How to invest in property in Mauritius when you live abroad?
Is your heart set on a beautiful coastal villa, or a prestigious apartment facing the lagoon?
When you are a foreigner and live on the other side of the world, the process of buying property in Mauritius can seem rather complex. Thus here is a step-by-step explanation on how to undertake investment procedures and own a property in Mauritius.
As a foreign citizen, you should conform to the Non Citizen Property Restriction Act. So, first of all, in order to come forward with your purchase, you need to submit an application to the government body in charge of foreign investment in Mauritius: the Economic Development Board (EDB).
Your application should include the following:
A duly-written request
A copy of your passport
A recommendation letter from your bank
Once your request is approved by the EDB, you can proceed by:
Signing the CRP (Preliminary Reservation Contract), followed by the deed of sale,
Transferring 10% of the total purchase price on an escrow account (in a Mauritian bank) opened by your notary, no more than 15 days after the CRP has been signed,
Depositing, in the presence of your notary, 90% of the total price for an existing property or 25% in case of VEFA investment.
You also have to undergo the same procedure if you would like to be granted a mortgage loan, either through your own bank or a Mauritian one, that will then take into consideration your disposable income as well as charges, in order to measure your borrowing capacity and build your case.
Please note that notary fees amount to approximately 1.15% of the property’s value, and that the EDB will levy $25 000 for an RES property, or 5% of the property’s acquisition value for a PDS.
By putting your investment in the hands of a renowned developer such as Azuri, you can benefit from complete and tailor-made support throughout your proceedings. Why not start now and take your property investment from project to fruition?
Azuri Golf & Ocean Village has prepared an investment study, click to download now.