Property Investment : Acquisition Options for Foreigners Broadened and Made Easier
Another milestone achieved in property investment in Mauritius!
For a minimum investment of USD350 000 and a 10% contribution to the solidarity levy, a holder of any type of residence permit including Permanent Residence Permits, Investor Permits, Occupational Permits, Retiree Permits but excluding the Premium Visa, now qualifies for property acquisition outside of the approved schemes, i.e, the Integrated Resort Scheme (IRS), Real Estate Scheme (RES) and Property Development Scheme (PDS).
This new measure broadens the possibilities of property acquisitions, as foreign residents now have access to many more properties on the island, including:
Already built homes situated on freehold land not exceeding 5276 square metres
Plots of freehold land not exceeding 5276 square metres
The new legislation does not allow foreigners to buy leasehold land, which generally means any beachfront property is excluded and not available.
If you relinquish or lose your residence permit, the good news is that you can still keep ownership of your property as an investment, to rent it out, or to keep it as a secondary residence in Mauritius. You will however only be able to spend 6 months of the year in Mauritius, as per current law.
Investors Can Acquire Property and Obtain Residency in Partnership
It is now also possible for non-citizens to acquire property in partnership, under the fractional ownership policy. Under this regime, each partner will be eligible to apply for the status of residency, provided that each foreigner invests more than USD 375 000 in the property.
