Mauritius is, a captivating gem nestled in the Indian Ocean, allures expatriates and property investors alike who are in search of a second home or a lucrative investment opportunity.
For individuals who are not citizens but aspire to establish themselves in this paradise, maneuvering through the property acquisition process can seem daunting.
To buy property in Mauritius, uncover a comprehensive and seamless guide that takes you from the initial reservation phase all the way to the key handover, ensuring a smooth and stress-free journey toward realizing your dream in this enchanting destination.
After you have made a decision to buy a property in Mauritius and you've chosen your ideal property, it's time to proceed by signing a reservation contract or a promise of sale with the property's owner or developer, either facilitated by a notary or directly.
Typically, a deposit of approximately 10% is required at this stage, which is securely held in escrow.
The details and timeline for this crucial step may differ based on whether the property is already built or in the off-plan stage, ensuring a tailored approach to your real estate transaction.
Next, the initial step would be to apply to the Economic Development Board (EDB) of Mauritius for the necessary authorization to proceed with purchasing your selected property.
During this step, you will have the opportunity to choose whether to make the purchase as an individual, through a company, a civil real estate partnership, or a trust, tailoring the ownership structure to best suit your needs.
The application process is usually expected to take around 4 to 6 weeks to complete, ensuring all legal and regulatory aspects are properly addressed.
When authorized by the EDB (Economic Development Board), you can proceed to sign the title deed. It's a crucial step in the property ownership process.
Signing for off-plan properties typically occurs at the beginning of the development phase, ensuring you secure your investment early on. In contrast, signing for built properties is usually a more straightforward process.
It's important to clear any outstanding duties, taxes, and payments during the deed signing to ensure a smooth transition of ownership.
When you stumble upon the perfect property that perfectly aligns with your requirements, Koch Properties or any seasoned real estate expert will guide you through the process of finalizing the necessary preliminary contracts.
To invest in Mauritius, whether you're considering an off-plan development or a resale property, this crucial initial action solidifies your dedication and ensures the protection of your chosen investment.
Ensuring the safety of your deposit is crucial for peace of mind. Whether it's carefully overseen by a trusted notary or securely placed in a bank escrow account, your deposit is safeguarded under the specific conditions outlined in the sales agreement.
In case of any unexpected delays in the development progress, rest assured that your initial investment remains refundable, providing you with an added layer of financial protection.
After you have successfully secured your reservation, it is important to proceed by requesting the purchase right through the Electronic Data Book (EDB).
The type of ownership you decide on will have lasting effects on upcoming transactions and necessary permits.
Therefore, it is highly recommended to make a well-informed choice. Take your time to contemplate this decision thoroughly to ensure seamless processes in the future.
Upon reaching that stage, you will proceed to sign the deed of sale, known as VEFA (Vente en l'état futur d'achèvement / sale and the future state of completion ownership). At this point, you will be required to make an additional payment of 25% or potentially more, especially if construction is underway. Additionally, you will need to cover the acquisition duties and taxes.
Payment arrangements are typically tied to the construction's advancement, necessitating prompt payments according to specific project milestones to ensure seamless progress and timely completion. It is crucial for purchasers to anticipate and prepare for these payment schedules to facilitate a smooth transaction process.
Additionally, a financial guarantee provided by reputable local banks offers assurance that the property will be completed as planned.
Upon completing your purchase, which includes duties and taxes, non-citizens who buy properties exceeding $375,000 may apply for permanent residence.
This application process, which can take up to six months to finalize, offers an opportunity for those individuals to establish a more lasting presence in the country.
Local banks provide a variety of financing options to assist you with your property purchase.
These options may cover a significant percentage of the cost, taking into account factors such as the age of the property and your financial profile. It's worth exploring these opportunities to find the best fit for your needs.
Now that you have a clear map of the route to buying a property in Mauritius, begin your exploration,especially if you are a non resident.
With the right advice and partners such as Koch Properties, soon, you could be holding the keys to not just a dwelling but a lifestyle that is uniquely Mauritian.
We at Koch Properties are eagerly waiting to assist you in finding your tropical abode and navigating through this exciting process. Mauritius beckons, buy property in Mauritius —venture into investing in a lifestyle where every day feels like a vacation.
We hope you enjoyed this blog post. If you're interested in buying property in Mauritius as a non-citizen or need additional information, please feel free to contact Koch Properties.
