BUYING MAURITIUS PROPERTY
“More often than not, I get asked information on how to become a Mauritius Resident. This is due to a number of factors but more common these days is individuals looking to leave Countries that have been affected by economic and cultural changes, such as Europe and domestic conflict, such as South Africa.
What eve the reason I thought this would be a good place to provide the information I have to hand.
If you don't find what you are looking for you can always contact me by clicking on one of the inquiry form buttons throughout this site".
"Happy Hunting".Q
Karen
LIVING ON A TROPICAL ISLAND
Mauritius is naturally blessed with permanently pleasant weather, an abundance of resources, a smooth-sailing political environment, and a rich cultural heritage. But the island has more to offer than just postcard-perfect conditions. Not only do non-citizens unlock the opportunity to reside in the country upon investment, but they can also apply for a residency. Whether you’ve got a start-up venture brewing and you want to set up your own company or have just retired, this tropical country has something for everyone. Here’s what you need to know about buying in Mauritius.
Buy Your Ticket To Mauritian Residency
Under the Property Development Scheme (PDS), a non-citizen becomes eligible for a residency permit upon investing 375,000 USD into a PDS or IRS property. The country has a good international reputation, in terms of its tax scenario, with rates as cost-effective as 15%. After owning property for five years, a non-national resident has the option of applying for a Mauritian passport.
Government regulations are as relaxed as the island’s lifestyle – allowing expat residents to flex their entrepreneurial talent. In addition to year-round sunshine and flawless beaches, Mauritius boasts a highly structured economy. It was ranked the best-performing country in Africa in a 2016 report published by The World Bank.
Residents can conduct business globally, with no hidden fees.
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GETTING ACQUAINTED WITH MAURITIUS LAW
While non-citizens are allowed to rent freely, purchasing property is a different story. This is where the Integrated Resort Scheme (IRS) and the Real Estate Scheme (RES) step into the picture. Committed to granting foreigners their dream life on a tropical island, these real estate authorities overlook the construction of luxury residential complexes. Mauritius houses a wealth of premium apartments, extravagant holiday homes, and glamorous resorts estates.
Each authority has a distinct project style – the IRS typically commissions multiple blocks of villas designed for families, containing three to four bedrooms each. These residential communities tend to be situated close to main roads, gardens, public parks, and entertainment arenas. The RES takes a humbler approach with its residential projects, mainly producing apartments and cluster homes. While they’re built with premium materials, they’re typically equipped with fewer facilities.
The acquisition of a property in an IRS development enables foreigners to benefit from the favourable fiscal climate of the country. Provided that the duration of the stay on the territory exceeds 183 days per year, the property owner is entitled to become tax domiciled in Mauritius. Mauritius has Non-Double Taxation Agreements (DTA) with 43 countries.
RETIRING IN MAURITIUS
The Mauritian tax resident status confers a number of benefits:
A 15 % income tax threshold is applied to both individuals and companies.
No inheritance or capital gains taxes.
Dividends and other income derived from capital gains are exempt from taxes.
FAQS
FAQs about applying for a Permanent Residence Permit (PRP)
A holder of an Occupation or Residence Permit is eligible to apply for a 20-year Residence Permit provided the following specific conditions are met:
1. Investor: Holds an OP for at least 3 years with:
• a minimum annual gross income of at least MUR 15M; or
• an aggregate turnover MUR 45M,
for any consecutive period of 3 years.
2. Professional: Holds an OP for at least 3 years with a basic monthly salary of at least MUR 150,000 for 3 consecutive years.
3. Self-Employed: Holds an OP for at least 3 years with an annual business income of at least MUR 3 million for the 3 consecutive years.
4. Retired Non-Citizen: Holds an RP for at least 3 years with the transfer of at least USD 54,000 or its equivalent in freely convertible foreign currency for the period of 3 years.
An investor who invests at least USD 375,000 in a qualifying business activity is also eligible to apply for the 20-year residence permit.
Qualifying activities: Agro-based industry, Audio-visual, Cinema and Communication, Banking, Construction, Education, Environment-friendly and green energy products, Financial Services, Fisheries and Marine Resources, Freeport, Information Technology, Infrastructure, Insurance, Leisure, Manufacturing, Marina development, Tourism and Warehousing, Initial Public Offerings.
A non-citizen holding OP/RP for at least 3 years and whose OP/RP is valid on 1 September 2020 is eligible for a 20-year PRP. The eligibility conditions will be that of OP/RP criteria for renewal.
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