MAURITIUS
New Property Laws in Mauritius
Opening Doors for Investments
BY YANESH PURYAG
A recent amendment to the Non-Citizens( Property Restriction) Act in Mauritius now allows foreigners to purchase apartments in condominium developments of at least two levels above ground.
The amount payable for the acquisition of an apartment must be Rs 6 million or more( ZAR 2.2 M) ‒ or its equivalent in any other freely convertible foreign currency. Any non-citizen, with or without an occupation permit, residence permit, or permanent residence permit may now acquire these apartments.
Mauritius secures the top spot as Africa`s best country for attracting talents
What should make a property investment in Mauritius equally tempting is its recent ranking on the 2017 Global Talent Competitiveness Index as one of Southern Africa’ s best countries for attracting talent. The index measures the extent to which countries attract, grow and retain talents and how they translate their efforts into output.
Mauritius was ranked number 46 of 118 countries, while Switzerland, Singapore, UK, US and Sweden occupy the top five places. This puts Mauritius in the lead over Sub-Saharan Africa, followed by three other upper-middle income countries of this group, namely Botswana, South Africa, and Namibia( placed 63rd, 67th and 76th respectively).
Chris Immelman, MD of Pam Golding Properties International & Projects Division, maintains that the island of Mauritius“ continues to attract global buyers drawn by its tropical island resort-type lifestyle, international educational facilities and ease of access for South Africans.”
He added:“ As a model of stability and economic prosperity, Mauritius has for the past 10 years consistently achieved economic growth of between three and 5.9 percent. Apart from its natural beauty and sought after lifestyle, Mauritius has performed exceptionally well in the global business arena and in attracting high net worth individuals into the country.”
More benefits of buying in Mauritius A significant advantage to buying in property in Mauritius is that it allows South Africans to use their Rands to invest in a Dollar-based property market. Mauritian taxation is also more favourable to both individuals and corporate entities, which are taxed at a flat rate of only 15 %. Additionally, there is no Capital Gains Tax.
Mauritius is continually reinventing itself. By leveraging its strategic position at the crossroads of Africa, Asia and Australia, Mauritius is gradually transforming itself into a hub and an international jurisdiction for investors in search of security, transparent regulation and high value-addition.
Over the years, the economy has been successfully metamorphosed, following a smart shift from a mono-agricultural model to a diversified, innovationdriven and knowledge-based economy, underpinned by a broad spectrum of business activities.
RESOURCES
YES Properties, Pam Golding Properties International & Projects Division
42 MARCH 2017 SA Real Estate Investor www. reimag. co. za