With its lush nature and mild climate, Mauritius is a destination that is attracting more and more expatriates, young retirees and investors looking for a second home. In recent years, non-resident foreigners have had the opportunity to invest in new build property on the island and even enjoy advantages.
Mauritius, a paradise for foreign investors
The second home market, which has long been oriented towards luxury real estate, is now accessible to the greatest number of people. Foreign investors can find new apartments from €160,000.
New real estate is expanding rapidly on the island. Most of the new developments are located on the seaside and offer luxury services such as spa and golf. Buyers have a wide choice. They can choose between the apartments and houses of Asmara, the luxury villas of the Anahita resort, the Domaine de Mahé, the Azuri or the Marguery villas...
Investing in real estate in Mauritius can be an interesting choice. The island's tourist traffic is constant and the country's climate allows owners to rent their property all year round. Most real estate or tourist complexes offer rental management services that guarantee owners an income for the months when they do not occupy their property.
This enthusiasm for real estate in Mauritius is also explained by a lenient tax system for expatriates who have obtained residence. Indeed, there are no taxes on real estate assets (IFI), no inheritance tax, the general tax rate is 15%, there is no double taxation (for some foreigners such as the French), no capital gains tax in the event of resale, no property or housing tax...
The investment plans
To regulate the real estate market in Mauritius and the secondary residence market in particular, the State and the Board of Investment (BOI) have put in place guidelines to regulate foreign real estate transactions. Purchases made by foreigners are regulated by the PDS (Property Development Scheme, which also includes R+2 purchases) and Smart City.
The Property Development Scheme (PDS) provides a framework for home ownership for non-residents. It concerns new real estate and purchases on plan in luxury secure residences with leisure areas and management services. There is no minimum price imposed for the purchase of real estate. A foreign buyer is eligible to obtain residence status if he or she invests more than $500,000 (approximately €450,000). The R+2 scheme makes it possible to acquire a property in co-ownership in a building of smaller dimensions but at least 2 floors.
The Smart City Scheme (SCS) aims to develop mixed-use real estate projects (office and residential) as well as commercial, green and leisure areas. The idea is to create dynamic cities that integrate intelligent and environmentally friendly technologies.
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