AMENDMENT TO THE NON CITIZENS (Property Restriction) Act
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by Sebastien Staub
- January 6, 2017
- Uncategorized
- 0
To further open the economy, the Non-citizens (Property Restriction) Act has been amended to allow non-citizens, registered with the BOI, to acquire apartments and business spaces in buildings, subject to security clearances.
Acquiring a property for business purposes
Non-citizens can acquire or lease immovable property for business purposes.
The Non-Citizens (Property Restriction) Act regulates foreign ownership of land and buildings. It applies to everyone who is not a citizen of Mauritius.
A non-citizen, with an authorisation from the Board of Investment, can acquire or lease an immovable property for business purposes.
The immovable property can be acquired by a company, trust or partnership or in the non-citizen’s own name.
Authorisations are granted where the business activity is for:
(a) the development of high activity commercial use building including, but not limited to, shopping mall, office building or warehouse, for own use, sale, rental or lease;
(b) the development of residential properties developed under the Property Development Scheme; and
(c) any other activity carried out for reward, gain or profit but excluding the acquisition for resale or lease or rental of any bare land or serviced land.
Work & Live
The Non-Citizens (Property Restriction) Act has been amended on 20 December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Board of Investment. The amount payable for the acquisition of an apartment must not be less than Rs 6 million or its equivalent in any other freely convertible foreign currency.
Any non-citizen, with or without an occupation permit, residence permit, permanent residence permit, may acquire apartments.
Thus, there is no restriction for non-citizens who wish to acquire:
- a residential unit developed under the IRS, RES and PDS
- a residential unit developed in a smart city
- an apartment located in a building comprising at least two floors above the ground floor.
