How to Buy Real Estate Mauritius
When surrounded by white sand beaches, a stunning blue ocean, and a beautiful landscape with lots of sunny days, you can hardly be unhappy. If you imagine your life this way and have the desire and enough money to make it happen, maybe Mauritius is the right place for you.
A small island with palm trees on the sandy shore and emerald-clear sea is a perfect escape from the city hustle and bustle. It’s an ideal place to start a new life from scratch. And if you think pragmatically, countries like Mauritius are also tax havens attractive to business people. So why not combine beautiful and useful?
You should take some steps before moving to Mauritius. First, you should resolve the housing issue. That usually involves buying a property as a family or secondary house. The process is pretty simple, but you still need professionals to guide you. Here are more guidelines on living in this lovely country.
Benefits of Living in Mauritius
Besides beautiful weather and favorable climate, there are many other advantages to buying real estate in Mauritius. Maybe the most important is that this country offers tax advantages to non-citizens. That’s their way to attract investors and thus improve the quality of life on this island.
Mauritius is an attractive place to visit and live. It has all the perks of the modern world – excellent healthcare, education facilities, good transport links with the rest of the world, etc. Also, it’s known as one of the most peaceful countries in the world. Partly because it’s in the middle of the ocean and partly because of the peacefulness of the population itself, the geopolitical situation of this country is very stable.
Purchasing property on this paradise island is a great way to invest your money. You can benefit from the country’s stable economy and growing tourist industry. There are many different ways to buy a property in Mauritius. Make sure to get all the necessary information so that you can make the best decision.
Find Real Estate
Although small in size, Mauritius is a developed and famous island. Some regions are exclusively for tourists, like north and west. The life there is as hectic as in world metropolises. You can buy properties within large resorts, like luxury apartments, duplexes, or individual villas and rent them. They are popular among high-income buyers and investors.
The East coast and inland are more favorable for people who want to live in Mauritius. These areas have fewer tourists, but the life quality is still high. For example, most properties within Real Estate Schemes are located in these regions. These are villas and apartments for investors or individual buyers. Anyone who plans to invest, live or enjoy Mauritius as a holiday retreat can buy one (or a few) of these.
Talk to an Agent
That’s a crucial step when you want to buy a property in Mauritius. Local agents know the market best and can find you the offer that gives the best value for the price you pay. Of course, their services will cost you, but the whole process will be much easier and faster.
Even though you are thousands of miles from Mauritius, modern technologies have allowed you to be in touch with your chosen agent whenever you want. Reputable realtors like experts from https://www.advalorem.mu/en will explain what matters when choosing real estate in this country.
Real estate agents will explain the costs related to the purchase of the property, the procedure, and the necessary papers. Make sure to prepare personal documents and a reference letter from your bank. That will help you open an account in a Mauritius-located bank. You can do that online in just a few steps.
When you find the real estate of your dream, you will start negotiations. In Mauritius, that’s not possible without a notary. You will need their advisory services during the entire purchase process. Also, the notary ensures that your documentation is in order and up-to-date. Their task is to help you settle all costs and taxes before the final agreement with the property seller. You pay notary fees after signing a contract with the seller.
Think of Costs
Probably the best way to purchase Mauritius real estate is to pay it in cash. If you don’t have it, you must obtain a mortgage. Non-citizens can apply for this loan type after meeting certain requirements. After getting approved, the notary will check the details of the property. You should also seek an independent lawyer to help you navigate the process.
In any case, you need to pay the seller a deposit (10% of the purchase price) when you sign a reservation contract. The procedure differs depending on whether you buy from a property developer (they have prepared contracts) or a reseller (notary makes the contract). After that, EDB checks the customer as well as the reasons for the purchase. The process can take up to two months, so be patient.
Residency and Citizenship
After completing the real estate purchase, you will sign the Title Deed. But you won’t get residency and citizenship by default. You can apply for these only if the value of your property is higher than $ 500,000. If that’s not the case, you can try with Premium Travel Visa or Occupation permit.
The first document allows you to stay in Mauritius for up to a year. That’s enough time to ‘test’ the island lifestyle. You can travel or work remotely during their stay. If you plan to work in the service sector or invest in Mauritius, you can apply for a Residence Permit (Occupation Permit). After three years, you can apply for a Permanent Residence Permit.
Having a private island is a matter of prestige in the world of the rich. Yet, even ‘ordinary’ people can afford their piece of paradise if they decide to buy a property in Mauritius. Whether as an investment or a vacation home, That’s definitely a good decision.