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The number of folks moving to Mauritius from South Africa has been on the rise for years. And by recent indications, this trend can even gain further momentum.
South Africans now have more windows to pinpoint opportunities to work and live or invest in Mauritius. These new portals loom from the agreements that the Economic Development Board signed with two business chambers in South Africa.
The board signed these pacts with the Nelson Mandela Bay Business Chamber and the Cape Chamber of Commerce and Industry. Both have established a solid reputation in South Africa.
The Nelson Mandela Bay Business Chamber is based in Port Elizabeth. It marks its 156th anniversary as a business primer in 2021. Founded in 1804, the Cape Chamber of Commerce, on the other hand, holds the bragging right as Africa’s oldest member-based business organization.
The EDB signed a memorandum of understanding with each of these chambers for the development of collaborative plans in 2021. These plans shall focus on strengthening business networks and regional cooperation to foster growth and economic opportunities.
Significantly, Mauritius and the cities the South African business chambers cover—Port Elizabeth and Cape Town—have similar economic foundations. They have development and diversification strategies comparable with Mauritius, such as property development and tourism.
Mauritius can draw many synergies from the EDB’s tie-ups with the two business chambers to attract more investors from South Africa. Through these ties, Port Elizabeth and Cape Town become stronger platforms to further promote investments moving to Mauritius from South Africa. In 2019, South Africa notably invested MUR4.3 billion in Mauritius, next only to France in the country’s foreign direct investments.
The major conduits of these South African investments are real estate properties. Mauritius has become quite popular amongst South Africans who want to relocate or have a second home. The island has also grown as a preferred destination for business locators, retirees, and investors from South Africa. The recent EDB tie-ups with business chambers in Port Elizabeth and Cape Town should further help to draw these South African interests to Mauritius.
There are many fundamental reasons why South Africans choose to invest or live in Mauritius. The country has liberal tax laws, such as a 15 per cent cap on income tax and land transfer tax pegged at 5 per cent. Mauritius also draws foreigners, in general, to relocate in the country because of its charming natural attractions and island resort lifestyle.
The rising desires on moving to Mauritius from South Africa and other countries surely bring positive vibes on the island, especially its real estate sector. Contact a 2Futures consultant to learn more about these growth dynamics that augur well for real estate investments in Mauritius.