Investing in Mauritius property, visa options and new development

Favourable visa options and a flurry of fabulous new developments on offer in Mauritius are attracting foreign buyers and investors to the island according to Séverine Dalais-Pietersen, Marketing Executive for Seeff Mauritius.

The Government of Mauritius has made it easier for foreign buyers to obtain a residency visa by lowering the required investment into a qualifying property development to USD 375 000 (from the previous USD 500 000).

Additionally, it introduced a “Premium Travel Visa” late last year which now allows for a long-stay of up to a year subject to certain conditions including proving your income from outside sources as you cannot enter the labour market in Mauritius under this visa.

This long-stay visa is a great option for those looking to get a feel for the island before committing to a permanent move, says Ms Dalais-Pietersen.

The beautiful Indian Ocean-island is an enticing option with many South Africans already owning property there, she adds. There are various options available, you could move here permanently as there are excellent schools and opportunities for entrepreneurs, or you may want to retire, or invest in a second home for remote working or holiday purposes. Many of the developments also offer great opportunities for rental returns.

Mauritius is now an attractive economy with a favourable investment and tax landscape. You can for example freely repatriate your funds should you decide to sell your property, she says. If you spend more than 183-days here annually, you can be tax domiciled in Mauritius and benefit from the non-double taxation agreement with South Africa (and other countries) and other tax options. These include a fixed rate of 15% tax for individuals and companies, no tax on capital gains, dividends or profits and no tax on inheritance.

The great news is that the first phase of reopening the borders starts on the 15^th of July to the 30^th of September where a vaccinated person will be able to stay for 14 days in a hotel and use all the facilities and then either fly back or visit the island afterwards. The island is anticipated to open fully with no restrictions (for vaccinated people only) from the 1^st of October.

Interestingly, while the market slowed quite a bit due to the Pandemic, local Mauritians took the opportunity to buy like crazy, predominantly plots of land priced between ZAR 1 million and ZAR 4.7 million as well as apartments and small houses up to ZAR 5 million.

The rental market has remained active with high demand for rentals across a broad spectrum of properties, from apartments to houses and beachfront properties, mostly in the ZAR 10,000 to ZAR 200,000 per month range. Current demand is mostly between ZAR 16,600 and ZAR 26,700 per month and generally for houses with three to four bedrooms and a swimming pool. Although landlords were open to lower offers, the re-opening of the borders means they are not likely to be that lenient anymore.

There has been a notable uptick in demand from South Africans to buy on the island, especially with the news of the borders re-opening, she says. The latest new development available to foreign buyers is The Welnest Residential Hideaway, located on the north-west coast of Mauritius.

It is situated 25-minutes from Port Louis midway to Grand Baie and faces the Maritim Resort and Spa Mauritius beachside golf course and the Turtle Bay 18-hole championship golf course. It is in close proximity to business nodes and schools, thus offering a wide appeal to buyers of all ages.

Property owners in The Welnest will have access to a fantastic beachside and historical estate of over 60 acres along the 800m long natural beach of Turtle Bay, the first protected marine park of Mauritius.

The development offers a spectacular setting and a modern lifestyle with all the amenities that you will need. There is a choice of property types including apartments with two to four bedrooms, four-bedroomed penthouses and villas with three to four bedrooms.

Price starts from around R5,5 million (MUR 15.7 million) (plus costs) for a two-bedroomed apartment. Buyers can also benefit from a great return on investment as there is a rental service available and demand is expected to be high. There is a choice of three rental schemes available from Maritim.

Maritim is a 5-star resort with an impeccable track record of over 30 years in Mauritius and the development offers an investment buy with a brilliant return on investment, says Ms Dalais-Pietersen.

Amenities include beach resort facilities including beach and sea access, a hotel service for all residences, restaurants, leisure centre with various facilities including a fitness centre and spa and open-air meditation decks with yoga and tai chi classes.

Contact Seeff Mauritius by email at mauritius@seeff.com or https://mauritius.seeff.com/.