Residency And Owning Real Estate In Mauritius

The sun shines and it is hot, the population is reputed for its kindness and hearty welcome, the country is beautiful and taxes are very low. Foreigners can now live in Mauritius, become permanent residents and purchase real estate. In this article, we will go over various possibilities open to non-citizens (of non Mauritius nationality) to acquire permanent resident status, either by working or investing there or just as retirees. We will also go briefly over the salient features of the Mauritius offshore regime.

Owning Real Estate

The recently introduced concept of Integrated Resort Scheme (IRS) enables foreigners to acquire luxury residential property of international standing, with high-class amenities and facilities. Already most of the villas under the multiple schemes underway have been sold out even before completion! The amenities and facilities offered by some of them include golf courses designed by Ernie Els or Rodney Wright, marinas, individual swimming pools, catering, nautical and other sport facilities and wellness and health centres. Day-to-day management services such as security, maintenance, gardening, solid waste disposal and household services are also provided to the residents.

A minimum investment of US$ 500,000 is required, including the land and the construction, which enables the non-citizen, as well as his or her spouse and dependents under the age of 18, to obtain residency. The resident status shall remain valid as long as the non-citizen holds such immovable property. Owners also have the possibility of renting the property during his absence, professional management services being available under certain schemes.

Taxation of individuals is only 15% in Mauritius. There are no taxes on non repatriated income earned abroad, neither capital gains nor inheritance taxes.

Residency, while retired or working

Permanent residency status for a period of 10 years is granted after three years of occupation permit to any non-citizen, being an investor, a self-employed or a retired person, within the limits set by the law. Any application will be made to the Board of Investment and shall be processed within three working days. Upon obtaining the permanent resident status, beneficiaries will be eligible to buy immovable property, not only under the IRS but any villa, apartment or even commercial real estate of their choosing in Mauritius.

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