The government of Mauritius has recently introduced a program under which all the foreign nationals are allowed to own residential properties which could be done by the way of a number of investment schemes. The Permanent Residence Scheme is considered to be attractive to the foreigners who look forward to staying in the country for a longer time period.
For a foreigner to own or buy a permanent property in Mauritius, a minimum investment of US$500,000 in qualified business activities is expected to be made. This also permits a permanent resident foreigner to acquire a total of 1.25 arpents of land which is located at least 100 meters away from all the sea-facing properties.
Another scheme using which the foreigners can buy property within the country is the Integrated Resort Scheme. Under this particular scheme, the foreigners can buy luxury villas in the country. At the same time, this scheme lets the property owner to get entitled to a residency permit, thereby allowing the owner as well as his/her family to reside in the country for whole of the duration of such ownership.
Another scheme, the Scheme to Attract Professional for Emerging Sectors targets all the talented foreigners who look forward to offering their services within the country. This scheme has been extended to the information and communication technology and financial services sectors.
The locals can easily purchase any property located within the territory of Mauritius. The law of the country suggests to hire a notary to draft the property deed and to further make sure that all the documents are in order. The buyer, citizen or non-citizen is free to choose the notary of his choice. The notary is then calculated on a cumulative basis.
- The registration fee is levied at a flat rate of 5 percent of the total value of property.
- Notary fees are around 0.50 to 2 percent of the total value of property.
- Stamp duty on to the property is generally set at MUR1,000.
- Real estate agent’s fee is charged at 1 percent of the total value of property along with a 15 percent VAT.
- Transfer tax is also levied on to the property and the rates of the tax varies depending upon the duration of the property held by an individual.
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