As a foreigner, you have the opportunity to invest in real estate in Mauritius. To this end, the government has set up various programs to regulate the market. These are the PDS, IHS and R+2.
Active since 2015, the PDS (Property Development Scheme) is a real estate acquisition program which replaces two other schemes, the IRS and the RES. It is defined as follows:
It can comprise:
Accessible to foreigners
Investing in a PDS allows you to benefit from a favourable tax policy within the framework of a stay of more than 183 days per year in Mauritius, applicable to members of your immediate family (wife/husband and children up to the age of 24).
The purchaser of a villa or apartment under the PDS regime becomes eligible for a resident permit. For this to be possible, the property must be worth more than US $375,000 or the equivalent in freely convertible currency. This resident permit is valid as long as the purchaser retains ownership of the property.
The PDS operates under harmonised registration fees at a single rate of 5%.
It is possible to rent out your PDS property by entrusting its management to a real estate agency in Mauritius. It will look after the tenants and manage the property year-round or in part (autre traduction: year-round or seasonally).
Individuals and businesses can also benefit from a 15% tax rate, as well as a registration fee of only 5% on real estate transactions. There is no capital gains tax on the sale of the property in Mauritius, no withholding tax on interest and dividends, exemptions from customs duties on equipment and free repatriation of profits, dividends and capital.
Investment in a PDS property is not included in the calculation of the Wealth Tax (l’impôt sur la fortune (ISF)) for French buyers. In addition, there is no general social contribution (cotisation sociale générale (CSG)), property tax or housing tax. Under the double taxation agreement with France, income from the rental of real estate is taxed at 15% in Mauritius.
Mauritian citizens residing in the country or expatriates can invest in such a program, however, promoters are free to contact only foreigners who are or are not holders of:
The above have access to several types of programs:
The answer is yes if you are:
The Economic Development Board Mauritius explains that “the holder of a permanent residence permit and a professional receiving more than US $3,000 per month are allowed to purchase an apartment as a personal residence. The apartment must be in a residential building with at least one ground floor and two storeys.”
As a first step, contact an agency specializing in PDS programs, such as Villa Vie, which will advise you on programs that suit your search criteria.
The next step will be to make a purchase request to the Economic Development Board Mauritius (through the promoter or notary).
As an applicant, you will need to provide:
When applying for permanent residence in Mauritius, you must submit the following documents:
If you are a corporation that wishes to acquire real estate under the PDS regime, you will submit the following documents in addition to the above-mentioned documents:
The payment method is as per the VEFA (vente en état futur d’achèvement):
In addition to the selling price, the Purchaser shall be responsible for registration fees, notary fees and administrative costs:
Registration fees: 5% of the selling price
Notary fees: 1.15% of the selling price
Administrative costs: about MUR 50,000
Investing in Mauritius is also about being able to buy a waterfront property! Some high-end hotels can then manage the rental of the property instead of the owner if he resides abroad. When he wishes to, the owner of such a property may stay in Mauritius for 30 to 45 days per year. Also, rental returns can be obtained based on hotel performance results. Please note that this program does not allow you to obtain the Resident Permit.
The R+2 is a real estate investment scheme in force since 2016. It comprises a condominium apartment, located in a building with at least two floors. It does not belong to the French heritage, thus avoids being subject to the IFI. While it does not allow the acquirer to obtain a permanent residence or tax residence permit in Mauritius, the R+2 entitles the acquirer to a certificate of Mauritian residence.
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