The procedure and conditions for purchasing real estate in Mauritius according to the G+2 program.
The Non-Citizens (Property Restriction) Act has been amended in December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Board of Investment provided the purchase price of an apartment is not less than MUR 6 million ( euro150,000) or its equivalent in any other hard convertible foreign currency.
Foreigners are fully authorized to buy apartments around the island with only these 4 restrictions:
- The apartment building must be part of a block in a building of at least two floors above ground floor (G+2).
- The apartment must imperatively be built on freehold land.
- The selling price of the apartment must be in excess of Rs 6,000,000 (euro 150,000).
- The Board of Investment must authorize this transaction.
Which foreigners are eligible for the purchase of these apartments.
The following non-citizens are eligible to submit an application to acquire one or more apartment(s) for use as residence:
- A non-citizen
- A holder of Permanent Residence Permit
- A holder of an Occupation Permit as investor, professional and self employed
- A holder of a Residence Permit as a retired non-citizen
- A holder of a Residence Permit under the IRS/RES/PDS/SCS
- A company, local or foreign, incorporated or registered under the Companies Act and registered with Board of Investment .
IT MUST BE UNDERSTOOD! That under no circumstances the purchase of apartments under this law gives any claim to the permanent resident status.
Terms of purchase of apartments by foreign nationals.
The minimum price must be of Rs 6,00,000 and the registration fee is 5% of the value of the property.
The apartment may be purchased either on the basis of plan, during the construction phase or in the finished state. When sold under the VEFA provision (French law term for: sale in the future state of completion) the payments are to be made by instalments according to a pre-established schedule based on the progress of construction work.
Documents to be submitted at time of application.
For an apartment bought in the finished state or for a resale, the application must be made by the buyer and must be accompanied by the following mandatory documents:
- Duly filled-in application form.
- Certified copy of passport. The document must be submitted in the original together with a notarized translation into English or French if it is in a different language.
- Birth certificate. The document must be submitted in the original together with a notarized translation into English or French if it is in a different language.
- A presale agreement between applicant and the vendor made by a notary public.
- A site location plan.
- A memorandum from the notary certifying that the apartment forms part of a residence block located in a building of not less than ground floor plus 2 floors.
- A letter from a local or international bank showing that the applicant has the necessary funds to finance the acquisition.
- A letter of recommendation from the bank that serves the buyer attesting of decency and good business reputation.
- A certified true copy of the certificate of incorporation of the entity (company/société/partnership/foundation...) selling the apartment and the National ID card of the vendor.
- A copy of the evaluation report from a sworn valuation surveyor (only if apartment is in finished state).
If the apartment is sold on plan or in construction phase, then the promoter of the project or the real estate agency will file the application for you.
Resale or transfer of the apartment.
- Where the non citizen owner of the apartment intends to sell or transfer one or more apartments he/she is required, 30 days prior to the sale, to give notice in writing thereof to the board of Investment.
- The owner of a residential property is allowed to sell his/her property without restriction of price.
- Where the subsequent buyer is a non-citizen, he/she is required to submit a fresh application as per these guidelines.
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