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August 11, 2011 10:19
Overseas buyers love to moor in Mauritius

ByCharlie Jacoby, Charlie Jacoby

2 min read

Property "civilisation" overseas goes through three distinct stages. At first, anyone can buy in an overseas resort because laws are so relaxed - but would you want to? The next, the locals become appalled at the number of foreigners moving in so they restrict property ownership. In the third stage, they relax a bit, realise that the foreigners are not as bad as they thought and allow them to buy again.

Drawn by the sublime climate, relaxed atmosphere, friendly locals, stunning beaches and great food, more than a million people visit Mauritius every year. Now, thanks to generous provisions from the Mauritian government, more and more visitors are buy ing property on this tropical island, sitting in the Indian Ocean a few hundred miles east of the African coast.

Full title to property is available for foreign investors, along with repatriation of business profits and zero capital gains or value added tax. And since 2005, overseas buyers have received special treatment and encouragement to buy in Mauritius through the Integrated Resort Scheme (IRS), which offers further tax incentives and an automatic residence permit.

Prices are not tiny, with modest villas and apartments starting at 500,000 euros (approximately £440,000) and the best houses with pools on the coast routinely selling off-plan for 2.25 million euros (just under £2 million), but these prices compare well with Caribbean properties and there are many good reasons to prefer Mauritius to, say, Jamaica.