What is next after the load shedding?
Considered as one of the most liberal investment environments in the Indian Ocean, Mauritius may be the best solution for smart investors looking for an openin, away from the jeopardies of the South African market.
During the past five years, Mauritius became an attractive option for South Africans - in terms the lifestyle and investment openings, and also because of the proximity to South Africa.
Regardless of a larger economy, bigger population, and a place filled in with rich resources, South Africa has an unstable political landscape, thus, the island started drawing attention as more than just a 'holiday destination'.
According to the Bank of Mauritius, countries such as France, China, South Africa and United Arab Emirates are investing in Mauritius. It is not only the highest-ranked economy in Sub-Saharan Africa in terms of 'Ease of doing business' index (re-elected for 2018), the island is seducing investors with its attractive tax regime (individuals and business). There is no capital gains tax, no dividend taxes, and no property tax. Businesses and individuals are taxed at a flat rate of 15%. There are also no exchange controls which attracts affluent people to use the island as a business and investment hub.
A report published by the research outfit "New World Wealth," last year, appraised the growth of Mauritius as a global wealth hub. Over the past decade (2007 to 2017), the total wealth held in Mauritius increased by 195% in US Dollars), making it the fastest-growing wealth market in Africa!
As per Moneyweb (2019), the total wealth held in Mauritius amounts to US$43 billion, while per capital wealth (average wealth per person) stands at US$33 000, making Mauritius a prosperous country in Africa (on an average wealth per person basis).
The Mauritius government states that a foreigner qualifies for residency if they invest in a property on the island amounting more than US $500 000. There has been an interest amongst the South Africans looking to move to Mauritius. One of the main reasons, is the speedy growth of the Mauritian economy, and a demand for skilled professionals - of which South Africa has plenty. There is also a competitive plus around physical safety and security of ownership rights, which is of concern in SA. It is clear why Mauritius is becoming a destination of choice. Properties in Mauritius keep growing in value and the prime location is Grand Baie.
Everyone is feeling unclear about the market situation. Guess, Mauritius is the answer now!
Author: RE/MAX 24 Mauritius