PROPERTY IN MAURITIUS

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P D S

Property Development Scheme

Why invest in Mauritius after the coronavirus?

Praised by many countries around the world for having managed the crisis of Covid-19 brilliantly, Mauritius is one of the best destinations to invest in real estate after the coronavirus pandemic.

A solid economic recovery plan

  In order to breathe new life into the Mauritian economy, the government is unveiling a solid recovery plan. In the 2020-2021 budget speech, the sectors damaged by the coronavirus pandemic were particularly raised. This is particularly the case with tourism, which is one of the island's best economic attributes.

To stimulate tourism businesses, Mauritius is setting up a new mechanism allowing hotels to offer some of their accommodation infrastructure for sale in the form of furnished apartments. Tourism stakeholders, holders of licenses from the “Tourism Authority” and the “Beach Authority” are also exempt from paying their license fee for the next two years.

Mauritius also confirms its openness to foreign countries in its economic recovery plan. For (future) investors who plan to develop their business on the island, the Mauritian government proposes to simplify access to existing permits as well as the related procedures. The government is also considering extending the validity of these permits and improving the supervision of investments made in Mauritius.

In the real estate sector, the spouses of Occupation Permit holders and non-nationals who have invested in real estate programs now have the possibility of working and / or investing in Mauritius.

 
© Legend Hill
P D S
Property Development Scheme

  Thanks to approved PDS (Property Development Scheme) programmes, you can now become the full owner of real estate properties in Mauritius, subject to the approval of the Economic Development Board (EDB) and thus contribute to the island’s real estate development.

  The real estate programmes developed under the PDS are subject to further quality, environmental and safety requirements and also include services (concierge service, spa). Such real estate projects are carried out by developers respected for their renowned expertise in building luxury property in Mauritius.

  A non-citizen is eligible for a Permanent Residence Permit upon the purchase of a villa under the PDS scheme when he has invested more than USD 375,000 or its equivalent in any freely convertible foreign currency, valid throughout the duration of the possession of the property.

  Non-citizens who have a Residence Permit under PDS will be exempted from an Occupation or Work Permit to invest and work in Mauritius.

 
Smart City Scheme
SCS
Smart City Scheme

  In order to address the challenges related to growing urbanisation (traffic congestion, pollution, overcrowding and deterioration of infrastructures, non-optimisation of the natural resources…), the country is embracing sustainable development through its Smart Mauritius project.

  This ambitious Economic Development project launched in 2015 by the Economic Development Board (EDB), with the support of the Mauritian Government, aims to consolidate Mauritius into a full-fledged international business and financial hub through the development of Smart Cities across the island.

  Developed using the latest advancements in urban planning and digitalised technologies, Smart Cities are being built with ideal conditions for Living, Learning, Working, Playing and stimulating investment (Live, Learn, Work & Play).

 
Apparts RDC+2
APPARTS RDC + 2

  Any non-citizen, having or not an Occupation Permit, a Residence Permit, a Permanent Residence Permit, can now acquire one or more residential apartments in buildings having at least 2 floors in addition to the ground floor, upon presentation of a simple authorisation from the Economic Development Board (EDB). The prior approval of the EDB is given after the usual verifications as long as the purchase price of an apartment is not less than 6 million rupees or the equivalent in any other convertible currency.

  The objective of this amendment is to further reduce the remaining limitations imposed on the acquisition of property in Mauritius by foreign nationals. This should strongly stimulate recreational and/or rental investments made by foreigners who are not necessarily looking to settle and live in Mauritius for professional reasons, to retire year-round or to invest in IRS, RES, PDS and SMART CITY SCHEME programmes, for which the minimum property investment requirement is much higher than 6 million rupees.

 
© Maradiva Villa Resort & Spa
IHS
Invest Hotel Scheme

  The IHS is a rental investment scheme which allows foreigners to buy a room, a suite, an apartment or a villa in Mauritius and to reside there up to 90 days a year.

  IHS is a program which provides individual buyers with all the facilities of a finely furnished resort, offering catering services, spa, health and fitness centres, swimming pools, sophisticated business centres, room service and the promise of rental income.

  There is no minimum required investment for the acquisition of a room, suite or apartment, but the minimum required investment for the purchase of an villa is USD 375,000.

  HIS property owners may of course resell their properties with no minimum price requirement.

 
Vente en VEFA
VEFA
Vente en État Futur d'Achèvement

  As a result, the use of VEFA "sale in future state of completion" (also known as "off-plan purchase") contracts in case of property sales is mandatory in the country.

  All foreign investors and/or Mauritian citizens who acquire property must sign a specific agreement in the presence of a notary in Mauritius, in accordance with the provisions of the Civil Code Mauricien, which itself complies with the French civil code.

  The purchaser chooses the property based on plans, descriptive documents and graphic elements provided by the promoter-seller but does not participate in the construction process for which the promoter is entirely responsible.

  The latter commits to delivering the completed property in accordance with plans and descriptive notes within a set deadline, and to taking all the necessary steps to do so (building permit, insurances, site supervision...).

 

Interview

Ashees Maunick

ABC Private Banking.

  Launched two years ago with the inauguration of its Private Banking Lounge at Place d´Armes, Port Louis, ABC Private Banking is the latest flagship of ABC Banking Corporation, one of the only three banks listed on the Mauritius Stock Exchange. It offers proven expertise in real estate investing, explains Ashees Maunick, Head of Private Banking.

Interview

Priscilla Pattoo

G&P Legal.

  Priscilla PATTOO

Founder and Managing Partner of G&P Legal

Vice-President of the France-Mauritius Chamber of Commerce and Industry

Business lawyer, specializing in financial services, mergers and acquisitions, investment funds, cross-border transactions, taxation and real estate. transfrontalières, la fiscalité et l’immobilier.

 

Reportage

Cap Tamarin.

Cap Tamarin, pour profiter pleinement de la vie

Si la côte ouest de Maurice est bien connue pour son climat privilégié, ses paysages somptueux... il lui manquait un cœur de village, dont la vie, les activités et le dynamisme rayonnent sur toute la région. Sur ses 44 hectares en bordure de rivière, à quelques pas de la plage, Cap Tamarin est en passe de devenir ce pôle magnétique incontournable. Développé sous le Smart City Scheme, ce développement à usage mixte combine les avantages d’un village balnéaire avec ceux d’une ville intelligente.

 

Interview

Ron Bhoyroo

The Butler Experience.

Experience an "Extraordinary" service

      Launched in 2019, The Butler Experience (TBE) is a new personal service combining the age-old tradition of butler service with 21st century sophistication, which is shaking up the existing offer in Mauritius. Ron Bhoyroo, a well-known figure in the hotel industry, is the director of this company which has set itself the ambition to "transform your daily life into a collection of exceptional moments".

 

Patrick D. Finet 

CEO Yu Lounge.

The YU Lounge Experience

  YU Lounge offers the ultimate luxury for travellers upon departure and arrival. A VIP service for those travelling on commercial airlines or their private jets.

  YU Lounge just makes the experience easier!

Yu Lounge
 

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