Do you want to buy property in Mauritius? Recent amendments to property regulations have introduced minor adjustments to currency requirements for international buyers. However, these changes will primarily concern local banks and notaries, not affecting the ease of doing business for foreign buyers. 

This blog post will provide you with a clear understanding of these recent changes, including:

• Currency requirements: how the new regulations affect your investment
• The role of the notary: understanding the notary’s responsibilities in the property acquisition process
• Local loan financing options: exploring available financing options for your property investment.

Mauritius Sotheby’s International Realty is here to guide you through these changes and ensure a seamless and successful investment journey.

To further strengthen the local economy, a slight adjustment has been made to currency requirements.

Foreigners who want to buy property in Mauritius, in off-plan developments, are now required to pay 85% of the purchase price in Mauritian Rupees ( MUR)  to the developer. The remaining 15% can be paid in either foreign currency (USD, EUR, or any hard convertible currency) or Mauritian Rupees.

Here, your fund transfer can still be done in your preferred foreign currency to the financial institutions or the notary who will process your transaction, and they will work on proper currency conversion and transfer.

The notary plays a crucial role in ensuring compliance with these new regulations. They are responsible for transferring 85% of the funds to the relevant property developer in Mauritian Rupees, and the remaining 15% as per the buyer’s preference.

For properties exceeding USD 750,000, the initial USD 750,000 or its equivalent in any other currency must be transferred and paid in Mauritian Rupees.

Subsequent financing can be obtained through local banks with loan repayments in any hard convertible foreign currency.

• Enhanced Economic Stability: By stabilizing the economy, these amendments contribute to a more predictable and secure investment environment for international investors.
• Reinforced Commitment to Foreign Investment: These changes reaffirm Mauritius’ commitment to welcoming foreign investment and fostering a business-friendly environment for global investors.

• Mauritius Sotheby’s International Realty possesses in-depth knowledge of the Mauritian property market and can assist you in understanding any specific implications of these amendments on your investment plans.Our expert team will guide you through the entire acquisition process seamlessly, ensuring a smooth and successful investment journey.Contact us on info@sir.mu today to learn more about the process to buy property in Mauritius.

Note: Info Source – Economic Development Board of Mauritius