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South Africans seeking to invest in property - whether for residential, holiday or investment purposes - now have the option of purchasing property in Mauritius
With its idyllic lifestyle and non-onerous tax regime, Mauritius offers purchasers and their dependant families permanent residency status as long they continue to own property in Mauritius.
William Campbell of Lew Geffen Sotheby's International Realty explains that the so-called Integrated Resorts Scheme (IRS) was launched in Mauritius by way of amendment to the relevant legislation concerning property ownership by foreigners in 2002. The scheme paved the way for the development of tracts of land – essentially but not exclusively golf estates – which are open to foreign ownership.
"The villas that are sold to foreigners in terms of the scheme must form part of an approved development and they must be built to international standards. There are also restrictions in terms of maximum size and minimum price for each villa," he says.
Campbell says that South Africans wishing to purchase property in Mauritius require South African Reserve Bank approval. He also says that permanent residence in Mauritius does not confer citizenship on the buyer nor allow the buyer the right to work in the country.
"The developments tend to be coastal, with immediate access to some of the most beautiful beaches in the world. At a minimum price of $500,000, most of the villas in the early developments were sold out almost immediately," he says.
Campbell explains that the country has very low taxes and no inheritance tax, capital gains tax or exchange control. Foreigners in Mauritius are only taxed on the income from investments, and at the flat rate of 15%.
"On top of all that, ownership of a small piece of this beautiful island offers access to very high levels of education and health care, the advantages of a highly successful and stable developing country and the warmth and hospitality of the local population," he concludes.
| Lew Geffen Sotheby's International Realty, 21-02-2008 |
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