If you’re in the market for a residence in Mauritius, do your homework to find the ideal match. The real estate market in the country has grown increasingly sophisticated in recent years. The choices for a property in Mauritius for foreigners come in different price ranges and residential styles.
Have a look at Marina Bay here: a unique beachfront project with only 31 residences. Marina Bay is in a prime location on the west coast in Black River, right next to the yacht club, and close to all restaurants and outdoor activities. We have from 1- to 4-bedroom units in this project from a minimum of USD275,000 to a maximum of USD1,295,000.
Mastering the steps towards ownership of a Mauritian residence is essential. Importantly, foreigners may only buy Mauritius real estate in certain government-approved schemes designed specifically to attract investment from overseas buyers.
Choose the right scheme
It’s a smart move for foreign home buyers to examine which of these suit their respective needs and budgets. Foreigners who want permanent resident status and the option to work in Mauritius can choose from residences built under the Property Development Scheme (PDS).
Secure government approval
To be eligible to purchase Mauritius real estate, a foreigner must obtain prior approval from the country’s Economic Development Board (EDB). Noncitizens need the following documents to apply to buy property in Mauritius:
a notarized copy of the first five pages of the applicant’s passport
certified KYC & bank reference from a local or international recognized bank
if buying jointly, the marriage certificate and certified passport of the spouse are to be provided.
The below relates to the application for a residence permit, post-acquisition of the property:
a completed application form and UID (Unique Identification) form for the resident permit
a notarized copy of the applicant’s birth certificate
an extract from the applicant’s police clearance/record six months before the application
Medical certificate for the past six months before the application
a non-refundable processing fee of MUR10,000 for IRS/RES and MUR20,000 for PDS
Exercise due diligence on developments
There are now about 150 real estate projects available under the schemes made possible by the Mauritian government since 2002.
Make sure that the residential property you select is backed by developer or builder guarantees on par with industry standards. It is wise to deal with the likes of 2Futures, the no.1 real estate developer in Mauritius.
Get in touch with a professional real estate agent
Buying a home in Mauritius, as in most other markets, is a complex process especially for noncitizens. Contact a local real estate agent who can help you choose which of Mauritius’s foreign investment schemes suits you best. A professional will have contacts with local developers and give you advice on the quality of their projects and the best value-for-money property choices.
Scrutinise property title deeds and specifications
Check the validity of all the documents of the property you are buying. Make sure that the property meets the developer’s specifications on completion of construction.
Furthermore, check on facilities such as the completion date of the swimming pool, particularly if you are buying a home in a residential complex. Likewise, discuss maintenance costs and rules and regulations associated with life at this address.
Hire an experienced notary
Notarial services are a must. You will need an experienced notary to draft the property deed and make sure that all documents comply with Mauritian laws. The notary will submit the signed sale agreement to the Registrar General of Mauritius. Buyers are free to choose their notary and their real estate agent can advise them on that. Mauritian notary fees vary between 0.5 percent and 2 percent of the total transaction cost.
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