Foreign acquisition
S tuated in the Indian Ocean, Mauritius is a democratic republic with a population of 1.3 million and a total area of 2,040 square kilometers. The tropical island attracts thousands of tourists and investors from all over the globe, all spellbound on their first visit. Many of them therefore decide to turn their dream holidays into a long-term stay through their work, their retirement or relocation plans.
Why move to Mauritius
- Pleasant climate (average temperature of 31ºC in summer and 22 ºC in winter)
- Stable political situation and sustained economic growth
- Bilingual population (French/English) and cultural diversity
- Advantageous taxation e
- IRS, RES, PDS, G+2 and Smart City schemes enabling foreigners to acquire properties
Advantageous taxation
- Tax rate on corporate and personal income: 15%
- Value added tax (VAT):15%
- Land transfer tax: 5%
- Corporate social responsibility (CSR) : 2% of profits
- No taxes on dividends, plus values and fortune
- No succession rights
- No property tax or council tax
- No restriction on the repatriation of profits and dividends
- Double Taxation Avoidance Agreement (DTAA) signed with 46 countries
Acquire a property in Mauritius
The Property Development Scheme (PDS) has replaced the IRS and RES schemes since 2015 and allows the development of a mix of residences for sale to non-citizens, citizens and members of the Mauritian Diaspora.
PDS projects consist of the development of at least 6 luxurious residential units on freehold land of an extent of at least 1 arpent (0.4221 hectares) and providing high-quality public spaces, leisure, commercial amenities and facilities, day-to-day management services and social contribution.
A non-citizen is eligible for a residence permit upon the purchase of a property under the PDS scheme when he has invested more than USD 500,000 (or its equivalent in any freely convertible foreign currency)
The Non-Citizens (Property Restriction) Act has been amended in December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Economic Development Board provided the purchase price of an apartment is not less than MUR 6 million (or its equivalent in any other hard convertible foreign currency).
A non-citizen who has acquired an apartment for a price exceeding USD 500,000 (or its equivalent in any other hard convertible foreign currency) may apply for a long stay visa. This visa allows a non-citizen and his dependents to stay for a consecutive period of 10 years, renewable depending on the status of ownership and remains valid so long as the non-citizen holds the apartment.
- a residential unit developed under the IRS, RES and PDS (granting a permanent residence permit if property is above USD 500,000)
- a residential unit developed in a Smart City (granting a permanent residence permit if property is above USD 500,000)
- an apartment located in a building of at least two floors above ground floor: G+2, above Rs 6,000,000 (not granting a permanent residence permit, but instead a temporary residence permit of up to 6 months)
