Non-citizens are allowed to purchase property under specific property regimes such as :
According to the
new Finance Act 2020, the Mauritian Government has announced certain incentives
for investors to live, work and invest in Mauritius. Thus, holders of a
Residence Permit (PR), Occupation Permit (PO), Permanent Residence Permit (PRP)
are also allowed, until 30 June 2022, to buy land in a "Smart City".
The conditions to be respected are :
It must be a
serviced parcel of land for residential purposes,
The plot must not exceed 2100 m²,
The construction of the property must be completed within 5 years of the
purchase of the land.
It is important to note that prior approval from the relevant authorities is
required.
The sale
of these property programmes is generally carried out under the legal principle
of VEFA ('Vente en L'Etat Futur d'achèvement' - Buying off plan -, identical to
the French VEFA). This system is set up in the buyer's interest and guarantees
the successful completion of the programme since a bank gives this GFA
(Garantie Fin d'achèvement) - Completion Guarantee - .
At the signing
of the sale, the first payment is deposited in an escrow account opened in a
Mauritian bank. Payment is then made in several instalments depending on the
progress of the project. The bank will only release the escrow if the developer
starts construction of the project and construction can only start if 70% of
the programme has been sold as the GFA is only given on this condition.
There are also
resales of already constructed assets, allowing for direct settlement