As a foreigner wishing to buy property in Mauritius, a request must be made to the BOI. It is the property developer who takes care of this step for you, for an approximate cost of €220. It consists of submitting a written request together with a copy of the buyer’s valid passport as well as a letter of recommendation emanating from the buyer’s bank and called ‘Know Your Client’.
Once this is done, the buyer can begin the process of buying off plan which consists of very specific milestones:
– Signature of the reservation contract
– The security deposit, corresponding to 5% of the total price of the property, must be paid into the escrow account of the notary of the transaction not more than 14 days after the signature of the reservation contract.
– Loan application in progress (if needed).
– The deed of sale is signed before a Mauritian notary. The power of attorney to sign the deed can be regularized in the country of origin of the client.
A payment schedule is set up and determined by the work progress of the property.
Here is an example for a storey villa :