/ Offshore Property
Mauritius:
A high-end property destination on the rise
A home away from home
Best known to foreigners as a sought-after tourist destination, Mauritius is now home to thousands of expatriates from across the world. Some are employed as skilled workers, others as professionals, yet others have invested in companies to take advantage of the island’ s favourable business ecosystem and tax laws.
Still others have chosen to retire on the island due to its relatively affordable cost of living and its pleasant environment. With the government’ s declared policy of‘ Work, Live, Play’ for foreigners, the island-nation envisions becoming one of the best places in the world to live.
As a place to live or to have a second residence, this peaceful, multi-racial country inhabited by descendants from Europe, Asia and Africa, has a lot to offer indeed: modern infrastructure, good air connectivity, a warm climate all year round, political stability, social harmony, security, good international schools, world-class leisure amenities, as well as a healthy and luxurious lifestyle.
In recent years, many South Africans have elected to live in Mauritius, either as employed professionals, investors, or simply families looking for a safe environment in which to raise their children. It is estimated that South African expats living in Mauritius add up to nearly 10,000. Over the last decade, of all properties sold to foreigners, some 20 % were snapped up by South Africans.
The high level of security found on the island, the availability of international English-medium schools and the proximity to South Africa are amongst the top-rated on the criteria list of SA expats. A 4 to 5-hour flight connects the two countries, meaning that families and friends back home are never too far. The private health system is also world-class, with a number of well-run and well-staffed private clinics easily accessible.
Opportunities for foreigners to buy real property in Mauritius
It’ s been over 20 years now that Mauritius first joined the select club of tropical destinations offering luxury properties to discerning foreign investors. Under the so-called Integrated Resort Scheme( IRS) and Real Estate Scheme( RES) schemes, scores of high-value residential units have made happy buyers, living here permanently or on short frequent visits. Many owners choose to join a rental pool, deriving income from their investment which will be subject to local income tax of 15 %. However, on the disposal of the property, there is no capital gains tax. There is also no inheritance tax.
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