Buying property in Mauritius is an attractive opportunity for many foreign investors. In addition to its heavenly climate, the island offers political, economic and legal stability, making it a prime destination for investing in high-end real estate. However, navigating the process of buying property in Mauritius can seem complex for expatriates. What are the key steps to a successful real estate investment on this dream island? Discover the essential steps you need to know to buy property in Mauritius with complete peace of mind.
The essential steps to buying a property in Mauritius
1. Clearly define your objectives and search criteria
The first step to successfully buying a property for foreigners in Mauritius is to define your project. Are you looking for a primary or secondary residence, or a rental investment? Which region do you prefer: Grand Baie, Tamarin or the east coast? Each area has its own specific features and advantages. You also need to determine your budget and the type of property you’re looking for (villa, apartment, penthouse).
2. Understand the different authorized investment schemes
Mauritius has set up several specific programs for foreigners:
Integrated Resort Scheme (IRS): large luxury villas with a minimum investment requirement of 375,000 USD.
Real Estate Scheme (RES): smaller-scale residential projects, with no minimum investment required.
Property Development Scheme (PDS): replaces IRS and RES with a simplified regulatory framework, integrating services and upscale common areas.
These schemes not only enable you to acquire a property, but also automatically benefit from a residence permit.
3. Obtaining a permit from the Economic Development Board (EDB)
Any foreigner wishing to buy under the IRS, RES or PDS regimes must obtain prior authorization from the EDB. This administrative procedure requires the presentation of several documents: passport, proof of funds, completed authorization form, and a sales agreement signed with the developer.
4. The notary procedure: securing your purchase
Once EDB approval has been obtained, the next step is the notary’s office. The notary plays a crucial role: he checks the legality of the property, draws up the deed of sale and ensures that the transfer of ownership goes smoothly. Generally speaking, the notary retains an advance of around 10% of the sale price until the entire process is completed.
5. Attractive taxation: understanding the tax advantages
Mauritius offers a particularly advantageous tax system for foreigners. In addition to the absence of property and capital gains taxes, the island applies a flat tax of 15% on rental income. In addition, bilateral tax treaties with numerous countries avoid double taxation, making Mauritius particularly attractive.
Tips for buying property in Mauritius
Call on a real estate advisor who specializes in transactions with foreigners.
Visit several properties to make sure you make the best choice.
ns with foreigners.Clarify all financial terms and conditions before signing a contract.
Allow plenty of time for administrative and notarial procedures.
Conclusion
Buying a property in Mauritius is an accessible project, provided you master the key stages specific to foreigners. By taking advantage of our expert support every step of the way, you’ll be able to bring your project to fruition with peace of mind, and take full advantage of a secure investment in an exceptionally attractive setting.
Contact Ohana Heritage today to start your real estate project in Mauritius with peace of mind.
