Share this article
Mauritius has devised programmes encouraging expats to buy a home in Mauritius. The island nation introduced these initiatives to attract well-educated foreigners, who could bring not only investment or personal wealth but also specialist knowledge to the island.
Ramesh Basant Roi, former governor of the Bank of Mauritius, said the quality of human capital needs to be improved for the country to progress. “We need more rigorous training and more foreigners,” he added.
Expats can choose from different types of residential properties developed under the foreign investment schemes. Residences developed under the Property Development Scheme (PDS), such as Ki Residences by 2Futures, count as one of the best options for expats to buy a home in Mauritius.
Features of PDS projects include:
Following a 2016 amendment of Mauritius’s Non-Citizens (Property Restriction) Act, expats became eligible to purchase apartments in condominium projects with at least two levels above ground (G+2) with government approval. These should be priced not less than MUR6 million or its equivalent in another freely convertible currency. One or more apartment units can be bought with an approved G+2 purchase application.
Noncitizens or expats can also buy a home in Mauritius in development projects under the Smart City Scheme. These mixed-use developments promote a work-live-play environment. So far, there are 11 smart cities either under development or on the drawing board in Mauritius. Their sites cover at least 21.105 ha (50 arpents) and feature residential and commercial components as well as leisure facilities. Home choices in these projects include villas, apartments, duplexes, and townhouses.
Expats buying a home in Mauritius can seek bank financing of up to 70 percent of the purchase price excluding registration and notary fees. The most ideal financing arrangements are with Mauritian-based banks. These financial institutions are more inclined to accept properties developed under the PDS as guarantees.