Living the tropical island dream is a goal for many of us and legislation has just been updated to allow foreigners to aquire a larger range of properties on the island than previously.
The amendment to the Non-Citizens (Property Restriction) Act of 1975 expands the scope of property ownership for foreigners beyond previously approved schemes such as IRS, RES, PDS, G+2, Smart City, and IHS. The amendment allows qualifying individuals to purchase freehold residential properties, including freestanding villas, apartments, or vacant land, provided the property does not exceed 1.25 Arpent in size and its value is equivalent to or greater than USD 500,000.
Qualifying individuals include existing MAIN Permit Holders of various categories such as Permanent Residence Permit, Occupation Permit (OP) in various capacities (Investor, Professional, Self-Employed, Short Term, Family, Retiree), and those who obtained Permanent Residence Permit through previous purchases into the aforementioned schemes.
There are certain costs associated with the purchase under this amendment; both the seller and buyer are required to pay a standard 5% government duty and the buyer has to pay an additional 10% tax.
It's important to note that leasehold or agricultural land is not eligible for purchase under this amendment.
We know it is a lot to take in but Engel & Völkers Mauritius are always here to help our valued overseas clients to aquire their dream island home!
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