Over the years, Mauritius has become a premium destination for real estate investment. Faced with the influx of demand, the government has set up several programs specially designed for non-residents wishing to buy a villa or a luxury apartment within this independent, innovative, politically stable and above all economically very dynamic republic. VEFA, IRS, RES, PDS, SCS, Ground +2… There are several options. Let’s zoom in on the types of real estate investments possible in Mauritius!
Buying-off plan, called Vente en l’état futur d’achèvement (VEFA) in French, is aimed at foreigners as well as Mauritians. It is governed by Article 1601-3 of the Civil Code, which describes it as follows: “the buying-off plan is the contract by which the seller immediately transfers to the purchaser his rights to the land as well as the ownership of existing constructions. Future works become the property of the purchaser as they are executed; however, you must pay for them in advance. The seller retains power over how it is completed until then”.
More specifically, the buying-off plan consists of signing a sales contract before or during construction. This is popular with investors for its many advantages and represents an opportunity to collaborate with the promoters in designing your residence’s plans!
The buying-off plan is one of the most secure methods for investors, as developers have a legal obligation not only to guarantee construction financing in the event of failure but also to insure purchasers. For this, they subscribe to a Financial Guarantee of Completion through which the completion of the real estate program is guaranteed by an external stakeholder (bank, etc.).
In the context of a purchase under the buying-off plan program, the purchaser enjoys several other guarantees. These are:
The signature of the reservation contract between the future buyer and the developer in order to confirm the reservation of the property for sale. The purchaser pays a down payment, the amount of which is equivalent to a security deposit and paid into an account dedicated solely for this purpose and opened with a notary.
The signature of the final sale contract, which is issued one month before the scheduled date of signature and which acts as the title deed. The document will serve as a legal agreement, outlining the rights and obligations of both parties. It includes an accurate description of the property with all measurements included for accuracy.
The buying-off plan also consists of payments instalments:
For a quality investment that is ideally located and reliable under the buying-off plan, it is strongly advised to approach a real estate agency with a sharp knowledge of the market, but above all of Mauritian legal and tax regulations. Villa Vie meets these criteria and the agency offers personalised support, in which all your needs are taken into consideration. Whether it is for visits or administrative procedures, the firm is at your side at every step of the way!
This form of real estate investment was introduced in 2001 by the Mauritian government in collaboration with the Board of Investment (BOI now Economic Board of Development Mauritius EDB), a major economic player.
As part of the IRS, non-resident purchasers have the opportunity to invest in luxurious villas included in a secure community equipped with various services.
Conditions to invest in IRS real estate in Mauritius
Good to know
The purchaser of an IRS real estate and his/her family members (spouse and children under the age of 24) are eligible for the Mauritian residence permit, valid for the entire period of ownership of the property by the purchaser.
The Real Estate Scheme (RES) saw the day in 2007. Here the lands are smaller and the conditions are less restrictive.
Conditions to invest in RES real estate in Mauritius
Good to know
Unlike the IRS, the RES does not automatically entitle the purchaser with the Mauritian residence permit. However, he has a right of residence of 6 months per year on the island. If the purchaser wishes to apply for residence, he must invest more than US dollars 375,000.
The PDS was launched in 2015 and revolves around flexibility, localised social and economic contribution, respect for the environment and ecology.
The conditions to be respected to invest in PDS real estate in Mauritius
Good to know
By investing at least dollars 375,000 minimum, the acquirer benefits from the residence permit.
The Smart City Scheme aims to promote Mauritius as a hub for international businesses and a sustainable destination.
Conditions to invest in SCS real estate in Mauritius
This program was launched in 2016 and is aimed at foreigners wishing to invest in an apartment in Mauritius.
Conditions to invest in G+2 real estate in Mauritius
Real estate investment in Mauritius is actually much faster and easier than we imagine with serious and professional support.
Crédits photos: Michael block on Pexels.
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