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Acquisition buying process in Mauritius For Foreigners

Acquisition buying process in Mauritius For Foreigners

MUR 29,000,000

Residential Apartment

Penthouse

Buying a property, particularly one outside of your own country, can be a complex and challenging process. There are many factors to consider, including legal and financial requirements, cultural differences, and language barriers. It is important to have a clear understanding of the local real estate market and the laws and regulations governing property ownership in the country where you are considering buying a property. But rest assured, we accompany our clients throughout their entire journey and make sure that their needs and objectives are met with the utmost attention.

Adequate procedures and process that are important for a fluid property acquisition in Mauritius

Who can buy a property in Mauritius?

  1. a non-citizen of Mauritius
  2. a citizen of Mauritius
  3. a company registered as a foreign company under the Companies Act 2001
  4. a company incorporated under the Companies Act 2001
  5. a société, where its deed of formation is deposited with the Registrar of Companies
  6. a trust, where the trusteeship services are provided by a qualified trustee (management

company or such other person resident in Mauritius) licenced by the Financial Services Commission.

Process for acquisition of a Residential Property

An application shall be made to the Economic Board of Development with the submission of the following documents:

  1. Application form duly filled in
  2. Letter confirmation from the bank or notary stating that the KYC (Know your Client) was completed
  3. A certified passport copy
  4. A certified birth certificate copy
  5. A copy of the presale contract (CRP) duly signed at a notary’s office
  6. A non-refundable processing fee of Rs 20,000 paid to the EDB

Payment_Structure_Seeff_Mauritius

Payment Structure of an off-plan development

In accordance with the provisions of Article 1601-30 of the Code Civil, the price of an off-plan residential unit when sold under “VEFA” is payable in instalments as the work progresses. Payments as per below:

  • Upon signature of the presale agreement: 10%
  • Upon signing of the deed: 15%
  • Upon completion of the foundation works: 10%
  • Upon completion of roofed-in phase: 35%
  • Upon completion: 25%
  • Upon availability of premises: 5%

Payment Structure of an already built property (resale)

This can vary depending on what has been arranged between the seller and the buyer but here is a general overview of the typical payment structure for a property purchase in Mauritius:

  1. Deposit: Upon signing the CRP (Preliminary Reservation Contract) at the notary, the buyer is typically required to pay a deposit, which is a portion of the purchase price. This deposit is usually 10-15% of the total purchase price and is held in the notary’s escrow account until the transfer of ownership is completed.
  2. Balance of the purchase price: The balance of the purchase price is typically due on the day of the signature of the Title Deed at the notary’s office. This signature can be done at any time convenient to the cash buyer and it will take about 3 to 4 months for a loan buyer from the moment the CRP is signed.
  3. Closing costs: In addition to the deposit and the balance of the purchase price, there are other costs associated with purchasing a property in Mauritius, such as legal fees, stamp duty, registration fees, agency fees and notary fees.

Process_for_a_Residence_Permit_eligible_for _acquisitions_Seeff_Mauritius

Process for a Residence Permit eligible for acquisitions as from USD 375,000

Documents to be submitted to the EDB:

  1. Duly filled Residence Permit application form (by main applicant and his/her dependents)
  2. Certified true copies of passport and birth certificates for each applicant;
  3. Two passport size photographs for each applicant;
  4. Medical Certificates for each applicant with a validity period of 6 months;
  5. Morality Certificates of applicants, above the age of 18, with a validity period of 6 months;
  6. Notary certificate attesting that the deed for the residential property has been duly registered and
  7. transcribed;
  8. In case of a couple – a certified true copy of the marriage certificate or a ‘certificat de
  9. concubinage’ or an ‘affidavit’ whichever is applicable; and
  10. Duly filled Passport & Immigration UID Form 

Additional information will be requested for clients acquiring through a company, trust or society.