Can foreigners buy property in Mauritius?
Mauritius economy is highly diversified, providing an opportunity for each and every investor eying this international financial hub. For many years now, the Mauritian government has been formulating schemes that allow foreigners to invest in the real estate industry with minimal bureaucracies and at affordable prices.
While most property developers and investors were affected by coronavirus pandemic, some people are still willing to move and buy properties in Mauritius. One of the main reasons for this is that real estate remains a less volatile industry even in such times. Secondly, Mauritius had built a strong reputation when it comes to business and investment destinations. If you have been planning or have decided to buy property in Mauritius, here is everything you need to know.
Who Can Buy a Property in Mauritius?
Mauritian citizens and foreigners residing in the country or abroad can acquire Mauritius properties as long as they abide by the laws put in place. Over the years, the real estate market has been evolving in the country, opening aspiring investors’ opportunities. Therefore, can I buy property in Mauritius, or can a foreigner buy property in Mauritius can be answered by a simple yes. You only need to identify your needs as a foreigner and then choose an investment scheme that aligns with your needs and within your budget. Read my post on The reasons to invest in Mauritius.
Can Indians buy property in Mauritius? Yes, the answer is yes because the ability to buy property in Mauritius foreigner is not determined by where you come from rather by your ability to invest. In this case, regardless of where you come from, you can buy property in Mauritius.
However, you should know that the minimum amount you can invest as a foreigner is $375,000, which previously stood at $500,000. This investment comes with a permanent residence permit. Still, buying property in Mauritius as a foreigner can be overwhelming and the process can only be easier if an investor relies on a reputable real estate management company.
Where to Buy a Property in Mauritius?
Buying the best property starts with the location you choose and ends with the price of the project. It is no secret that Mauritius offers one of the best global residential destinations. The weather is super friendly, and the government has made the acquisition of property by foreigners in Mauritius quite easy.
When trying to figure out how to buy property in Mauritius, there is so much to consider, yet you should aim not to lose your way in the process. This means, to find the best properties, you have to be strategic. I believe the best way to approach this is by considering what needs one seeks to accomplish.
Covering the Basics When Buying Property in Mauritius
For example, a family seeking to move to Mauritius permanently will search for Mauritius property for sale to foreigners in areas where essential social amenities are within comfortable proximities. These include schools, malls, and the likes. On the other hand, a couple looking for property for holiday vacations will want something luxurious, probably closest to the beach, serenity being a priority.
Here are some questions that will help us find property for foreigners in Mauritius hassle-free.
Like stated earlier, there have been a few government initiatives in the property market to make investing in property in Mauritius effortless for foreigners. One is the Integrated Resort Scheme. As the name suggests, properties on sale under this scheme are found on significant resorts and golf estates. Many surround the coastal regions and have easy access to wellness centers, shops, sports facilities, and restaurants.
The Real Estate Scheme in 2005 made buying property in Mauritius for foreigners even more accessible. Since IRS focused on luxurious suits, RES toned down a notch to include smaller resorts. Such properties are found both around the coast and inland.
PDS legislation decided to review the two existing schemes in 2016 and introduced the Property Development Scheme to integrate real estate projects and make them more foreigner-friendly. The scheme regulates public spaces that can be turned into residential properties. If you onboard this scheme, you will get access to excellent management services, including gardening, household services, maintenance, and security.
Government schemes are secure, but they come in different budget plans. A good example is the Smart City Scheme, where the properties for sale in Mauritius for foreigners are situated in developing areas, mostly around the coast. These properties provide stable financial and business hub conditions and excellent for developers.
Other than following already finished projects, you can go in the off-plan direction. This comes with a more budget-friendly Mauritius property for sale to foreigners, ideal for people who don’t mind waiting a few months to complete their homes. Another advantage is that you can decide to change the interiors to your taste within a regulated budget.
It All Comes Down to Preference and Comfort
Whether you choose Flic and Flac village on the coast, Grand Baie, or the city of flowers, Ville des Fleurs, as your ideal place, comfort and preference will always dominate your choices. However, you should keep in mind that acquiring property for sale Mauritius for foreigners will need you to come prepared with all the proper documents, plus a notary for guidance and property negotiations.
Foreigners should also ensure they have Mauritius bank accounts and necessary residential permits. For foreigners who have never lived in Mauritius working closely with a property management company would help in understanding different regions in the island and what they can offer to you. But most importantly know exactly what you need to accomplish by acquiring a property in Mauritius.
Property as A Foreigner’s Investment?
Mauritius government has provided flexible legal frameworks allowing foreigners to buy and own properties in the country. They have been doing it through the luxury real estate programs namely, IRS, RES, PDS, Smarty City and G + 2 schemes. Majority of the projects owned by foreigners are located in the vicinity of tourist villages and towns.
Can foreigners buy land in Mauritius? The answer is yes and they are also free to buy or built rental properties, especially in tourist areas. Rental investment is both secure and profitable, making it a perfect way to diversify a foreigner’s wealth in Mauritius.
When it comes to Mauritius property for sale to foreigners, the most attractive real estate plan is the Property Development Scheme (PDS), whereby an investor can buy an apartment or a villa in a fully owned residential area.
The scheme covers luxurious residential villas, and investors can include amenities such as sports facilities, spa, fitness areas, children playgrounds, and concierge services. Other easily accessible schemes a non-citizen can invest in is the G+2 project scheme and Smart City Scheme.
Newest regulations on Mauritius property investment for foreigners (2020/2021 budget)
These changes broaden the chances for foreigners investing in Mauritius real estate industry. Those who can invest during these hard times of pandemic might be lucky to buy property in good locations and pay less for the same.
Property Management Companies in Mauritius
Property management is a function that involves maintaining and overseeing a real estate property for a third party at a fee. In this case, are you a foreigner eyeing to buy a property in Mauritius but are not sure where to start? Or are you an investor who already bought a property but you do not have the time or expertise to manage it properly?
These people know the market better and also understand the region you plan to invest in. A property management company could be all you need. However, before hiring a property management company in Mauritius, apply due diligence to ensure you get the right partner.
That said, here is a list of property management companies located in different parts of Mauritius.
- Seeff Properties Mauritius (opens in a new tab)
- The Smart Syndic – Property Management Mauritius (opens in a new tab)
- Premium Investments (Mauritius) Co Ltd (opens in a new tab)
- Horizon Properties (opens in a new tab)
- RPC Estate Agency – Real Estate Mauritius (opens in a new tab)
- Agence Nestenn Immobilier Grand Baie (opens in a new tab)
- Mauritius Sotheby’s International Realty (opens in a new tab)
- GBELReal Estate & Property Agency (Mauritius) (opens in a new tab)
- Azuri Ocean & Golf Village – Invest in Mauritius (opens in a new tab)
- Barnes Mauritius – Grand Baie (opens in a new tab)
- Global Wealth Management Solutions Ltd (opens in a new tab)
Again, only hire an agency that you have vetted yourself and are sure they have the knowledge and experience you need for your property investment in Mauritius. They should handle all matters related to leasing, maintenance and repairs, financial analysis, compliance with state laws, and sales and marketing.