What draws retirees to buy a property in Mauritius?

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A homes in IRS projects promises  retirement in  an island's comfort.

Mauritius has crafted the perfect mold for retired noncitizens to settle in. Its wonderful shores set in the southeast expanse of the Indian Ocean teem with natural attractions while prime real estate developments help draw retirees to buy a property in Mauritius. Importantly, the island nation has implemented government incentives and policies to encourage retired noncitizens to get residency in Mauritius.

Government regulations allow luxury retirement communities to be developed under the Property Development Scheme (PDS). Construction of new residential buildings exclusively for retirees or conversion of existing PDS buildings to dwellings targeting retirees are allowed under the new directives.

Serving retirees’ needs

Non-citizen retirees who wish to buy property in Mauritius can look forward to this kind of luxury at Le Domaine de Grand Baie by 2Futures.

An existing building or a new development must have a minimum of 25 residential units exclusively for retirees. Home care and personal care services must be provided. The service facilities must cover leisure, healthcare, and maintenance. What’s more, the promoter needs a residential care home license provided under the Residential Care Home Act.

Le Domaine de Grand Baie (LDGB) is one of the latest Mauritian property projects catering to seniors. LGDB, incorporating 145 apartment units, is a project of 2Futures, the country’s no. 1 real estate developer. The management of this residential complex for seniors is under Domitys, an affiliate of Nexity, the leading integrated real estate group in France.

Who qualifies?

Mauritius notably offers more time for foreigners to enjoy retirement in the country. Non-citizens can apply for a residency permit in Mauritius from the age of 50.

To qualify for that status, the applicants must open an account in a local Mauritian bank under their name and transfer USD1,500 to the account initially. Moving forward, they have to show commitment to their application. They must continue to make monthly transfers throughout the three-year term, the aggregate of which must be at least USD54,000.

The documents required for the retired noncitizen residence permit application include passport, birth certificate, and marriage/cohabitation certificate.

Easy access to permanent residency

Seniors aspiring to retire in the country can fast-track acquiring permanent residency if they buy a property in Mauritius under the PDS. They can also consider qualifying property in its earlier variants – the Real Estate Scheme and Integrated Resort Scheme. As a result, overseas buyers can get permanent residency when they purchase a property priced for at least USD375,000.

Foreigners retiring in Mauritius are not allowed to work in the country or hold the position of a fulltime company director. However, they can acquire a minority shareholding in a Mauritian company. They can also invest in local business and thus share in the potential gains from Mauritius’s growing economy.

Non-citizen retirees who buy a property in Mauritius and earn some income in the country benefit from tax incentives. Mauritius’s tax rates are amongst the lowest in the world. For instance, the income tax rate in the country is pegged at 15 percent. The government has also granted tax exemptions on capital gains and dividends from companies with headquarters in Mauritius.

 

Continue reading:

Mauritius property investment options: Is the PDS worth it?

Buy a home in Mauritius, a tempting move for expats

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