Islands’ residence schemes enticing eager investors to a life of fun and sun

This Indian Ocean island is fast becoming a second home for South Africans, and with the changes in the Mauritian government’s property investment legislation, it is now easier to invest in residential and commercial property here.

Theo Pietersen, from Seeff Mauritius, says there is a host of new developments enticing South African investors.

Mauritius is also Africa’s fastest-growing wealth econ- omy, and there is a rampant demand for property, underpinned by a growing interest in doing business from the island as a strategic base into Africa.

Mauritius offers one of the most affordable permanent residence schemes – any purchase of property for $500 000 (R5.8 million) gets you and your spouse and children under the age of 24 the right to reside fulltime on the island.

For a property investment of € 320 000 (about R4.6m), successful applicants for the Malta Residence and Visa Programme acquire longterm, unrestricted access to the entire European Schengen area, and the right to reside in the 40th most competitive economy in the world, all within three months of applying, says Andrew Golding, Pam Golding Properties’ chief executive.

Lance Cohen, luxury market specialist for Seeff Atlantic Seaboard, says there has been steady growth in demand for property in Malta. The country offers political and economic stability and tax advantages. It is experiencing rapid economic growth with excellent investment opportunities. The economic growth rate is about 7% per annum while property prices are appreciating at rates of 6%-7%.

Aside from a favourable tax climate, there are no property or council taxes, or other costs usually associated with owning property. There are also no inheritance taxes. There is a wide mix of property options for buyers and investors, ranging from older historic apartments and villas to renovated and modern complexes with luxury apartments.

For an investment of € 2m, you can acquire citizenship in four to six months for you and your entire family up to age 28 years, with the opportunity to disinvest after three years by selling your property, but reinvesting € 500 000.

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