Real estate investment in Mauritius


The Mauritian real estate market continuously readapts itself, multiplying property acquisition opportunities. This sector is regulated, and to acquire an immovable asset on the island when one is a foreigner requires a certain knowledge and expertise around the standards, norms and criteria. Villa Vie will do its best to guide and lead you in this adventure…

Below is a summary of the Mauritian laws to shed some light on the subject in the meantime.

Foreign buyer - Real estate investment Villa Vie


A foreign citizen must generally turn to specific schemes that have been put in place by the government (IRS, RES, PDS, IHS) to invest in real estate in Mauritius.These schemes enable investors to purchase their freehold property in residential projects that usually offer an array of services such as rental management, conciergerie etc.

Since December 2016, the Mauritian government has given foreign citizens the possibility to purchase an apartment in a Ground+2 project worth a minimum of Rs. 6 million per unit, or the equivalent in a freely convertible currency (this excludes projects that are built on lands belonging to the Mauritian State), or to acquire a property for business purposes.

In any case, any real estate acquisition by a residential or professional foreigner in Mauritius is subject to prior approval from the relevant Mauritian Authorities.

The acquisition of these immovable properties is generally governed and carried out in accordance with the French VEFA principle (Vente en État Futur d’Achèvement or sale under condition of future completion). This system was put in place in the interest of the buyer and guarantees the successful completion of the programme, as a GFA is provided by a bank (Garantie Fin d’Achèvement, or a Warranty End Completion).
At the signing of the deed of purchase, the first payment is deposited and held in an escrow account ouvert dans une banque mauricienne.in a Mauritian bank. The payment is made in several instalments, based on the progress of construction. The bank only releases the money when the promoter starts the construction work after reaching +/- 70% of the sales (requirement of the GFA).

Can I invest in real-estate in mauritius?

The following qualify for purchase of property under the IRS, RES, PDS, IHS schemes or of a Ground+2 apartment :

  • A foreign national.
  • A Mauritian citizen.
  • A company registered as a foreign company under the Companies Act 2001.
  • A non-trading company (“société civile”) governed by the Civil Code of Mauritius and whose statutes have been filed with the Registrar of Companies of Mauritius.
  • A « limited partnership » governed by the “Limited Partnership Act”.
  • A trust” (fiducie) where the trusteeship services are provided by a qualified trustees“ (management company or such other person resident in Mauritius) and licensed by the Financial Services Commission.
  • A foundation governed by “Foundations Act”.

As a non-citizen, you can therefore invest through the following schemes, which are also accessible to Mauritian citizens.

PROPERTY DEVELOPMENT SCHEME (PDS)

The Property Development Scheme (PDS) is a new programme, which replaces the IRS and RES schemes. It enables the development of a project with residential units for sale to non-citizens, citizens and members of the Mauritian diaspora.
The PDS scheme also provides that a non-citizen is entitled to a residence permit upon the purchase of a PDS villa whose value exceeds US$ 500,000.

INTEGRATED RESORT SCHEME (IRS)

It was the first scheme that was implemented by the Mauritian Government in 2001, with the collaboration of the Board of Investment (BOI). The land area to be developed under this scheme must exceed 10 hectares.
This scheme allows foreigners to purchase luxury villas offering various facilities and infrastructure such as golf courses, marinas, individual pools, restaurants, spas and sports and wellness centres. The minimum investment is US$ 500,000.
The right of residence is automatically granted to buyers of IRS properties as well as their legal spouse and minor children.
This residence permit will remain valid as long as the person retains ownership of the IRS villa.

 

REAL ESTATE SCHEME (RES)

This scheme has much in common with the IRS scheme, the main difference being the size (between 4 000 sqm and 10 hectares) and cost of the project.
The purchase of a RES property by a non-Mauritian citizen does not guarantee permanent residence for the buyer unless the price of the property is at least US$ 500,000. If the value of the purchase is lower than US$ 500,000, the buyer will be authorized to visit the territory for short periods as a tourist (90 days for EU nationals with the possibility of extending the stay subject to prior approval by immigration services).

INVEST HOTEL SCHEME (IHS)

This scheme allows hotel developers to sell villas, suites and rooms to individual buyers.

 

Discover our selection of properties that are accessible to foreigners on our website, to find your dream house… Our agency strives to guide and advise you ensuring that the conditions within which you settle down are optimal.