Mauritius an island of real estate opportunity
A villa purchase in Mauritius tempt you ?
Yes, it is true that this little paradise of the Indian Ocean, ideally placed at a good distance from India, Africa and China, tries more than one. Enjoying an enchanting climate, mostly dry with an average temperature of 27°, its white sandy beaches surround Mauritius and invite to a farniente and holiday.
However, while its tourist assets are numerous, Mauritius is also a land ofâopportunity in terms of real estate purchase but also investment. This article will attempt to set out the main arguments that make this modest island a land of future real estate.
Investing in Mauritius
You want buy a villa on Mauritius ? In order for the word investment to take its full meaning, the place of investment must be able to propose a economic and political stability. With Mauritius, this is quite the case. A small country of 1.3 million inhabitants, Mauritius is one of the few countries on the planet without an army and its political stability is an example. Its economic influence places it at the top of the African countries and its leaders have endeavoured over the years to create favourable conditions for Foreign investors. The 2021 budget, it illustrates well.
A favourable tax system
First of all, Mauritian leaders signed non-double taxation agreements with 42 countries to encourage nationals of these countries to settle on the island.
This is the case with France.
Mauritius' tax system is based on an average 15 per cent tax regardless of the source of income. There are no inheritance rights, no more than capital gains on resales. There is also no property tax, housing tax or local tax. A considerable advantage for buyers and investors.
For buy a villa on Mauritius When one is a foreigner, the conditions are different according to his situation, his objectives, and his wallet. Various investment schemes have been created (IHS, PDS, RES, Smart City, ....)
Steps for your purchase of house in Mauritius
To become owner a house on Mauritius, Foreign nationals are subject to certain conditions. These are listed in chronological order:
â filing a written application with the Board of Investment (BOI). This application must be accompanied by your passport and contact details of your bank,
â payment of file fees ( 250 euros ),
â after acceptance of the BOI, the buyer must sign the Preliminary Reservation Contract or CRP,
â transfer the equivalent of 10% of the price of the property to the receiver account of a notary,
â signature of the deed of sale,
â payment, in the presence of the notary, of the balance of the transaction is 90% of the total price or 20% if it is a sale in VEFA ( Sale in future status of completion ),
â Other fees: 1.15% for the notary and 5% for the BOI.
Avoiding certain traps
- Get around
To acquireâa villa or house in Mauritius, some precautions should be taken, especially if you buy on plan. Remember that you are 9000 km from Paris. So it's best to either go there, with a Mauritian, check that the criteria for your purchase are met, or be accompanied by a Mauritius real estate agent.
- The right promoter
Doing the right thing choice of promoter having experience and enjoying an excellent reputation. If you cannot avoid some difficulties, at least you will be safe.
As much as you will not omit, in addition, to ask your sponsor to present you with a bank guarantee, ensuring the proper completion of the current project. Thus you will be guaranteed that your property will be delivered to you in good conditions.
Profitability of real estate in Mauritius
It should be noted that on Mauritius, rental profitability for buying a villa over the year can reach 7% before tax.
Therefore, the investment can be profitable fairly easily, especially if the rental is made on a seasonal basis.
It is therefore of interest to‘buy a house on Mauritius.
Great opportunities are to be anticipated so if you decide to buy a villa in Mauritius or invest in a house for you and your family or simply for a rental investment.
However, think about getting around in order to make the right choices because investing abroad has many advantages but can also, like any investment cost you.
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