A pandemic's lesson: it’s smart to buy a home in Mauritius

Mauritius is one of the few countries to have tamed the spread of Corona virus in the quickest time possible.  This admirable record affirms the wisdom of those foreign investors who’ve decided to buy a home in Mauritius.

As it turned out, Mauritius is one of the safest places on the planet to live in during a pandemic. The country’s adept containment of Covid-19’s spread, moreover, puts Mauritius in a stable footing to quickly regain the momentum of the country’s economic growth. The government thus has began grooming again Mauritius real estate to help spark the country’s recovery.

Permit rules eased

One new measure lowers the foreign investment threshold in Mauritius real estate schemes for investors to gain permanent residency. A foreigner now gains this eligibility with a minimum property purchase of USD375,000, down from the previous USD500,000 requirement. Non-citizens with permanent residency obtained in the schemes now also don’t need a permit to work or invest in Mauritius.

The tenure of the permanent residency permit has likewise been extended to 20 years from 10 years.  The permits for foreigners to work and invest in Mauritius have also been combined into just one permit. This initiatives should further encourage the entry of foreign investors and professional talents from overseas.

Magnets for foreign home buyers

These programmes, combined with Mauritius’s natural beauty, have been magnets for foreigners to buy a home. Before the pandemic, foreigners invested nearly MUR13.6 billion in Mauritius real estate during the first nine months of 2019. This represented a hefty 92.5 per cent year-over-year increase in foreign real estate investment in the country.

This remarkable gain is also the result of the tax concessions that Mauritius grants to non-citizen residents. Dividends and capital gains, for example, are tax-exempt in the country. There is no inheritance tax in Mauritius as well.

The well-developed health care system in Mauritius, evident in the country’s taming of Covid-19 early, is also a plus factor. The health care infrastructure in the country notably provides more than 4,500 beds in private and public hospitals.

Building confidence on the market

The confidence of real estate developers on Mauritius’s economic fortunes is another come-on for foreign home buying in the country. They have initiated about 150 real estate developments in Mauritius since the country opened up to foreign homebuyers.

The country’s top luxury real estate developer, 2Futures, so far has chalked up 18 projects, and it’s girding for more. Such a commitment helps rebuild the confidence of foreigners and shed the market jitters from Covid-19.

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