Mauritius is a well-known island known for it's exquisite beauty, pristine beaches and idyllic climate - but here are some facts that you might not have known:
Location
A beautiful, tropical island located in the Indian Ocean near Reunion Island, to the East of Madagascar. This small island is considered a part of Africa despite its geographical location!
Number of islands
Mauritius comprises a total number of 16 islands and islets, each known for their exquisite beauty.
Geological Background
The island was formed thousands of years ago by underwater volcanic eruptions.
Languages
Mauritius doesn't have any "official" language. Most Mauritians are multi-lingual, with a Mauritian French-based Creole also spoken by the majority of the population. English is only official in Parliament, though it's also spoken in business environments and the courts. French is more widely spoken generally, and more often used in newspapers and literature.
Currency
Mauritian Rupee is accepted across the island. You can get the currency exchanged either at the airport or from the currency exchange centres. Mauritian currency is available as coins of 5, 20, and 50 cents. Currency notes are available in denominations of 25, 50, 100, 200, 500, 1000, and 2000.
National Flower
The national flower of Mauritius is the Trochetia boutoniana, also known by its Creole name Boucle d'Oreille. The only place where the flower naturally occurs is on the slopes of Le Morne Brabant Mountain in the far southwest of the country.
Mark Twain once said, "Mauritius was made first, and then heaven, and heaven was copied after Mauritius."
BUYING PROPERTY IN MAURITIUS
MUST KNOW OVERVIEW FOR FOREIGN INVESTORS (i.e. NON CITIZENS)
- Foreigners may only buy residential property in designated schemes as approved by the Economic Development Board (EDB)
- The minimum purchase price of property is MUR 6 million if you are not a citizen
- Once you've found a property and made the offer, your documentation is sent to the EDB. The property may only be transferred to you if you are approved by the EDB.
TYPES OF RESIDENTIAL PROPERTY OWNERSHIP SCHEMES THAT YOU CAN INVEST IN
|
Scheme Type |
Date of Scheme Inception |
Overview |
Transfer Duties |
Residency Obtainable |
Investment For Residency |
|---|---|---|---|---|---|
|
Integrated Resort Scheme (IRS) |
2001 |
Land area of development to exceed 10 ha |
US$ 70 000 or 5% whichever is higher |
Yes |
US $ 375 000 |
|
Real Estate Scheme (RES) |
2005 |
Land area of development 4000m2 > 10 ha |
US$ 25 000 or 5% whichever is higher |
Yes |
US $ 375 000 |
|
Property Development Scheme (PDS) |
2007 |
Land area of development 0,422 ha (1 arp), projects are subject to strict controls regarding respect for the environment and must focus on the ecological aspect. |
5% of the transaction value |
Yes |
US $ 375 000 |
|
Smart City Scheme (SCS) |
2015 |
To be developed on land of an extent of at least 21.105 ha (50 arp), and must incorporate within the development a mix of compatible land use including commercial, leisure and residential |
5% of the transaction value |
Yes |
US $ 375 000 |
|
Ground Plus Two (G+2) |
2015 |
Minimum of 6 units in the development, must comprise ground floor plus two additional stories at least |
5% of the transaction value |
Yes |
US $ 375 000 |
Off-plan Payment Plan for Purchasing In a IRS, RES, PDS in Mauritius*
* May differ from each development project
- Deposit: 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%
By Purchasing A Unit Off Plan, How Is My Purchase Secured?
The acquisition of a unit off-plan or during construction of the project is governed by the provisions of a ‘vente en l’etat future d’achevement’ (‘VEFA’), in accordance with the Mauritian Civil Code. The Promoter provides the Purchaser with a guarantee of future completion, Garantie Future d’Achévement (‘GFA’). The GFA will be issued by Mauritius Commercial Bank and is a guarantee that the unit you have purchased will be completed and delivered to you in accordance with the project specifications and drawings. The GFA is issued to you simultaneously with your signature of the Deed of Sale.
Is It Possible To Obtain A Mortgage?
Many of the banks are is willing to finance between 40% to 60% of the purchase price. RE/MAX 24 Mauritius can make the necessary introductions to help you move discussions forward.
Where Will My Deposit Be Held?
Your deposit will be held in an escrow account opened with a Mauritian registered financial institution or alternatively in the Notary’s trust account until the Deed of Sale is signed. Once the Deed of Sale is signed, the deposit is released to the Promoter as part of the selling price.
Who Can Acquire Ownership Within An IRS, RES, PDS in Mauritius?
