Acquisition of an apartment in a building of at least 2 floors by a non-citizen.
The Non-Citizens (Property Restriction) Act has been amended in December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Board of Investment provided the purchase price of an apartment is not less than MUR 6 million or its equivalent in any other hard convertible foreign currency.
ACQUISITION OF APARTMENT- ELIGIBILITY
The following non-citizens are eligible to submit an application to acquire one or more apartment(s) for use as residence:
a) A non-citizen
b) A holder of Permanent Residence Permit
c) A holder of an Occupation Permit as investor, professional and self employed
d) A holder of a Residence Permit as a retired non-citizen
e) A holder of a Residence Permit under the IRS/RES/PDS/SCS
f) A company incorporated or registered under the Companies Act and registered with Board of Investment
g) A société, where its deed of formation is deposited with the registrar of companies and registered with Board of Investment
h) A limited partnership under the Limited Partnerships Act and registered with Board of Investment
i) A trust, where the trusteeship services are provided by a qualified trustee and registered with Board of Investment
j) A Foundation under the Foundation Act registered with Board of Investment
DEFINITION OF APARTMENT
An ‘apartment’ is defined as a residential unit that forms part within blocks of residential dwellings located in a building of at least 2 floors above ground floor.
On approval of the application, the non-citizen will be entitled to buy one or more apartment(s), together with part of the common areas collectively owned in "copropriété" in proportion relating to the size of the apartment.
BASIS OF ACQUISITION
1. An apartment may be acquired either on the basis of a plan, during construction phase or when the construction is completed.
2. Where the acquisition of an apartment is made on the basis of a plan or during construction phase, the contract shall be governed by the provisions of a "vente a terme” or "vente en l’état futur d’achèvement” as the case may be, in accordance with the provisions of articles 1601-1 to 1601-45 of the Code Civil Mauricien.
3. No application shall be considered where the acquisition of an apartment is made through the transfer of part sociale in a société which gives right of ownership, occupation usage in an immovable property or any part thereof where the deed is in respect of a "Société Civile Immobilière D’Attribution (SCIA)”.
4. No application shall be considered where the apartment is located in a block of building constructed on "State land” which includes defence lands, Pas Géométriques or projects developed under the Housing Estate Scheme projects.