Introduction: Mauritius is implementing significant changes to its real estate acquisition rules for non-citizens. A new legislation, named the NCPR Act, redefines the opportunities and restrictions for property purchases by non-citizens in the country.
Summary of the NCPR Act: The NCPR Act strictly governs the conditions under which non-citizens can purchase real estate in Mauritius. The key points are:
Purchase Conditions: Non-citizens can buy residential property in Mauritius if they are residents in the country in accordance with the 2022 Immigration Law. However, they must not have obtained their resident status through a family permit and can only acquire one property.
Minimum Value: The purchased property must have a value of at least 500,000 US dollars.
Excluded Property Types: Some properties are inaccessible to non-citizens, especially those located on state lands or exceeding a certain size.
Eligibility: Categories of non-citizens eligible include main holders of various types of residence or occupation permits, but family members are not eligible to acquire property under this law.
Nature of the Property: Only the purchase of a residential property is allowed, with restrictions on the size and type of land.
i. a residential property (stand-alone house, villa, apartment, etc) constructed on land notexceeding 0.5276 hectare (1.25 arpent).
ii. bare land or a plot of serviced land, provided that the area does not exceed 0.5276 hectare (1.25 arpent).
Impact of the Law: This reform aims to regulate the real estate market for non-citizens in Mauritius, balancing the appeal for foreign investors while preserving national interests. It offers clear investment opportunities while putting in place safeguards to prevent excessive speculation and the acquisition of large tracts of land by non-citizens.
Conclusion: With these new rules, Mauritius strives to maintain its attractiveness as a coveted destination for real estate investment, while ensuring prudent and fair management of its land resources. Non-citizens interested in property acquisition must therefore comply with these guidelines to succeed in their investments in the country.
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