- A non-citizen of Mauritius
- A citizen of Mauritius
- A foreign company registered under the Companies Act 2001
- A Mauritian company incorporated under the Companies Act 2001
- A society, set up by a licensed financial services commission
Who Is Eligible for Permanent Residency?
Permanent Residency is granted to married couples and their children, who must be less than 24 years old to qualify. An unmarried partner will not be granted resident status but will be entitled to a Residence Permit that is renewable on an annual basis.
For How Long Is the Residence Permit Granted?
As long as the non-citizen holds immovable property under the scheme, the Residence Permit remains in force for him and his dependents.
What Are Some of The Tax Benefits Of Living In Mauritius?
Mauritius is a well-regulated and transparent jurisdiction that fully complies with the OECD’s International Standards of Transparency and Exchange of Information for Tax Purposes. It has established itself as an international financial centre with attractive fiscal policies, including an extensive Tax Treaty network with multiple countries.
- Corporate Tax, Personal Income Tax and VAT set at 15%
- No tax on Donations to descendants and spouses
- No Foreign Exchange Controls, no Withholding Tax, no Tax on Capital Gains
- Double Taxation Avoidance - Agreements with 46 countries
Is There A Minimum Period One Is Legally Obliged to Stay In Mauritius Under A Residence Permit?
The law does not provide for a minimum number of days per year to stay in Mauritius on a Residence Permit. However, it is recommended to stay in Mauritius for a minimum of 183 days per calendar year to be considered a resident for tax purposes. Resident individuals are subject to Mauritian income tax laws on their worldwide income. An individual is a Resident in Mauritius if he or she fulfills one of two conditions:
- he or she spends at least 183 days of the tax year in the country, or
- he or she has a combined presence of at least 270 days in that tax year and the two preceding tax years (conditions apply)
What Is the Difference Between A Permanent Residence Permit (PRP) and Citizenship?
A PRP is a permit that allows an eligible non-citizen to live in Mauritius for a period of 20 years, following which the permit must be renewed. Obtaining citizenship, on the other hand, means that the investor becomes a citizen of the country and is entitled to carry a Mauritian passport. Note that a Residence Permit does not automatically lead to Mauritian citizenship, which means that even if the holder has the right to live in Mauritius, he or she is not allowed to own other real estate properties across the country outside the Integrated Resort Scheme (IRS), Real Estate Scheme (RES) and Property Development Scheme (PDS) frameworks, or an apartment in a “ground + two” building, or industrial/commercial property. All purchases must be authorised by the Economic Development Board (EDB).
What Are Some of The Tax Benefits Of Living In Mauritius?
Mauritius is a well-regulated and transparent jurisdiction that fully complies with the OECD’s International Standards of Transparency and Exchange of Information for Tax Purposes. It has established itself as an international financial centre with attractive fiscal policies, including an extensive Tax Treaty network with multiple countries.
- Corporate Tax, Personal Income Tax and VAT set at 15%
- No tax on Donations to descendants and spouses
- No Foreign Exchange Controls, no Withholding Tax, no Tax on Capital Gains
- Double Taxation Avoidance - Agreements with 46 countries
Is There A Minimum Period One Is Legally Obliged to Stay In Mauritius Under A Residence Permit?
The law does not provide for a minimum number of days per year to stay in Mauritius on a Residence Permit. However, it is recommended to stay in Mauritius for a minimum of 183 days per calendar year to be considered a resident for tax purposes. Resident individuals are subject to Mauritian income tax laws on their worldwide income. An individual is a Resident in Mauritius if he or she fulfills one of two conditions:
- he or she spends at least 183 days of the tax year in the country, or
- he or she has a combined presence of at least 270 days in that tax year and the two preceding tax years (conditions apply)
What Is the Difference Between A Permanent Residence Permit (PRP) and Citizenship?
A PRP is a permit that allows an eligible non-citizen to live in Mauritius for a period of 20 years, following which the permit must be renewed. Obtaining citizenship, on the other hand, means that the investor becomes a citizen of the country and is entitled to carry a Mauritian passport. Note that a Residence Permit does not automatically lead to Mauritian citizenship, which means that even if the holder has the right to live in Mauritius, he or she is not allowed to own other real estate properties across the country outside the Integrated Resort Scheme (IRS), Real Estate Scheme (RES) and Property Development Scheme (PDS) frameworks, or an apartment in a “ground + two” building, or industrial/commercial property. All purchases must be authorised by the Economic Development Board (EDB).
