South Africans flocking to Mauritius to live and invest
Category International
Mauritius has become a top destination for South Africans to relocate and retire to, but also to invest in property according to Severine Dalais-Pietersen, licensee for Seeff Mauritius.
South Africans are involved in the Mauritius property market in several ways. An increasing number of families and older people are relocating to the area, and they would then obtain the necessary residence permits and purchase or rent property suitable to their lifestyle.
The same would apply to older persons looking to retire to Mauritius. Again, they would obtain the necessary permit and could rent or buy on the island.
The third category are South Africans who are increasingly looking to shift funds to the island by investing in property such as apartments for the buoyant rental market which they can then also use for their holidays and getaways.
She says whether you want to move there now, or perhaps at a later stage, investing in property now gives you the opportunity to shift some of your money out of South Africa into a safe haven for later use. You can also invest without taking the option of getting residency. A key benefit is that if you are already invested in Mauritius, it provides an open door in case you need to urgently leave South Africa.
These days, Mauritius is like a second home for South Africans. It is very accessible with weekly flights, as well as a similar time zone and English is the main language. It offers an excellent quality of life with top schools, a number of universities now present, and excellent medical care. Other attractions include a stunning waterfront area in Port Louis, and shopping facilities in addition to the many tourist attractions including top golf courses and fabulous beaches and water-based activities.
Beyond this, there is also the benefit of a favourable tax regime which includes no inheritance tax, capital gains tax or withholding tax on property transactions. This is particularly attractive for those looking to invest in rental market property. Setting up a business is also relatively easy, and Mauritius offers favourable business and personal tax rates.
Mauritius offers an excellent choice of visas for South Africans. This includes a tourist visa of up to six months in any calendar year subject to certain requirements. There is also a nomad visa, known as the Premium Visa, which enables remote workers to live and work for one year, with the option to renew it for a further one year.
The Retirement Residence Permit is valid for up to ten years which is renewable, and you can include your spouse and minor children (under 24). You will need to have an income which is brought into the country, either monthly, periodically, or annually of at least USD1,500 per month.
If you want to qualify for residency, you will need to invest around ZAR 5.7 million (USD375,000) in a property. However, if you just want to invest in a property now without taking residency as yet, since you can in any event visit Mauritius on a tourist permit, then you can invest from around ZAR3.7 million in an apartment (without residency), says Ms Dalais-Pietersen.
She says further that you can also start with a smaller property which can bring a good return that you can invest in a bank account opened in Mauritius. Should you decide to move to Mauritius after say ten years, you could then sell your 'smaller' investment property at a profit and invest in a bigger property or a property which meets your lifestyle needs.
In partnership with Mauritian local banks, South Africans can apply for interest bearing mortgage loans, but must finance at least 30% of the total purchase price themselves. This will also be at the discretion of the bank.
South Africans are able to invest R10 million (R20 million for couples) offshore as well as a further R1 million discretionary allowance. Additionally, if a South African purchases a property in a SADC country, of which Mauritius forms part of, funds for acquiring such a property can also be taken out over and above these allowances.
With prices going up each day across the world, she says this is now a great time to buy property on the island. Seeff currently offers a broad range of properties to suit every budget.
Whether you are looking for a rental investment, retirement or second home, or are planning to relocate to Mauritius, visit Seeff Mauritius at https://seeff.mu/ for a range of properties and information.
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PROP1 - Mauritius North Coast - An excellent investment opportunity in a new development, a partnership between one of the best developers on the island and Pierre et Vacances, a renowned name in the world of tourism and accommodation. It is located in Bain Boeuf, a fishing village just a few steps from the beach. It offers a mix of apartments ranging from studios to 1 to 3 bedrooms, all spacious and with access to a range of amenities including a spa, kids' club, organic gardens, lounges with a central fire area for barbecues, a swimming pool and more, all set in lush green gardens. The development offers an idyllic setting and attractive returns from 5% per year. Reserve your unit with a deposit of only 2%. Priced from approx. ZAR3.4M (USD180,000)
https://seeff.mu/development/pierre-vacances-premium-residence/
PROP2 - Mauritius North North-East - An excellent investment in an ocean and golf estate which offers an idyllic seaside lifestyle. The development comprises 3-bedroomed townhouses with generous living spaces, private gardens, and designated parking, all within a harmonious neighbourhood. These open to a private garden and there is a choice of including a gazebo or a pool and patio. Homeowners will have access to all the amenities available within the wider village and community. The community comprises year-round residents and seasonal visitors. Priced from approx. R7.2M (USD386,000)
https://seeff.mu/development/seaside-village-townhouse-living/
PROP3 - Mauritius West Coast - A stunning beachfront development located just off the west coast and overlooking the Harmonie Golf Club and La Tourelle and the Le Morne mountain. Offers a scenic setting with an unspoilt natural environment, including mangroves teeming with remarkable diversity. The development offers spectacular three-bedroomed apartments on the ground and first floors, and a magnificent penthouse apartment and a penthouse studio, both with private pools and views onto La Tourelle and the ocean, are on the second floor. Shared outdoor amenities include a swimming pool with a lounge area, and parking for residents and visitors. Priced from approx. ZAR13.3M (USD726,000)
https://seeff.mu/development/beach-refuge/
Author: Gina Meintjes
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