A piece of paradise
So you want to buy island property? Mauritius is (still) waiting...
Ask any of the role players in Mauritius property why you should move there and they’ll rattle off a list that seems rehearsed. It’s not. It’s just easily remembered because on paradise island the living is just that – easy. This still rings true even now with a much-reported oil spill off the Mauritian coastline, says Richard Haller, director, Pam Golding Properties Mauritius. “The oil spill is limited to a small pocket on the South Coast of the Island, close to the airport. The prime areas for real estate of Grand Baie and Tamarin are far away from this and there’s absolutely no impact at all in these areas. The main issue with the oil spill is that it’s in an ecologically pristine area,” Haller says.
Strong interest
“We continue to see a strong flow of PR enquiries for property in Mauritius and we continue to close sales, even though the borders are closed. We have a substantial list of clients planning to come out once flights resume. The objectives of Mauritius to be a strong and stable country and grow the number of high net worth investors on the island remains. I expect next year to be a strong year in real estate thanks to pent-up demand. We’re currently undertaking a large number of Zoom calls every week guiding clients on property purchases,” he says.
Hakuna matata
For South Africans, there are several factors in favour of property investment here that amplify the Mauritian allure. You can make it your primary residence or your second home if you choose to commute and stay a short flight away from extended family. It doesn’t take long for the dictum “don’t worry, be happy” to become second nature when you’re living in the most content country in Africa. That’s according to the World Happiness Report 2020, which ranks countries according to citizens’ ratings of quality of life.
Safety
Still it gets better. The words “safety
and security” are music to South African ears – we’ll go anywhere and do just about anything for that. New World Wealth ranks Mauritius, Botswana and Namibia among the safest countries in Africa for women and children in its AfrAsia Bank Africa Wealth Report 2019. Safety has a huge influence on a country’s wealth growth too, and Mauritius is the fastest growing wealth market in Africa.
Even so, because South Africans often sleep better at night with physical evidence of their safe environment, top property developers in Mauritius make access control and a 24/7 security presence part of the package.
Money matters
Then there are the financial perks. Mauritian residents receive very attractive tax breaks. Personal and corporate income tax is capped at 15% and there’s no inheritance tax or capital gains tax on properties purchased.
Recently, since the 2020/2021 budget presentation, the entry requirement for permanent residency through property investment has dropped by a whopping $125,000 (±R2,1m) and the longevity of the permit has doubled.
Now you get 20 years on your permanent residency permit when you invest $375,000 (±R6,3m) in property earmarked for foreign investment, subject to Economic Development Board approval.
Yes, things might be a little more expensive because so much is imported to the island, but that depends on your lifestyle. It can’t compare with the quality of life you get in exchange.
Tick the boxes
Mauritius offers various positives for specifically South African investors – English is one of the island’s official languages; upmarket developments encourage social interaction through exclusive beach clubs and communal spaces; international schools and university campuses broaden the education offering; the healthcare system is well developed, and driving is on the left-hand side of the road. Mauritius is multi-ethnic, multireligious, and multicultural so you’re spoilt for choice when it comes to cuisine.
Outdoor enthusiasts, bird lovers, watersports junkies, golfers, beachgoers, hikers, climbers, trail runners and cyclists have endless opportunities to stay fit and stress free. Of course, there are those who opt to admire the views of the ocean, mountains or rolling fields of sugar cane from a comfortable distance with a rum cocktail or a Phoenix beer in hand, and who’s to stop them?
Come visit
If you want to move to Mauritius, the best advice is to visit. Spend some time familiarising yourself with the island and its layout so you can decide where you would like to live.
Once international travel opens up, set aside at least a week and make contact with a reputable estate agent who can show you around. In the meantime, enjoy the virtual tours of qualifying properties online and liaise with agents via Zoom and the like.