Mauritius is a popular destination for property investment, known for its beautiful beaches, lush mountains, and stable economy. However, there are certain rules and regulations that foreign buyers should be aware of when buying property in Mauritius.
Foreigners are eligible to buy property in Mauritius, but they are subject to certain restrictions. For instance, they are not allowed to buy property in certain areas that are designated as "non-citizen" zones, such as Black River, Flacq and Grand Port.
The process of buying property in Mauritius is similar to that in other countries. It involves finding a suitable property, negotiating the price, and then completing the legal formalities, including signing a sales agreement and transferring the funds. It's important to note that it's always best to work with a reputable real estate agent and lawyer to ensure the process goes smoothly.
Property taxes in Mauritius are relatively low. Property owners are required to pay a property tax, which is based on the value of the property. Additionally, they are required to pay a land transfer tax, which is calculated as a percentage of the purchase price of the property.
Residence permit: Foreigners who buy property in Mauritius may be eligible for a residence permit, which allows them to live in the country for an extended period of time. The requirements for obtaining a residence permit can vary depending on the type of property and the value of the investment.
Overall, buying property in Mauritius can be a good investment opportunity, but it's important to be aware of the rules and regulations that apply to foreign buyers. It's always best to work with a reputable real estate agent and lawyer to ensure that the process goes smoothly, and to research the property market and tax laws before making a decision.