Planning to buy a property in Mauritius? - Everything you need to know to get started

What are the Available Property Schemes for Non-Citizens?

Firstly, you need to find the right property that suits your taste, budget and lifestyle. While a real estate agent will surely help you find your dream home, you may find it helpful to review the numerous options available for acquiring a property in Mauritius. It’s worth noting that buying and investing in real estate on the Island can grant you access to the Mauritian residency status.

Let’s have a look at these schemes

1. Integrated Resort Scheme (IRS)

Foreigners are offered the opportunity to buy a freehold property in Mauritius within an integrated residential development with a minimum investment of USD 375,000.00 (excluding taxes).

2. Real Estate Scheme (RES)

Here, there is no minimum sale amount. However, compared to the IRS, a residence permit is not automatically offered when buying a RES. To obtain this, the buyer must invest a minimum of USD 375,000.00 into the property.

3. Property Development Scheme (PDS)

A PDS allows the purchase of luxurious residential properties such as luxury villas, apartments, and penthouses for the Mauritian diaspora and foreigners. Note that non-Mauritian citizen is eligible for a residence permit for themselves and their family upon purchasing a property under the PDS scheme if the investment exceeds USD 375,000.00 or its equivalent.

4. Ground +2

Foreigners can purchase apartments in developments of at least two levels above ground (G+2) with the Economic Development Board’s prior approval, provided the purchase price of an apartment is not less than 6 million MUR (USD 138,770.40).

Find out more.

What to look for in a real estate agency?

In the real estate world, experience is vital. Take your time, and choose a real estate agency that you can trust. When working with an agency, they take care of all the administrative works, permanently saving you time and hassle.

Check the property specifications and owner’s title deeds

To avoid any complications during your buying process, you must ensure that the property specifications and documents, such as the owner’s title deeds, are all valid. This is why having a real estate agent that you can trust is crucial to avoid unpleasant surprises regarding the property’s size and geographical location.

As a buyer, you will also need to provide personal documents like your identification papers, proof of funds, birth certificate, and proof of address and profession, among others. You will also need to open a bank account in Mauritius; fortunately, this can be done online. Find out more.

Decide to Buy in Cash or With a Mortgage?

If you need to apply for a mortgage, there are some criteria to be met. For instance, your borrowing capacity is essential and will determine the maximum loan the financial institution can grant you. Usually, it cannot exceed 40% of your income. It is to be noted foreigners can borrow between 60% and 70% of the maximum value of the property they want to acquire. You can here contact local banks in Mauritius to gather more information. Find out more.

Hire a Notary

The Notary needs to draft the property deeds and ensure that all the purchase documents are in order. The job of the Notary is to verify there are no charges or mortgages left on the property. Moreover, to ensure that all taxes and public services have been paid after the sale. The buyer is free to choose a Notary of their choice. Your real estate agent will be able to help you calculate the Notary fees and put you in touch with a local Notary.

Sign a reservation contract

A reservation contract is a document between the buyer and the property developer. This is usually completed with a deposit to reserve the desired property. The reservation contract for the sale can be completed and sent by mail without visiting the country. The deposit is made to the bank or to your Notary; this is usually between 5-10% of the property value.

From the moment a reservation contract is signed, the buyer will need to go through a process of letter-authorisation by the Economic Development Board (EDB) of Mauritius.

The Title Deed

Once the Reservation Contract has been authorised, the buyer can sign the title deeds and apply for a Permanent Residency Permit.

Ready?

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