In a significant development for the real estate sector, Mauritius has recently introduced sweeping changes to its property laws, opening up new avenues for property ownership on the island. These changes, which have been eagerly anticipated for nearly two years, promise to reshape the landscape of property acquisition for both residents and non-citizens alike.
Understanding the Legal Revisions
After nearly two years of anticipation, detailed guidelines have finally been unveiled, shedding light on the practical implications of the amendments to property ownership laws in Mauritius. These revisions mark a significant step towards providing greater access to property ownership for both citizens and non-citizens.
Expanded Access for Property Ownership
Under the updated regulations, non-citizen Mauricians meeting specific criteria can now acquire residential properties for personal use. Eligible individuals include:
Holders of a Permanent Residence Permit
Holders of a Residence Permit obtained through the purchase of real estate under schemes such as the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS), Invest Hotel Scheme (IHS), Smart City Scheme (SCS), or apartments in G+2 buildings
Holders of an Occupation Permit as investors, professionals, independent workers, or for short durations
Holders of a family Occupation Permit
Criteria and Considerations for Property Acquisition
Non-citizens are permitted to purchase only one property, which can be either a residential property (such as a house, villa, or apartment) on a plot of land not exceeding 0.5276 hectares (1.25 arpents), or undeveloped land within the same size limit. However, there are restrictions on certain types of properties, such as those situated on state-owned land or classified as agricultural land.
Price and Tax Implications
To proceed with the acquisition, the property must meet certain financial criteria, including a minimum purchase price of over 500,000 USD or the equivalent in strong currencies. Additionally, buyers must pay taxes such as registration duty, equivalent to 5% of the property's value, as well as an additional 10% tax imposed by the new law. The 5% land transfer tax is payable by the seller.
What does it mean ?
These legislative updates represent more than just legal changes; they signify new opportunities and possibilities for individuals and families looking to invest in property in Mauritius. Whether you're a long-time resident or a newcomer to the island, now is the time to explore the evolving real estate market and capitalize on the opportunities it presents.
Explore our available properties in Mauritius and seize the opportunity to own your dream home in this idyllic island paradise. From luxurious beachfront villas to chic urban apartments, there's something for everyone. Don't miss out on the chance to make Mauritius your home sweet home : here.
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