Mauritius buying blow

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Mauritius buying blow

Mauritius is the perfect home away from home for those families who are in search of a sophisticated seaside lifestyle experience. It is a preferred investment destination with property schemes designed for foreign buyers and a highly favourable tax regime that provides them with a great place to enjoy the benefits of tax residency and grow their wealth. In return for this investment, they are entitled to apply for a Mauritian residence permit. The Property Development Scheme PDS was introduced in by the Government of Mauritius to encourage foreign investment in attractive property developments delivering a comprehensive lifestyle with related services and leisure activities. PDS developments are accessible to Mauritian citizens and non-citizens alike. They allow any foreigner investing at least USD , or the equivalent in any freely convertible foreign currency to apply with the Economic Development Board of Mauritius for a residence permit for himself and his family. The following categories are eligible to purchase a PDS villa:. They are eligible for such benefits through the purchase of a property worth at least USD , in a qualifying scheme, which will entitle them to a Mauritian residence permit. They may also become tax residents in the country under certain conditions. Enjoy attractive tax benefits Mauritius is known for offering significant tax incentives to foreign investors. The advantages for Mauritian residence permit holders include:. The climate in Black River is pleasant all year round. An average rainfall of 1,mm is recorded per year. The climate is greatly influenced by trade winds — regular winds in the intertropical regions — blowing from east to west. In what year was this residential development launched in the heart of the West? Phase 1 was introduced to the market in March The architecture of the villas is inspired by the Mauritian art of living with a passive housing approach. For more information, visit our website www. JFA Architects is the architectural firm working on the project. These spacious, outward-looking units sold off-plan VEFA are bathed in natural light. A non-citizen purchasing a PDS villa is eligible for a residence permit with a minimum investment of USD , or the equivalent in a freely convertible foreign currency. Does the purchase of a PDS property in Mauritius remain a safe investment despite the crisis? Property remains an ultra-safe investment. This is a contract under which the seller immediately transfers his rights and ownership of existing buildings to the buyer. Future works become the property of the purchaser as they are completed and the latter is therefore obliged to pay the price of the villa in instalments as works progress, in accordance with the provisions of Articles to of the Mauritian Civil Code. The prices are set as part of a VEFA agreement and the buyer is provided with a performance bond GFA to ensure completion of his villa and servicing of common areas. Is the residence permit issued to foreign citizens with the purchase of a PDS property? The residence permit is issued for buyers, their spouses and children under the age of It remains valid as long as the buyer retains ownership of his PDS villa. It is issued a few months after signing the deed of sale in case of a VEFA agreement or resale and upon completion of construction of the villa. Spouses and dependent children under 24 years are also eligible to apply for a Mauritian residence permit. If my partner and I live together but are not married, can we buy a property in both our names and therefore both of us qualify for the residency? One option is that the residential property can be purchased either by you or your partner. B, where the buyers is are eligible to apply for a Residence Permit for themselves main applicants and their common law partner dependent , as long as they are latter is in a living relationship with the buyer. At the time of application, a cohabitation agreement Certificat de Concubinage must be submitted, or any other document certifying such relationship duly prepared by a law practitioner must be submitted. However, please note that the residence permit for a common law partner is issued for a renewable period of 12 months and is renewable. Alternatively, if both of you intend to jointly acquire a property, this can be made realized through setting up a n legal entity or trust. The residence permit remains valid as long as the purchaser buyer owns the property purchased under the PDS regime, and is revoked cancelled when the purchaser buyer ceases to own the property. A residence permit obtained followings a result of the acquisition of a property under the PDS regime does not exempt the purchaser from the requirement of obtaining a work permit. The non-citizen will need to apply for a work permit separately. This Mauritius is a free market economy has, having claimed the highest score on ease of doing business in sub-Saharan Africa SSA with free movement of capital indue to the absence of any exchange control, enabling free movement of Capital. The island boasts a streamlined simplified tax system and an attractive fiscal tax regime consisting of:. The VEFA