If your mind is sold on living in Mauritius, here is a few handy tips to keep in mind when going through the purchasing of Mauritius property. Foreigners have to follow a particular procedure and protocol when purchasing Mauritius property.
Firstly, foreigners are only allowed to invest in real estate if it is under the most recent PDS (Property Development Scheme), which combines prior schemes like IRS (Integrated Resort Scheme) and RES (Real Estate Scheme) into one. Anything outside of these schemes will not be allowed for purchase, and is solely reserved for citizens. When buying from these schemes, you are able to purchase off-plan, during construction or when complete.
Once you have settled on a prized property, you will them need to produce a number of documents such as a signature of Contract of Preliminary Reservations, along with a certified passport and picture, utility bill and a Know Your Client letter. Additional documents include a signature of 3 bank Escrow agreements, site plan, finishing schedule and unit plans, to name but a few.
Coupled with all the paper work, investors will need to pay the required fees when each stage is reached. Although these procedures are made easy, it is important to have everything you need at the ready to ensure it is a smooth purchase.
Invest in Mauritius, promoted through property development marketing agency Rainmaker Marketing, provides information about recent Mauritius developments best suited to the South African market.
