G+2: more flexibility for foreign real estate investors in Mauritius!

The Economic Development Board of Mauritius reminds that “As announced in the 2021/22 budget and in accordance with section 5(1)(ga) of the Immigration Act, a residence permit is now granted to a non-citizen when acquiring a residential property in a building of at least 2 storeys above the first floor. Why and how to make such an investment?

What are the real estate programs available in Mauritius ?

At present, foreigners can buy a property in Mauritius under the following programs

Integrated Resort Scheme (IRS ): this program allows you to buy a villa, townhouse, penthouse, apartment, equipped duplex and serviced residential land in Mauritius.

Real Estate Scheme (RES): another luxury real estate program, the RED allows you to buy a villa, penthouse, duplex or apartment within an exclusive residential development, but smaller than the IRS.

Good to know

The foreign investor in IRS and RES and his dependents also receive a residence permit, provided that they invest a minimum amount of 375,000 USD.

He can rent the property, become a tax resident in Mauritius, while being exempted from restrictions on the repatriation of funds or income from the sale or rental of the property.

He can also invest and work in Mauritius without having to apply for an occupation or work permit.

Property Development Scheme (PDS): This property development scheme provides the opportunity to acquire a property located in an exclusive, high-end area with high quality leisure and recreation facilities and daily management services.

For a purchase of more than USD 375,000, the foreign investor, his/her spouse and children under 24 years of age receive a residence permit valid during the ownership of the property. He is also exempt from the occupation or work permit to invest and work in Mauritius.

Smart City Scheme: this program allows you to buy a townhouse, villa, apartment, penthouse or duplex located in a setting revolving around the concept of work, life and leisure, supported by smart technologies and innovation.

Foreigners holding a residence permit, an occupation permit or a permanent residence permit have until June 30, 2022 to purchase a 2,100 m² parcel of serviced land to build a residence.

Special focus on the G+2 apartments

Located in a condominium and in a building of at least 2 floors, the G+2 apartment designates a property that is at least 2 floors above the first floor.

The sale price starts at 150,000 USD (or 125,000 €, or 6 million MUR), but the G+2 does not qualify for a residence permit or tax residency in Mauritius. In return, the purchaser receives a temporary residence permit which authorizes him to stay up to 6 months on the Mauritian territory.

The G+2 apartment can be sold off-plan, during or after its construction, but also, and above all, outside the residential programs mentioned above.

Conditions to be met:

• The apartment must be used according to the terms indicated on the purchase authorization;
• The owner is not allowed to transfer or assign the apartment without the permission of the EDB;
• It is not allowed to practice real estate speculation for 6 months;
• This type of property is subject to property taxes and duties calculated on its current market value;
• Any resale (with no minimum price) or transfer transaction must be requested in writing to the EDB 30 days prior to the sale or transfer.

For more information about the apartment G+2, contact our agency!