Published on 05/29/2024
Residence permits eligible for the new Mauritius Property Acquisition Act:
It should be remembered that only the main licensee has the possibility to acquire only one (1) property outside the scheme. Whether it's a house, a villa, a duplex, an apartment or a plot of land.
Purchase requests outside PDS must be submitted to the Prime Minister's office, through the Economic Development Board.
The owner will be able to resell the property at any time. However, he must apply to the Prime Minister's Office to obtain a certificate authorizing the sale of the residential property.
Documents that must be attached to the purchase request for a property outside PDS:
- Duly filled-in application form.
- Properly authenticated copy of the applicant's passport page.
- Copy of permit (residence permit/occupation permit/permanent residence permit) of the applicant.
- Where by virtue of marriage or any other similar arrangement, a person other than the applicant acquires an interest in the property, a duly authenticated copy of any document evidencing the marriage or other similar arrangement.
- Any pre-sale agreement between the claimant and the seller that must be duly approved by a notary.
- A copy of the valuation report on the property intended to be purchased from a sworn valuation surveyor.
- A site location plan and layout plans.
- A letter from a recognised financial institution certifying that the applicant has the funds necessary to finance the acquisition of the property.
- Copy of identification document or passport of vendor (where the vendor is a company/trust/société, relevant documents should be submitted, e.g. certificate of incorporation/excerpt of file/trust/statutes of the company, copy of ID/passport of shareholders/beneficiaries/associates/members).
- Where the application is submitted by a designated third party (example, a notary, consultant, project developer, real estate agency), a letter of authorisation should be provided by the applicant.
- All other documents considered necessary to guarantee that the transaction proposal is a bona fide transaction in accordance with section 3(3)(d) of the NCPR Act.
The new scheme / law for the acquisition of property in Mauritius allows non-national residents access to a wider variety of real estate, as it is no longer necessary to buy into an estate or residence. A resident foreigner can own an individual house or plot of land.
With this new real estate regime, Mauritius has taken a crucial step in its efforts to promote economic development and diversify its sources of revenue.
If you need more information, the DECORDIER real estate agency, Grand Baie, is available to support you in all your real estate projects.
DECORDIER immobilier Grand Baie
Phone : +230 268 2828
E-mail : contact@decordier-immobilier.mu
Website : www.decordier-immobilier.mu
Purchase outside PDS - new real estate regime in Mauritius
It is now possible for a non-Mauritian citizen holding an occupation or residence permit in Mauritius to purchase ONE property excluding PDS, IRS, RES and Smart City for a minimum of 500,000 USD.
Indeed, the Government of Mauritius has changed its policy on property ownership. These changes open up new investment opportunities for non-citizen residents.
Announced in the June 2023 budget and in force since February 2024, the Non-Citizen Property Restrictions Act (NCPR Act) allows a non-citizen Mauritian holding a residence permit to acquire off-scheme property.
The requirements of the new Mauritius Property Acquisition Act:
- • The acquirer must be the main holder of the residence permit.
- • Property amounts equal to or greater than USD 500,000.
- • ONE residential property built on a land of less than 1,25 arpent, or 5276 m2. If the property is foot in the water, the land must be in full ownership.
- • ONE residential or to-build land (with a construction period of 5 years) less than 1,25 arpent, or 5276 m2. If it is a land for lease or agricultural land, it cannot be acquired.
- • This property will be used for his personal residence.
- • In addition to the 5% registration fee, the purchaser must pay 5% land tax and an additional 10% duty, excluding VAT.
Residence permits eligible for the new Mauritius Property Acquisition Act:
- • Residence permit acquired following the purchase of a property under the scheme IRS, RES, PDS, IHS, Smart City and an apartment R+2.
- • Short-stay permit.
- • Family occupation permit.
- • Investor, professional, or self-employed permit.
- • Pensioned residence permit.
It should be remembered that only the main licensee has the possibility to acquire only one (1) property outside the scheme. Whether it's a house, a villa, a duplex, an apartment or a plot of land.
Purchase requests outside PDS must be submitted to the Prime Minister's office, through the Economic Development Board.
The owner will be able to resell the property at any time. However, he must apply to the Prime Minister's Office to obtain a certificate authorizing the sale of the residential property.
Documents that must be attached to the purchase request for a property outside PDS:
- Duly filled-in application form.
- Properly authenticated copy of the applicant's passport page.
- Copy of permit (residence permit/occupation permit/permanent residence permit) of the applicant.
- Where by virtue of marriage or any other similar arrangement, a person other than the applicant acquires an interest in the property, a duly authenticated copy of any document evidencing the marriage or other similar arrangement.
- Any pre-sale agreement between the claimant and the seller that must be duly approved by a notary.
- A copy of the valuation report on the property intended to be purchased from a sworn valuation surveyor.
- A site location plan and layout plans.
- A letter from a recognised financial institution certifying that the applicant has the funds necessary to finance the acquisition of the property.
- Copy of identification document or passport of vendor (where the vendor is a company/trust/société, relevant documents should be submitted, e.g. certificate of incorporation/excerpt of file/trust/statutes of the company, copy of ID/passport of shareholders/beneficiaries/associates/members).
- Where the application is submitted by a designated third party (example, a notary, consultant, project developer, real estate agency), a letter of authorisation should be provided by the applicant.
- All other documents considered necessary to guarantee that the transaction proposal is a bona fide transaction in accordance with section 3(3)(d) of the NCPR Act.
The new scheme / law for the acquisition of property in Mauritius allows non-national residents access to a wider variety of real estate, as it is no longer necessary to buy into an estate or residence. A resident foreigner can own an individual house or plot of land.
With this new real estate regime, Mauritius has taken a crucial step in its efforts to promote economic development and diversify its sources of revenue.
If you need more information, the DECORDIER real estate agency, Grand Baie, is available to support you in all your real estate projects.
DECORDIER immobilier Grand Baie
Phone : +230 268 2828
E-mail : contact@decordier-immobilier.mu
Website : www.decordier-immobilier.mu