Once renowned for its sugarcane industry, the island of Mauritius has now moved into the tourism and real estate markets with great success.
Mauritius has experienced a significant boom within its real estate sector over the last decade or so which has resulted in a wide range of residential projects throughout the island. The Government embarked on an adjustment programme since the turn of the millennium to attract the Foreign Direct Investment (FDI) required for sustained development and growth. The Integrated Resort Scheme was launched in 2001, the Real Estate Scheme followed in 2007, the Property Development Scheme in 2015 and finally the Smart City Scheme in 2016.
Bénédicte Duvivier, real estate consultant for Fine & Country Mauritius, believes that through the establishment of these different schemes, Mauritius has become an investment paradise for foreigners. Indeed, through the acquisition of real estate in Mauritius of a value greater than $500,000 (with respect to the Smart City or Property Development schemes), an investor purchasing an apartment or a villa in Mauritius will be able to keep their residency permit if they remain the owner of the property. If the property is bought by several people, by name or through a company, only one investor will be able to receive the residency permit attached to the property. The investor’s partner as well as his or her children aged below 18 will also benefit from the permit.
Moreover, the real estate sector is particularly attractive due to the absence of any capital gains, estate or inheritance tax. With a surprising combination of fiscal and non-fiscal incentives, a hybrid legal machine with sound political stability, state-of-the-art infrastructure and a giant multilingual pool of professionals, Mauritius has enticed people from different corners of the world.
