FAQ
FAQ
Frequently Asked Questions
What is the process of buying property in Mauritius?
The process of buying property in Mauritius involves several steps, including finding a property, making an offer, signing a preliminary agreement, conducting due diligence, obtaining necessary permits (if applicable), signing the final deed of sale, and registering the property with the relevant authorities.
Can foreigners buy property in Mauritius?
Yes, foreigners are allowed to buy property in Mauritius. However, there are certain restrictions and regulations in place, such as minimum investment thresholds and specific property schemes available for foreigners.
What are the different property schemes available for foreigners?
There are several property schemes available for foreigners in Mauritius, including the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS), and Smart City Scheme. Each scheme has its own eligibility criteria and benefits.
Are there any restrictions on property ownership for foreigners?
While foreigners can buy property in Mauritius, there are some restrictions in terms of the type of property and the location. For example, certain properties may be reserved for citizens or require specific permits for ownership.
What are the costs involved in buying property in Mauritius?
The costs associated with buying property in Mauritius include registration fees, notary fees, stamp duty, property transfer tax, and legal fees. These costs can vary depending on the property value and other factors.
Can I get a mortgage to buy property in Mauritius?
Yes, it is possible to obtain a mortgage from local banks in Mauritius to finance the purchase of property. However, the terms and conditions may vary, and certain eligibility criteria must be met.
Are there any tax implications for owning property in Mauritius?
Yes, there are tax implications for owning property in Mauritius. Property owners may be subject to property tax, rental income tax, capital gains tax, and other applicable taxes. It is advisable to consult with a tax professional for specific details.
Can I rent out my property in Mauritius?
Yes, property owners in Mauritius can rent out their properties. However, it is important to comply with local regulations and obtain the necessary permits, such as a rental permit or a license from the Tourism Authority if renting to tourists.
Are there any residency or citizenship benefits associated with property ownership in Mauritius?
Yes, certain property schemes in Mauritius offer residency or citizenship benefits for property owners. For example, the IRS and PDS schemes provide the opportunity to apply for a residence permit or a permanent residence permit, respectively, subject to specific conditions and investments.
Can I Ask You for Advice?
Yes, here at immovortex we are dedicated to assist from A to Z – We also offer assistance out of our scope by interacting with third party persons if you want us to manage your permits or licenses processes. feel free to ask for our assistance.