New regulations have been introduced for non-citizens purchasing off-plan residential properties in Mauritius under schemes like the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Invest Hotel Scheme (IHS), Property Development Scheme (PDS), and Smart City Scheme (SCS). These changes, effective from December 13, 2024, aim to streamline payment processes and align with economic policies.
Previously, buyers had the flexibility to pay the full purchase price in foreign currency or Mauritian rupees, provided the funds came from overseas. A minimum transfer of USD 500,000 was required if a local loan was involved. Under the new rules, buyers must now pay 85% of the purchase price in Mauritian rupees, with the remaining 15% payable in either foreign currency or rupees.
For properties priced above USD 750,000, the first USD 750,000 must be transferred and paid in Mauritian rupees. The remaining amount can be financed through a local loan, repayable in foreign currency.
These changes apply to all new acquisitions of off-plan properties under the specified schemes, as well as ongoing transactions that were initiated before December 13, 2024, but will conclude after this date.
Please feel free to reach out to us on +230 263 6315 or mauritius@engelvoelkers.com for any further queries about this change.
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