If living in Mauritius has always been a dream of yours, so is buying a property too. The Mauritian government has worked continuously towards a more liberal property market to ease the acquisition of residential properties to non-citizens who wish to buy a property in Mauritius. Different schemes were implemented and approved by the Economic Development Board for the purchase of a property. Discover more about the different schemes that will help you acquire your own property in Mauritius.
The Integrated Resort Scheme (IRS)
As a foreigner, you can buy residential properties, townhouses, apartments, villas, amongst others, that form part of the IRS projects. Those estates comprise prime amenities as well as entertainment and wellness features to provide an optimal quality of life. Foreigners and their dependents can obtain a residence permit if they invest an amount of at least USD 375,000. After becoming owners, individuals are free to rent the property and are submitted to no restriction on tax. As a foreigner with a residence permit under the IRS, you will not need a Work or Occupation permit if you wish to work in Mauritius.
The Real Estate Scheme (RES)
The Real Estate Scheme also provides luxury residential properties such as villas, penthouses, and duplexes located in smaller yet exclusive settings. As a foreigner, you can buy a property under the RES and be eligible, as well as your dependents, for a residence permit if you invest an amount of at least USD 375,000 in a property. Like the IRS, you can then rent the property and benefit from tax facilities. Non-citizens under the RES are also exempted from Occupation or Work permits if they wish to invest or work on the island.
The Property Development Scheme (PDS)
Merging both the IRS and RES, The Property Development Scheme has been created to ease the development and buying process of exclusive residential properties in Mauritius for foreigners.
The projects created under this scheme feature outstanding facilities and daily management services that were set up to meet international standards. If you invest an amount exceeding USD 375,000 on a PDS property as a non-citizen, you will be eligible, as well as your dependents, for a residence permit as long as you remain the owner of the said property. As the owner of a residence permit under the PDS, you won’t need to get an Occupation or Work permit to invest or work in Mauritius.
The Smart City Scheme
In the spirit of work, life and play concept, the Smart City Scheme features property developments with smart technologies, leisure amenities, sustainable solutions and optimal space for businesses driven by innovation. As a foreigner, you can buy a residential unit, a villa, an apartment, a penthouse, a townhouse or a duplex created under the Smart City Scheme. Non-citizens holding an Occupation permit, a Residence permit or a Permanent Residence permit can buy a plot of serviced land with an area of 2,100 m2 in order to build a residence inside a smart city which needs to be approved by the EDB (Economic Development Board). The purchase must be made before June 30th, 2022.
Ground +2 apartments
As announced in Mauritius’ Latest Budget 2021/2022, non-citizens who buy a residential property in a building of at least 2 floors above for a minimum amount of USD 375,000 or its equivalent in other currencies, will be granted a residence permit. The permit will be valid as long as the foreigner is the owner of the property under the Ground +2 scheme. Non-citizens can also purchase apartments in other developments outside of the residential schemes approved. However, the apartments should be located in condominium developments of at least two levels above the ground and the purchase price should be of MUR 6 million minimum or its equivalent in other currencies.
Interested in buying properties in Mauritius? Check our current projects or get in touch with our team.
