RESIDENCE PERMIT
Category News
Mauritius is increasingly recognised as one of the leading African property markets for foreign investors. This rise in interest is largely down to a relaxing of the laws relating to buying property on the island,
Permanent residency through real estate includes the right to work, open a business and bring your parents to the island.
Further benefits include no housing or property tax, no inheritance tax on properties purchased and no capital gains tax, which speaks directly to property investors looking to relocate for retirement or simply a highly appealing lifestyle in a sought-after international location.
Permanent residence permit in Mauritius is granted if you buy a real estate property in the country under purchase plans approved and managed by the government's EDB (Economic Development Board)
- Property development scheme (PDS)
A mix of residences is open for sale to non-citizens, citizens, and members of the Mauritian Diaspora community dispersed globally. Non-citizens buying a property under the PDS valued starting from USD375,000 or its equivalent amount in any freely convertible foreign currency are eligible for a residence permit. In addition, the non-citizen and their dependents (spouse, children under 24 years of age, and parents) are granted a permanent residence permit.
- Integrated Resort Schemes / Real Estate Schemes
Non-citizens can also acquire high-end residential property under the IRS and RES. Thus, the non-citizen and their dependents (spouse, children under 24 years of age, and parents) obtain a residence permit when they buy property for a minimum amount of USD375,000.
These plans cover high-end properties, and the purchases are valued at not less than USD375,000. Properties bought under these schemes are rentable. The property owners gain Mauritius tax resident status with no restriction on the repatriation of funds or revenue from the sale or rental of their property.
- Ground+2 Apartments
This scheme allows non-citizens to buy apartment units in EDB approved condo developments with at least two above-ground levels. Purchases should be not less than MUR6 million or its equivalent in any hard convertible foreign currency. Buying a condo unit under this scheme makes you eligible for a 10-year Mauritian visa. It is renewable and valid as long as you hold the residential unit.
Click to view Property to Qualify for Residency in Mauritius
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Author: Chas Everitt