Mauritius offers a unique range of benefits that make it a natural destination in which to own a home, enjoying political
and economic stability and a high standard of living. Mauritius is a melting pot of cultures, traditions and customs, each
moulded by a blend of Indian, Chinese, African and European influences, as well as a strong colonial history.
Mauritians are renowned for their genuine warmth and hospitability towards foreigners.
Villas sold under the new Integrated Resort Scheme must form part of an approved development of villas, built to international standards, with world class amenities and facilities. The acquisition of a villa for residential purposes by a foreigner under the IRS will allow the foreigner and his/her dependent family to reside in Mauritius as long as he or she retains ownership.
The minimum selling price of a villa is set at US$500,000 and the maximum extent of the land is limited to 0.5276 hectares (1.32 acres). A villa can be acquired off-plan or during the
construction phase.
Villas Valriche will incorporate an Ownership Association to manage security, maintenance and the estate.
Key elements of the IRS
Under the IRS regulations, a minimum of $500,000 investment is required for the acquisition of freehold immovable property, inclusive of land. Any of the following will qualify to acquire property under the IRS regulations:
- a non-citizen of Mauritius (including his/her spouse and dependants)
- a citizen of Mauritius
- a foreign company registered under the Companies Act of 2001.
A person who intends to acquire immovable property under the Scheme for residency, and who is a non-citizen, must make an application for the status of resident in accordance with the Immigration Regulations 1973, in respect of himself/herself, his/her spouse and dependants. When such an application is approved, a residency permit will be granted.
There are two straightforward applications that buyers will need to complete:
- Authorization to purchase (after signing the CRP and depositing 5% which is held in escrow).
- Residency permit (after signing the Deed of Sale and paying USD 70,000 which is included in the gross sales value indicated on the price list).
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Residency Permit
The acquisition of a villa under the Scheme shall grant resident status to the investor, his/her spouse and dependants. A residency permit granted under the IRS shall remain valid until such time as the non-citizen (overseas buyer) ceases to own a property in Mauritius.
The residency permit does not allow citizenship and whilst it gives an owner the right only to live inMauritius whilst they own property within an approved Integrated Resort Scheme, it does not give the buyer the right to work in Mauritius, nor to own non-IRS property.
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Taxation
Should you decide to purchase a villa and take up residency in Mauritius, you may find that other worthwhile taxation advantagesmay exist. For example, there is no capital gains tax or inheritance tax in Mauritius and the rates of income tax may be significantly lower than that in many other parts of the world.
In Mauritius an individual may opt for either a 'country' based tax where all assets are subject to income tax in Mauritius, or for the 'international' tax position where only money brought into Mauritius is taxable in Mauritius. The provisions of the relevant double taxation treaties which Mauritius holds with your country of origin would need to be reviewed and you are advised to consult your own tax specialist regarding your individual status, relating to either any taxation or exchange control issues in your country of citizenship or residency.
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