Mauritius comes to town

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SEVERAL of the largest property developers in Mauritius will be visiting South Africa over the next two weeks or so to showcase their new developments.

The roadshow is part of the campaign by the Economic Development Board (EDB) of Mauritius to promote the Indian island as an economic springboard to the rest of Africa and the world with very attractive tax incentives.

The Mauritian government has identified several industries, including pharmaceuticals, medical care, food processing, fisheries, and agriculture as to economic growth and the creation of employment opportunities.

Start up industries in Mauritius from abroad receives massive incentives and low tax rates and in some cases can newly established companies avoid paying tax for up to 8 years.

The EDB has also targeted the retirement market (50 years and older) as a potential growth industry and job creator.

“People older than 50 can now apply for a retirement permit, valid for 10 years, and the only requirement is that the retiree brings in an annual amount of $1 500 per month or $18,000 per annum,” says Faraz Rojid, team member of the EDB team visiting the three major cities in South African over the next two weeks, starting on Thursday the 15th September.

Previously people needed to purchase residential property in designated schemes with an initial value of $500,000 per property. The minimum value has now been dropped to only $375 000 in order for buyers and their extended families, including children and parents, to obtain permanent residency. The marked has also adjusted and most developers now offer properties in that price range, as opposed to the mansion type of villas which were initially offered.

For more information about Investing in Mauritius, click here.

Several hundred South Africans have to date purchased these types of properties all over the island and have generally made very good returns when converted back to rands.

Certain investor who purchased their units 8 years ago or so when the rand was around R6,50 to the US dollar have more than doubled and in some cases quadrupled their money.

This is against the background of a very depress residential property market in SA, where prices have not grown in line with inflation and has lost value in real terms.

Frank Knight recently place SA third last in terms of the global property market.

The government also recently amended the strict requirements even further and it is now possible for foreign buyers—once already resident—to purchase property outside of the designated schemes which offers a wider choice of properties, including properties with beach access.

This has already seen cash-rich buyers buy larger and older properties with a view to upgrading them as family holiday homes.

One of the great attractions about buying property in Mauritius is the absence of most types of crime, especially crimes against women. No-one is allowed to own a gun and car hijackings are non-existent due to the fact that there is nowhere to take the stolen cars. And with cameras strategically situated all over the island would any stolen car quickly be recovered.

Another lesser know fact is that is there are no property taxes and rental incomes will only be taxed at 15% . This makes it a major attractive investment as rental returns of about 4% in USD are being achieved.

And finally, there are no capital gains taxes on the island.

Meet and greet

All three developers will be present on  Wednesday 14th, Thursday 15th and Friday 16th at the Mauritian Property Centre, situated at 1st floor 135 Daisy Street, Sandton.

Cape Town:  19th September at Nautica Building, Beach Road, Granger Bay Cape Town.

Representatives will be on hand to discuss their various offerings.

Medine

Medine is the largest property owning company in the Western part of Mauritius and is busy developing Unicity on a vast tract of land right in the Cascavelle area, This Unicity will be a large and vibrant smart  city when completed.

Medine was the developer of the hugely successful Tamarina Golf Estate, the first development offered to foreigners in about 2005.

Prices for villas on the estate range from $2m to $3m each.

However, Medine has identified enough land on the already established golf course to build 24 golf villas at prices around $850 00. Construction on these villas will begin very soon.

On offer will also be parcels of land (very scarce) which  developers can buy for their own developments.

2Futures

2Futures is a well-known developer on the island and has built many successful and glamourous developments in the northern part of the island around Grand Baie.

Three new developments will be showcased They are:

Infinity

This development, which has already started, is on a magnificent piece of  gently just outside Black River sloping land to the see, facing the Le Morne Mountains. Prices range from $300,000 to $700,000. The views are absolutely breathtaking and is almost sold-out. Only a few units are still on the market.

Marina Bay

If it’s spectacular sunsets you want, then this is the place to be. On a very strategic property right on the beach and overlooking the famous Black River Bay, can one purchase exquisite  2 and 3 bedroomed apartments .

La Pirogue

This is an income generating invest in the well-known La Pirogue Hotel  in the western part of the island. The investment aims to generate a 3% rental income per year while the owners can make use of is/her apartment for a number of days per year. This takes the hassle out of property ownership but at the same time generating a dollar-income.

For more information about Investing in Mauritius, click here.

Harmonie Golf and Beach Estate

Well know hotel group operator Beachcomber will also be showcasing its newly launched Harmonie Golf and Beach Estate on one of the last sea-facing pieces of land with direct access to the sea and with enough space to developed a world-class golf course.

These individually designed villas will start at around $1 400 000 and will be ready for occupation in about 3 years.

TO ARRANGE AN INDIVIDUAL MEETING WITH ANY OF THESE REPRESENTATIVES, YOU ARE INVITED TO EMAIL Daleen van Wyk [email protected] or Cell:  +27 83 302 0827  to make a booking.

Stay 3 nights for free at La Balise Marina and get your air tickets refunded should you buy

Buying a property in Mauritius is an expensive and very important decision. One cannot be expected to buy without seeing what you are buying. Potential buyers in any one of these developments will be offered 3-night’s accommodation at an upmarket apartment at the spectacular La Marina development, which can sleep 6 people. This offer is for accommodation only but is entirely free and without any strings attached.

Furthermore, should you decide to buy and pay your deposit, will you be refunded the price of 2 economy return ticket to Mauritius.

What can you lose?

For more information about Investing in Mauritius, click here.

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