There is more to Mauritius than its picturesque beaches and easy island living, which is helping the country to attract a lot of interest from Global and South African property investors.
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The property market in Mauritius continues to thrive, several years after the government decided to open up the island to foreign buyers.
The stability and growth of the economy has encouraged many to invest in Mauritius and even make a life in the country.
A vibrant growing economy, low taxation rates of only 15 percent, a thriving financial services sector, ease of doing business and idyllic environment for permanent residence or leisure use all contribute to an enabling environment for investment.
“No property tax, no inheritance tax on properties purchased and no capital gains tax speaks directly to property investors, particularly those looking to relocate for retirement or simply a highly appealing lifestyle in a sought after international location,” says Richard Haller, operations director of Pam Golding Properties.
Coupled with this, for a minimum investment of US$500 000 – assuming you retain your property acquisition – foreigners are entitled to a residency permit and may then apply for a Mauritian passport after five years.
The low tax rates encourage business formation and naturally appeals to retirees, while the island’s corporate tax rate of 15% has made it attractive to foreign investors. There is also no withholding tax on dividends.
As a result of all these distinct advantages, Mauritius is drawing an increasing number of global and South African property buyers of high net worth, making property acquisitions from the threshold investment to in excess of US$5 million.
The 25 hectare development in a prime location for businesses involved in international trade, only 5 minutes drive from Mauritius’ main international airport and a 40 minute drive from the harbour. All goods that enter the zone are exempted from Mauritian custom duties and taxes. Click here to find our more on the development.
Multi-listed Real Estate Investment Trust (Reit), Mara Delta also announced on Tuesday last week that it had entered into negotiations with New Mauritius Hotels Limited to acquire a 45% interest in an entity owning three hotel assets in Mauritius.
The announcement follows another deal it concluded earlier in October, acquiring the Tamassa Resort for $40 million, located in Bel Ombre on the southwestern coast of Mauritius, through a sale and leaseback agreement.
The island is also ranked most competitive economy in Sub-Saharan Africa, beating powerhouse South Africa, according to the latest ranking of ‘The Global Competitiveness Index,’ by the World Economic Forum (WEF)