Property in Mauritius for residency permit
The website Citizenship-By.Investments will help you with choosing and buying real estate in Mauritius for a residence permit and other purposes on favourable terms. The catalogue has offers from the best developers and real estate agencies. Foreigners have the opportunity to obtain ownership (freehold) of different types of objects:
- Villas with landscaped adjacent territory and exclusive finishing.
- Beachfront houses or houses in neighbourhoods close to beaches.
- Apartments of different sizes for living and renting.
- Land plots for development.
The main part of the proposals is for villas and houses located near the beaches. Developers offer options to invest in projects at different stages of construction.
The properties vary in location, cost, and characteristics. They range in size from 21 m² to 3,000 m². Port Louis, Rose Hill, Tamarine, Blue Bay, and Black River are the most popular places for expats and tourists. Those are located in the north and northwest of the country.
When selecting the type of property, one should be guided by the purpose of purchase:
- Accommodation: to move to Mauritius, it makes sense to choose new villas with furniture and appliances or cosy houses on the secondary market. It all depends on the purchase budget.
- Holiday on the Indian Ocean coast: if you intend to come to the island and stay in your accommodation, then you should look for apartments or villas with a good location near the beach so that during your absence, the residence could be rented out.
- Making money from renting: both budget and luxury accommodations are in demand among tourists and digital nomads, so it's important to decide on your target audience and rental strategy.
The process of buying a home on the island involves:
- Making a list of significant requirements.
- Finding a suitable property. If you plan to apply for a residence permit, luxury residences are worth considering. It is important to assess the advantages of under-construction, new, and secondary housing. Projects from developers have maximum profitability, but apartments and houses on the secondary market are ready to move in.
- Reservation and preparation of documents.
- Signing a contract with the developer or through a reliable agency.
- Payment and transfer of property ownership. Immediately afterwards, you can apply to the Economic Development Board (EDB) for a residence permit.
Residence permit in Mauritius by buying property
Once a foreigner acquires an apartment, plot of land, hotel, or villas in Mauritius, they can apply for a residence permit. A residence card is granted to those who:
- Have reached age 18.
- Do not have a criminal record or serious illnesses.
- Invest in the object of $375,000—this is the minimum among property prices in Mauritius to obtain temporary resident status.
- Choose to invest in a government-approved project or an object not included in the approved list but located in 3-storey and higher buildings.
- Provide a package of necessary documents, including a certificate of no criminal record and bank statements confirming the solvency and legality of the origin of funds.
Properties in Mauritius for investment allow you to get a permanent residence in 3 years. To maintain the status, the resident must remain the owner of the villa or apartment during the term. To apply for citizenship, one must live in the country for at least 5 years. Permanent and temporary residence permits are granted to both the owner and their minor children and spouse.
Having a residence permit allows you to stay in the country without restrictions, be employed by local companies, and set up a business on the island. Being a tax resident of Mauritius is favourable, as the state has a progressive income tax of 10–15%, and if the profit is less than $15,200, it is not necessary to pay it. There are also no taxes on capital appreciation, inheritance, and dividends.
Investment real estate in Mauritius
For those wishing to purchase overseas real estate, properties in Mauritius are a perfect option. The country gives the economic and political benefits as well as:
- The growing tourist flow.
- The prospect of receiving up to 7–8% per annum from the rental of apartments and return on investment for 15–20 years when the housing is purchased in a popular resort.
- Reliable protection of the interests of owners of local apartments and villas (including non-residents).
- Favourable tax regime.
- Stable economic development.
- Safety and high quality of life.
- Housing value increase: according to forecasts, the market volume will exceed $16 billion in 4 years.
Additional advantages for investors are:
- Ease of transaction processing and further housing management.
- Obtaining a residence permit in Mauritius through property investment within 3–8 months.
- Developed health care and educational systems.