What is the total size of the development?
Ninety (90) Hectares.
Are there Architectural Guidelines for the Estate?
Yes. A ‘Cahier des Charges’ has been registered which sets out the building and architectural guidelines for the whole development.
Will there be a warrenty provided on the properties?
Yes – a 10 year guarantee will be provided in respect of major defects occuring on the property through a Decennial Insurance Property for RES properties, by the building contractor.
Do the units come furnished?
The units are not furnished but a furniture (deco) pack is provided at separate cost as an option.
Is there an additional cost associated with the shared owner facilities?
Yes – a membership fee is applicable.
What other commercial facilities are planned?
Provision has been made in Phase 2 of the development to create a commercial facility called Banyan Village on the North entrance which will include boutiques, restaurants, bars, galleries and various attractions.
Will there be a Rental Pool facility and how will this be managed?
Yes. Owners will have to purchase the available furniture / deco pack to be eligible to register in the rental pool. A Managing Association / Company will be appointed by the Homeowners Association and will be responsible for running and managing the Rental Pool operation on behalf of the participating owners. Estimated Short Term rentals for 3 bedroom apartments, in the current market in Euros, vary between €150 – €270 per day depending on high, low or peak season.
What are some of the tax benefits of living in Mauritius?
Mauritius is recognised as the one of the best administered economies in Africa and offers an ideal environment in which to do business. This is partly due to the level of taxation, with a flat corporate tax rate of %15 and tax residents in Mauritius are also subject to a flat rate of %15 on income earned or otherwise repatriated to Mauritius.
Furthermore, there is no inheritance tax, no capital gains tax, tax free dividends, bank interst and free repatriation of profits, dividends and capital. Double Taxation Agreements have been concluded with 34 countries, including France, South Africa, the United Kingdom, India and China. Similar tax agreements with 7 other countries are awaiting ratification. List available upon request.
To get advice on financial and legal structuring of my purchase who can I approach?
Mauritius has a number of highly reputable firms in the Financial Services Sector that provide this service. Should you require assistance in this regard we can assist in arranging an appointment.
When can I apply for my Residence Permit?
How can a non-citizen acquire property in Mauritius?
There are different schemes allowing non-citizens of Mauritius to purchase real estate on the island:
Who can purchase a residential property in the above scheme?
Any one of the following are eligible to acquire property under the scheme:
What is the process of buying a property in Mauritius?
The Purchaser and the Promoter sign a contract of preliminary reservation (‘CRP’).
In terms of the CRP, 5% of the selling price is required as an initial deposit.
Once the Promoter has advised the Purchaser that the project is going ahead (i.e. in all the relevant permits, financial, legal and technical requirements are in place), a Deed of Sale is signed.
A Deed of Sale is the document in terms of which ownership of a residential unit in the RES is transferred from the Promoter to the Purchaser, once you sign the Deed of Sale you are the registered owner of the unit. This will entitle a purchaser to immediately apply for a residence permit if their purchase price exceeds USD 500,000.
The purchaser will make staged payments in line with the Government implemented VEFA system through to the completion of construction.
By purchasing a unit off-plan, how is my purchase secured?
The acquisition of a unit off-plan or during construction of the project is governed by the provisions of a ‘vente en l’etat future d’achevement’ (‘VEFA’), in accordance with the Mauritian Civil Code.
The Promoter provides the Purchaser with a guarantee of future completion, Garantie Future d’Achévement (‘GFA’).
This GFA is issued by a registered financial institution in Mauritius, usually a bank, and is a guarantee that the unit you have purchased will be completed and delivered to you in accordance with the project specifications and drawings.
The GFA is issued to you simultaneously with your signature of the Deed of Sale.
In the case of Royal Park, the GFA will be issued by The Mauritius Commercial Bank Ltd, the largest bank on the island.
Is it possible to obtain a mortgage?
The Mauritius Commercial Bank Ltd (MCB) is willing to finance up to 60% of the purchase price
Interest Rate : LIBOR + 5% (for foreign currencies)
Are there other fees payable in addition to the purchase price?
Notary fee which is currently calculated on a sliding scale as follows:
– 2% on the first MUR 250,000, subject to a minimum charge of MUR1,000;
– 1.5% on the next MUR 500,000
– 1% on the next MUR 1,000,000
– 0.5% on the remainder of the selling price
– Value Added Tax, currently 15%, is also payable on the notary fee.
RES Registration Duty to Board of Investment Application (BOI), which is currently USD 25,000
IRS Registration Duty to Board of Investment Application (BOI), which is currently USD 70,000
IHS Registration Duty to Board of Investment Application (BOI), which is currently USD 70,000
BOI Application Fee, which is currently MUR 10,000
Where will my deposit be held?
Your deposit will be held in an escrow account opened with a Mauritian registered financial institution or alternatively in the Notary’s trust account until the Deed of Sale is signed. Once the Deed of Sale is signed, the deposit is released to the Promoter as part of the selling price.
Will my deposit attract interest?