establishes clear procedures under which a property can be purchased, as follows:. Upon receipt of the required documents from the buyer, the developer will make an application to the Economic Development Board EDB of Mauritius to seek approval for the acquisition of the property. Once the developer has advised the buyer that all the relevant permits, financial, legal and technical requirements are in place for going ahead with the construction of the residential property, a Deed of Sale is signed. This document that transfers the ownership of the residential property purchased under the PDS regime from the developer to the buyer. This guarantee is issued by a reputable bank, which will undertake to ensure that the project is completed and delivered according to agreed specifications in the event of default by the developer. As such, the Notary ensures that the money remains into the account until the Deed of Sale is signed in line with the requirements of the law. The deposit will then be released to the developer as part of the selling price. The deposit is fully refundable in the event that approval is not obtained from the EDB or the developer does not proceed with the project. The property price is payable by instalments at different stages of construction according to a timeline specified by the developer and the following payment conditions:. If I purchase a property through a corporate entity, can you assist me in registering such a structure? The general rules of co-ownership will be included in the Co-ownership Regulations. All co-owners will contribute a co-ownership fee to cover the operational costs for all common areas. The share of contribution of residential units is determined by the Notary as part of the Co-ownership Regulations based on criteria including their size and facilities available. By clicking on 'Accept', you agree to the use of cookies on your device to improve navigation on the site, analyze its use and contribute to our marketing efforts. Read more. Accept Reject. An excellent investment destination Mauritius is the perfect home away from home for those families who are in search of a sophisticated seaside lifestyle experience. The PDS The Property Development Scheme PDS was introduced in by the Government of Mauritius to encourage foreign investment in attractive property developments delivering a comprehensive lifestyle with related services and leisure activities. The following categories are eligible to purchase a PDS villa: individuals Mauritian citizens, non-citizens or members of the Mauritian diaspora ; companies incorporated or registered under the Companies Act whose deed of formation is filed with the Registrar of Companies; SCS; trusts; and foundations. The advantages for Mauritian residence permit holders include: a favourable Tax System; Double Tax Avoidance Treaties DTAA with 46 countries; free repatriation of profits, dividends and capital; no tax at source on interest and dividends; no capital gains tax; no inheritance tax for direct descendants; and custom duties exemption on equipment. The development will ultimately consist of villas. What is the surface area of the plots and villas? Is construction allowed to straddle more than one plot of land? Construction straddling two plots is not allowed. What is the architectural style for the construction of the villas? Is an owner allowed to build an ultra-modern villa? Owners must comply with strict architectural specifications and guidelines. Do you take charge of rental management? However, we can put you in touch with a high-end property management and rental company. What is the PDS? The PDS includes the following: the development of luxury residential units on freehold land with an area of at least 0. Who can acquire a property within this kind of development? What is off-plan sale VEFA? For how long will my residence permit be valid? How do I apply for a residence permit? As a holder of a residence permit, am I allowed to work on the island? What are the main fiscal tax benefits of living in Mauritius? How do I purchase a residential property under the PDS? Buyer approval Upon receipt of the required documents from the buyer, the developer will make an application to the Economic Development Board EDB of Mauritius to seek approval for the acquisition of the property. Deed of sale Once the developer has advised the buyer that all the relevant permits, financial, legal and technical requirements are in place for going ahead with the construction of the residential property, a Deed of Sale is signed. How will the off-plan purchase of my residential unit be secured? Where will my deposit be held? What is the payment schedule for the property? What other fees do I need to pay in addition to the property price? Is it possible to obtain a mortgage? Yes, mortgages can be secured with local commercial banks for the purchase of the property. Who is the developer? Will there be a co-ownership programme? Is there a co-ownership fee? How many golf courses are located in the South of Mauritius? There are 5 golf courses in the South and South-West region.

House Hunting on Mauritius: Indoor-Outdoor Flow in the Indian Ocean

Mauritius buying blow

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Mauritius buying blow