Property Mauritius: Foreigners are no longer limited to buying luxury villas

No need to buy a villa to enjoy wonderful beaches as seen above. Mauritius is a paradise island, with its growing range of properties ranging from 155,000 to several million euros, enjoys a particularly attractive tax scheme. Combined with a very pleasant lifestyle, the real estate sector is experiencing a craze that has not diminished since the opening of the market to foreigners in 2002.

Buying a property in Mauritius is no longer reserved for foreign investors the most fortunate now, non-Mauritian citizens are more restricted to acquire a residential unit developed under the IRS, RES or PDS. The government is going further in its policy of opening up the real estate market to foreigners.

On December 20, 2016, the National Assembly voted the Non-Citizens Property Restriction. This law now allows foreigners to buy an apartment in Mauritius. The apartment or apartments must be located in a condominium of at least 2 floors (R + 2), with the prior approval of the Board of Investment (BOI). According to the law, the amount to be paid for the purchase of an apartment must not be less than 6 million rupees (about 155,000 €).

Thus, all non-citizens, with or without Permit Occupation, Residence Permit or Permanent Resident Permit, can acquire R + 2 apartments at a price higher than this amount.

With this new measure, very far from luxury real estate but still in a luxury real estate, the government wants to "boost" the Mauritian economy and the construction sector.

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Indeed, the authorities see it as an ideal way to sell apartments that remain unsold locally and attract more foreign expertise on the island, offering more choices for the acquisition of real estate. Investing in Mauritius is no longer reserved for the biggest fortunes and tax benefits remain the same.