Buying Property In Mauritius – Ground + 2 Scheme

Date

Mauritius is part of the top destinations for foreigners who wish to come and live, work or retire. This does not come as a surprise as the island offers not only a perfect island life with its tropical weather and dreamy beaches, but it also provides a wide range of opportunities, namely with the different schemes that have been set up. Not to mention the attractive tax regime for those who wish to consider property investment in Mauritius. Interested in buying a property in Mauritius? Find more about the Ground + 2 Scheme in this article.

What are Ground + 2 apartments?

Ground + 2 apartments are residential properties that are part of a condominium development of at least 2 floors above ground floor for a minimum amount of USD 375,000 or its equivalent in any other currency or Mauritian currencies. This scheme allows non-citizens to invest in exclusive properties with high-quality infrastructure in Mauritius. Foreigners interested in buying a Ground + 2 apartment must submit their application to the Economic Development Board (EDB) with all necessary documents needed for the acquisition of the entity.

Become a residence permit holder

Since the announcement of the Budget 2021/2022, non-citizens can now be granted a residence permit when they acquire a Ground + 2 apartment for an amount that should not be less than USD 375,000 or its equivalent in other hard convertible foreign currency. The residence permit remains valid as long as the non-citizen is the owner of the entity under the Ground + 2 scheme. Non-citizens under this scheme can also purchase apartments located in other developments of the residential schemes approved (provided that the apartment should also be part of condominium developments of at least two levels above ground floor, with a purchase price of not less than MUR 6 million or its equivalent in any freely convertible currency).

The non-citizens listed below are eligible for the acquisition of one or more apartment(s) to use as a residence and may submit their applications:

  • A non-citizen
  • A Permanent Residence Permit holder
  • An Occupation Permit holder as an investor, professional or self-employed
  • A Residence Permit holder as a retired non-citizen
  • A Residence Permit holder under the IRS/PDS/RES/IHS/SCS
  • A company incorporated or registered under the Companies Act and registered with the Economic Development Board
  • A limited partnership under the Limited Partnerships Act and registered with the Economic Development Board.
  • A société where its deed of formation is deposited with the registrar of companies and registered with the Economic Development Board.
  • A trust where the trusteeship services are provided by a qualified trustee and registered with the Economic Development Board.
  • A Foundation under the Foundation Act registered with the Economic Development Board.

Want to buy a property in Mauritius? Get in touch with us or discover our current projects

More
articles