Foreign investors longing for island life will be able to purchase property and obtain residency under the Mauritius fractional ownership policy.
This long-awaited milestone announcement follows the recent presentation of the Mauritius National Budget 2022-2023. What does it mean? In short, foreigners will be able to partner up to buy one property and apply for more than one permanent residency permit. The investment of each partner should be USD 375,000 or more towards the property. In addition, the parents, spouses and children of all parties will also get permanent residency.
According to the Economic Development Board (EDB), “residential property acquired by more than one non-citizen under ‘fractional ownership’ will provide eligibility to apply for the status of residency provided that the investment by each non-citizen exceeds USD375,000.”
Dr the Honourable Renganaden Padayachy, Minister of Finance, Economic Planning and Development, said legal provisions concerning measures relating to the Immigration Act announced in this year’s Budget Speech have been included in the Immigration Bill to be introduced in the coming weeks.
Members of an extended family could buy into a single property under the fractional ownership policy and obtain more than one permanent residency permit if the investment amount of each individual is over USD375,000.
Foreign investment in residential property
Existing legislation allows a foreign investor to buy residential property for at least USD 375,000 in a qualifying development and thus apply for a permanent residence permit. “It is a 20-year residency, open to investors, retirees, professionals, self-employed entrepreneurs, and their family. This may be obtained under different conditions and is renewable for another 20 years, provided the residency requirements have been fulfilled,” states the EDB. Under this legislation, “dependents, comprising the spouse, common law partner of the opposite sex, children and parents are eligible for a permanent residence permit.”
With this in mind, expatriates keen on being able to live and work freely in Mauritius should consider the following residential projects:
Serenity Villas – Grand Baie, in the north, is a magnet for expats. Serenity Villas is located here, just 200m away from a blissful beach and five minutes from the vibrant village itself. Residents get the best of both worlds from the peaceful tropical environment and proximity to modern amenities. These sumptuous villas have large windows and high-volume ceilings, which invite natural light and encourage airflow throughout. In addition, residents have privileged access to the 2Beach Club, which is ideally situated on Pereybere Beach overlooking the island’s famous blue lagoon.
The Essence – With direct access to the Trou aux Biches beach, The Essence incorporates five private and exclusive villas offering either three or four en suite bedrooms. The development features a well-thought-out, functional living environment as well as sleek, sophisticated design and proportions that highlight a sense of flexibility and space. The large bay windows invite the outdoors in with awe-inspiring views of lush greenery. Each residence has a double garage with direct access. One of the major perks of living at The Essence is the exclusive hotel privileges offered by association with Le Cardinal Exclusive Resort as well as the Casuarina Resort & Spa.
Les Résidences de Mont Choisy presents the quintessential island lifestyle in the heart of the Mont Choisy Smart City, one of the most-coveted regions in the north of Mauritius. The tropical environment conveys a sense of serenity, easily accommodating the sophisticated design of this boutique luxury development that blends seamlessly into the surroundings. Each apartment offers plenty of space to love life at home and get the most from the typical outdoor lifestyle. What’s more, it supports the government’s drive towards health and wellness for citizens by providing on-site facilities similar to those of an upscale hotel.