouses.

The owners may rent the property, become a tax resident in Mauritius and face no restriction on the repatriation of funds or revenue raised from the sale of rent of the property.

Starting price: no minimum price.

Residence Permit: any person purchasing an RES property to the value of USD 375,000 and more, is eligible to a residence permit. The spouse and children below the age of 24 are also granted a residence permit.

Non-citizens who have a residence permit under RES will be exempted from an Occupation or Work permit to invest and work in Mauritius.

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Property Development Scheme (PDS)

The Property Development Scheme (PDS), which has replaced the IRS and RES, allows the development of a mix of residences for sale to non citizens.

The owners may rent the property, become a tax resident in Mauritius and face no restriction on the repatriation of funds or revenue raised from the sale of rent of the property.

Starting price: no minimum price.

Residence Permit: any person purchasing a PDS property to the value of USD 375,000 and up, is eligible to a residence permit. The spouse and children below the age of 24 are also granted a residence permit.

Non-citizens who have a residence permit under PDS will be exempted from an Occupation or Work permit to invest and work in Mauritius.

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Smart City Scheme (SCS)

The Smart Cities are large-scale mixed-use developments revolving around the work, life and play concept, with smart technology and pioneering innovation at their core. Within this scheme, a non-citizen can acquire villas, apartments, penthouses, townhouses as well as serviced lands.

The owners may rent the property, become a tax resident in Mauritius and face no restriction on the repatriation of funds or revenue raised from the sale of rent of the property.

Starting price: no minimum price

Residence Permit: any person purchasing an SCS property to the value of USD 375,000 and more, is eligible to a residence permit. The spouse and children below the age of 24 are also granted a residence permit.

Non-citizens who have a residence permit under PDS will be exempted from an Occupation or Work permit to invest and work in Mauritius.

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Senior Living Residence

Projects falling under the scheme PDS for Senior Living are designed for adults aged 50 years old and up who are looking for all the facilities offered to a senior citizen.

Starting price: no minimum price.

Residence Permit: The non-citizen aged above 50 years can choose to apply for a residence permit for himself/herself and his/her spouse or common law partner until such time the property is no longer owned or occupied by the retiree.

Invest Hotel Scheme

The Invest Hotel Scheme (IHS) allows a non-citizen to acquire units within a hotel and benefit from all the facilities offered.

Starting price: no minimum price.

Residence Permit: any person purchasing a unit/room under the IHS to the value of USD 375,000 and more, is eligible to a residence permit.

Source: EDB Mauritius

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Buying a property, particularly one outside of your own country, can be a complex and challenging process. There are many factors to consider, including legal and financial requirements, cultural differences, and language barriers. It is important to have a clear understanding of the local real estate market and the laws and regulations governing property ownership in the country where you are considering buying a property. But rest assured, we accompany our clients throughout their entire journey and make sure that their needs and objectives are met with the utmost attention.

Adequate procedures and process that are important for a fluid property acquisition in Mauritius

Who can buy a property in Mauritius?

  1. a non-citizen of Mauritius
  2. a citizen of Mauritius
  3. a company registered as a foreign company under the Companies Act 2001
  4. a company incorporated under the Companies Act 2001
  5. a société, where its deed of formation is deposited with the Registrar of Companies
  6. a trust, where the trusteeship services are provided by a qualified trustee (management

company or such other person resident in Mauritius) licenced by the Financial Services Commission.

Process for acquisition of a Residential Property

An application shall be made to the Economic Board of Development with the submission of the following documents:

  1. Application form duly filled in
  2. Letter confirmation from the bank or notary stating that the KYC (Know your Client) was completed
  3. A certified passport copy
  4. A certified birth certificate copy
  5. A copy of the presale contract (CRP) duly signed at a notary’s office
  6. A non-refundable processing fee of Rs 20,000 paid to the EDB

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Payment Structure of an off-plan development

In accordance with the provisions of Article 1601-30 of the Code Civil, the price of an off-plan residential unit when sold under “VEFA” is payable in instalments as the work progresses. Payments as per below:

  • Upon signature of the presale agreement: 10%
  • Upon signing of the deed: 15%
  • Upon completion of the foundation works: 10%
  • Upon completion of roofed-in phase: 35%
  • Upon completion: 25%
  • Upon availability of premises: 5%

Payment Structure of an already built property (resale)

This can vary depending on what has been arranged between the seller and the buyer but here is a general overview of the typical payment structure for a property purchase in Mauritius:

  1. Deposit: Upon signing the CRP (Preliminary Reservation Contract) at the notary, the buyer is typically required to pay a deposit, which is a portion of the purchase price. This deposit is usually 10-15% of the total purchase price and is held in the notary’s escrow account until the transfer of ownership is completed.
  2. Balance of the purchase price: The balance of the purchase price is typically due on the day of the signature of the Title Deed at the notary’s office. This signature can be done at any time convenient to the cash buyer and it will take about 3 to 4 months for a loan buyer from the moment the CRP is signed.
  3. Closing costs: In addition to the deposit and the balance of the purchase price, there are other costs associated with purchasing a property in Mauritius, such as legal fees, stamp duty, registration fees, agency fees and notary fees.

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Process for a Residence Permit eligible for acquisitions as from USD 375,000

Documents to be submitted to the EDB:

  1. Duly filled Residence Permit application form (by main applicant and his/her dependents)
  2. Certified true copies of passport and birth certificates for each applicant;
  3. Two passport size photographs for each applicant;
  4. Medical Certificates for each applicant with a validity period of 6 months;
  5. Morality Certificates of applicants, above the age of 18, with a validity period of 6 months;
  6. Notary certificate attesting that the deed for the residential property has been duly registered and
  7. transcribed;
  8. In case of a couple – a certified true copy of the marriage certificate or a ‘certificat de
  9. concubinage’ or an ‘affidavit’ whichever is applicable; and
  10. Duly filled Passport & Immigration UID Form 

Additional information will be requested for clients acquiring through a company, trust or society.

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