Mauritius, a picturesque island in the Indian Ocean, has emerged as an attractive destination for expatriated and international investors seeking to purchase property. Known for its tropical weather, breathtaking beaches, and stable economy, Mauritius offers a unique blend of luxury and opportunity.
The government’s active efforts in promoting eonomic growth and foreign investment have simplified the process for foreign nationals in the real estate market.
Legal Framework and Policies
The government of Mauritius has established several schemes to facilitate foreign investment in the real estate sector. These schemes are regulated by the Economic Development Board (EDB) and include the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS), Smart City Scheme, and Ground Plus Two (G+2) apartments. Each scheme has specific criteria and benefits designed to attract foreign investment while ensuring sustainable development.
Integrated Resort Scheme (IRS)
The IRS allows foreign nationals to purchase luxury villas with high-end amenities and services. Properties under the IRS must have a minimum value of USD 500,000. Investors are granted residency status, provided they meet the criteria set by the EDB. The scheme also allows for rental and resale opportunities, making it an attractive option for long-term investment.
Real Estate Scheme (RES)
Similar to the IRS, the RES targets smaller-scale developments without a minimum price requirement. This scheme is designed for smaller luxury residences, making it more accessible to a broader range of investors. RES properties also come with residency benefits, subject to specific conditions.
Property Development Scheme (PDS)
The PDS replaces both the IRS and RES, focusing on promoting social integration and sustainable development. Properties under this scheme have no minimum price requirement, but developers must ensure high-quality infrastructure and community amenities. Foreign investors can acquire residency by purchasing PDS properties valued at a minimum of USD 375,000.
Smart City Scheme
The Smart City Scheme is integral to Mauritius vision of evolving into a smart, innovative island. This initiative promotes the development of mixed-use projects that integrate residential, commercial, and recreational facilities. Foreign investors are encouraged to participate in these projects, gaining access to residency and other incentives.
Ground Plus Two (G+2) Apartments
The G+2 scheme allows foreign nationals to purchase apartments in developments of at least two floors above ground. This scheme provides an affordable entry point for expatriates and foreign investors looking to own property in Mauritius. Residency benefits apply for purchases exceeding USD 375,000.
