Besides an incredibly attractive tourist resort with its sea, sand and sun, the paradise island of Mauritius equally boasts of a liberal property market for foreigners. In a bid to attract foreign investments, the mesmerising Indian Ocean island is well poised to offer real estate incentives through hard-to-resist hard-to-resist schemes and incentives for foreign property investment in Mauritius, such as the Mauritian residence permit.
Foreigners can thus acquire residential properties, like villas, townhouses, penthouses, apartments, duplexes and serviced plots of land in existing Integrated Resort Scheme (IRS) projects. These projects offer a wide variety of world class amenities for leisure, entertainment and wellness such as golf courses, marinas, beach clubs, clubhouses and wellness centres.
Non-citizens and their dependents are eligible for a residence permit if they acquire a property with a minimum price of USD 375,000. The owners may rent the property, become tax resident and face no restriction on the repatriation of revenue raised from the sale or renting of the property.
Non-citizens who have a residence permit under IRS are exempted from an Occupation or Work permit to invest and work in Mauritius. Indeed, the 2021-2022 budgetary measures go a long way to bolster the liberal policy of Mauritius, notably with the ease of obtaining an Occupational Permit for the investor and his family.
The Real Estate Scheme (RES) project is yet another luxury product offering different types of residences (villas, penthouses, duplexes, apartments) located within exclusive residential developments. With a minimum investment of USD 375,000, foreign owners are eligible for a residence permit for themselves and their dependents.
Foreigners are also allowed to purchase apartments in developments outside the residential schemes. The acquisition of such a residential property over USD 375,000 is accompanied by a residence permit for the owner, his/her spouse and children below 24 years and is exempt from an Occupational or Work Permit.
The Smart Cities, revolving around work, life and play concept, are large-scale mixed-use developments in cosmopolitan conurbations with smart technology. These residential estates are embedded within an integrated master plan fostering a sustainable and happier lifestyle.
A residence permit is automatically obtained with the acquisition of a residential unit at a minimum price of USD 375,000.
There are clear indications that these incentives are appealing to foreign investors.
Members of the Mauritian Diaspora who have been living and working outside the island and wishing to return home can also be registered as professionals or self-employed. They are eligible for the purchase of a residential property under the Smart City Scheme or the Property Development Scheme (PDS) with exemption from Registration Duty. They are equally entitled to a Permanent Residence Permit. An Occupation Permit combines work and residence permit and allows foreign nationals to work and reside in Mauritius as investors, professionals and self-employed.
