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Buying | New Currency Rules for Property Acquisitions in Mauritius

New Currency Rules for Property Acquisitions in Mauritius
On 6 December 2024, the Mauritian government introduced key amendments to the regulations governing property acquisitions under the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Invest Hotel Scheme (IHS), Property Development Scheme (PDS), and Smart City Scheme (SCS).

These changes, which came into effect on 13 December 2024, impact how non-citizens must structure their payments when purchasing residential properties.
Key Changes
Mandatory Currency Requirements

  • 85% of the purchase price must be paid in Mauritius rupees after the funds have been transferred from overseas in a hard convertible currency (USD, EUR, etc.).
  • The remaining 15% can be paid in either foreign currency or Mauritius rupees.

Notary’s Role

  • Non-citizens must transfer the full purchase amount to the notary’s account in foreign currency.
  • The notary will then distribute the funds:
    • 85% to the promoter in Mauritius rupees
    • 15% in either foreign currency or Mauritius rupees
  • Registration duties remain payable in foreign currency, as per current practice.

Local Loan Financing (For Properties Above USD 750,000)

  • Buyers must transfer at least USD 750,000 (or equivalent in FX) to Mauritius.
  • Any remaining amount can be financed via a local bank loan in Mauritius rupees, with repayments allowed in a hard currency.

Consult a Real Estate Agent Today

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Impact on Buyers

This policy aims to boost the use of Mauritius rupees in real estate transactions, strengthening the local economy. Foreign buyers will need to carefully plan their payments and ensure compliance with the new rules.

If you are considering purchasing property in Mauritius under one of these schemes, it is essential to work closely with notaries, banks, and property developers to navigate these new regulations effectively.