Foreigners Buying Property in Mauritius: A Comprehensive Guide
Ever dreamt of owning a slice of paradise? Well, I’ve got good news for you! 🌴 Mauritius, a gem in the Indian Ocean, is not just a dream destination for tourists, but also a hot spot for real estate investment. And yes, foreigners can buy property in Mauritius! But, like any other investment, it’s not as simple as signing a check. There are rules, regulations, and procedures to follow. So, let’s dive in and explore the ins and outs of buying property in Mauritius as a foreigner.
Understanding the Mauritian Property Market
First things first, let’s get a feel for the property market in Mauritius. The real estate sector has been booming over the past decade, thanks to the government’s proactive approach to attract foreign investment. 🏡 From luxury villines to beachfront apartments, there’s a wide range of properties available for foreigners.
But, it’s not just the variety that’s appealing. The return on investment is also quite attractive. According to a report by the Mauritius Board of Investment, the average return on investment for real estate is around 8-10% per annum. Now, that’s a deal worth considering!
Legal Framework for Foreigners Buying Property
So, can foreigners buy property in Mauritius? Absolutely! But, there are certain conditions. The Mauritian government has set up several schemes to facilitate foreign investment in real estate. These include the Integrated Resort Scheme (IRS), the Real Estate Scheme (RES), and the Property Development Scheme (PDS).
Under these schemes, foreigners can buy villas, apartments, and other residential properties. However, the minimum investment amount is $375,000. Also, buying a property under these schemes Grants the buyer and their family a residence permit. 🏠
Steps to Buying Property in Mauritius
Now that we’ve covered the basics, let’s look at the steps involved in buying property in Mauritius as a foreigner.
- First, identify the property you want to buy. You can do this by visiting real estate websites, contacting real estate agents, or even taking a trip to Mauritius.
- Once you’ve found the property, you’ll need to make a reservation by paying a deposit. This is usually 10% of the property value.
- Next, you’ll need to apply for approval from the Economic Development Board (EDB). This involves submitting a set of documents, including a copy of your passport, a bank reference letter, and a reservation form.
- Once the EDB approves your application, you can proceed to sign the deed of Sale. This is done in the presence of a notary.
- Finally, you’ll need to pay the remaining balance, and the property is yours!
Frequently Asked Questions
1. Can foreigners buy land in Mauritius?
No, foreigners cannot buy land in Mauritius. They can only buy apartments, villas, and other residential properties under the IRS, RES, and PDS schemes.
2. Do foreigners get a residence permit when they buy property in Mauritius?
Yes, buying a property under the IRS, RES, or PDS scheme grants the buyer and their family a residence permit.
3. What is the minimum investment amount for buying property in Mauritius?
The minimum investment amount for buying property in Mauritius as a foreigner is $375,000.
Conclusion
So, there you have it! Buying property in Mauritius as a foreigner is not just possible, but also quite straightforward. With a booming real estate market and attractive return on investment, it’s an opportunity worth considering. However, it’s important to understand the legal framework and follow the right procedures. And remember, while the process might seem daunting, the reward is a slice of paradise! 🌴
In summary, foreigners can buy residential properties in Mauritius under specific schemes, with a minimum investment of $375,000. This investment also grants them a residence permit. The process involves identifying a property, making a reservation, applying for EDB approval, signing the deed of sale, and paying the balance.
