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Property acquisition schemes - mortgage

Thenorth77

I'm in the process of figuring out if some of the Residency by property acquisition schemes are an option for me and my family. But, I am curious about the following, if anyone have experience.


  1. How bureaucratic is this path. Is it handled by agencies and what is the usual timeframe?
  2. Can I (as a foreigner) get a mortgage or is it necessary to have the full amount available, approximately USD400,000?
  3. I have a daughter living at home, who is 19yr of age. Would she be possible to include as residence?


Hope someone have insight or experience in this matter. Thanks.

See also

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karibi

I can make a couple of comments. We recently purchased some residential land, not property. We already had a retirement visa in place, our application visa was straight forward. The offer for the land was made in early September and the process has just been completed in the last couple of days. To complete the process we needed approval of the Economic Development Board which for us took about 6 weeks, we also gave somebody Power of Attorney to prevent us having to go back to the island to sign the final contract, that also combined with Christmas holiday added another 4 week delay.


In terms of your daughter, it probably depends on the visa but I would have thought yes. See this link: https://residency.mu/invest/self-employ … epreneurs/


To the question, can my family accompany me in their FAQ, the response was:


Immigration policies in Mauritius strongly promote family reunion/reunification. Dependents of Occupation Permit holders and/or Retired non-citizens are eligible to apply for a residence permit, allowing them to live in Mauritius for the same duration as the main holder.


Dependents are referred to as spouse (including Common Law Partner of the opposite sex), parents and children (including stepchildren or lawfully adopted children) who are unmarried and not engage in any gainful activity.


However note the comment about gainful activity.


I have a real estate agents who has proven himself to be very knowledge. If interested I can PM his details and you can Whats App him and I am sure he can provide a much better response.


Chris

Thenorth77

Thank you very much Chris.


It sounds doable. Particular the citing from residency.mu is what I have been worrying the most about.


Yes, I would be happy to get the contact details of the agent that you used.


Were you offered any loan opportunity in the process or were it expected that you had all funds available?


Rune

Tookays

Hello.

Your daughter can be with you, as mentioned above. However that is only till she is 24. She should then be  looking at other visas, or she could look at study/employment while she is there.


Best wishes for your move.

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Thenorth77

Thanks Tookays, interesting fact with the 24yr limitation.


Rune