In order to open up the Mauritian economy further, the Property Restriction Act was amended in December 2016 to allow any foreign national registered with the BOI and no longer only holders of an occupation to acquire one or more apartments.
Now any non-citizen, with or without "Occupation Permit", residence permit, permanent residence permit, can now acquire one or more residential apartments in buildings of at least 2 floors on the ground floor on production of a simple authorization from the Board of Investment (BOI). The prior approval of the Board of Investment is given after usual checks as long as the purchase price of an apartment is not less than 6 million rupees or the equivalent in any other convertible currency.
This amendment, the objective of which is now to limit even further the latest restrictions to the possibility of acquiring real estate in Mauritius for foreign nationals, should greatly encourage recreational and/or rental investment by foreigners who do not necessarily wish to settle and live in Mauritius for professional reasons, retire year-round or do not wish to invest in IRS, RES, PDS and SMART CITY SCHEME programmes, in which the minimum real estate investment is very often much higher than Rs 6,000,000.
The 2016 amendment will encourage investments by new foreign investors who do not exclude taking advantage of their property for a few weeks a year (REUNION investors for example) in buildings with high potential capital gains, well-placed residential programs with real seasonal or long-term rental possibilities for a high profitability justifying the real estate operation in Mauritius.
The amendment should also greatly encourage investments by new foreign pensioners in more or less important real estate programmes of the "Senior Residences" type, offering total security and personalised services to residents. The Domitys-Aegide group's "Le Domaine de Grand Baie" and "résidences de Chantenay" programs currently being marketed are two good examples.