The cost and time it takes South Africans to move to Mauritius
24 July 2021
source:
https://businesstech.co.za/news/trendin … mauritius/Now more than ever South Africans are plotting scenarios in which their families enjoy a safe existence, and where their companies can operate without threat.
According to High Street Auctions managing director James Dall, South Africans can relocate three generations of their families to Mauritius – with permanent residence – for less than the cost of a mid-sized family home in an affluent Cape Town suburb.
Dall said Mauritius is the only place in the world where South Africans can buy luxury property and secure residency for three generations for less than R6 million.
“For most of us, the key priorities are social and political stability, financial security and the opportunity for growth – all of which are sadly lacking in South Africa at the moment,” he said.
“Mauritius’ fast-growing status as an investment, financial, trade and residential destination, has been corroborated by the World Bank ranking it as the easiest place in Africa to do business and by the World Economic Forum’s ranking of the country as the most competitive economy in sub-Saharan Africa.
“This ‘ease’ is greatly expedited by the new Business Facilitation Act that came into force in May 2017 with the goal being to minimise business registration delays and speed up company incorporation.
“And considering that companies are authorised to commence operations right after the incorporation is completed, it’s an excellent initiative.”
There are three ways to register a company in Mauritius:
Call in at the Registrar of Companies in Port Louis to initiate the process and fill in the necessary forms;
Register yourself on the online system (Cbris) and proceed with the online application and payment. You will have to collect your certificates in person; or
Contact a registered professional who will do it for you – for a fee.
Dall said that Mauritian taxation is also more favourable to both individuals and corporate entities, which are taxed at a flat rate of only 15%. Additionally, there is no Capital Gains Tax and Mauritian authorities do not require any Estate Duty should an owner pass away.
High Street Auctions said that the Mauritian government’s recent changes to investment thresholds and the extension of work, residence, and retirement permits have further enhanced the island’s attraction for families looking to relocate there.
“In June 2020, finance minister Renganaden Padayachy announced changes that made it even easier for foreign investors to buy property, work open businesses and retire on the island – with Mauritius’ Permanent Residence and Work Permits having been combined into a single permit and extended from ten to twenty years,” said Dall.
Other adjustments include the lowering of the minimum investment for an Occupational Permit (OP) from $100,000 to $50,000.
Most South Africans relocating families to Mauritius, do so through property investment and the Property Development Scheme (PDS) which allows for the development of residential resorts and estates designed to facilitate non-citizens in acquiring both residential property and residency in Mauritius.
For a minimum investment of $375,000, investors obtain permanent residency for themselves, their spouses, children of all ages as well as their parents with the procedure being relatively simple and easy, said High Street Auctions.
“A significant advantage to buying in property in Mauritius is that it allows South Africans to use their rands to invest in a dollar-based property market,” said Dall.
“And investors also have a choice of several exceptional and unique developments around the island, making it very easy to find a home to suit a variety of lifestyles and needs.”
At High Street Auctions’ inaugural Mauritian auction on July 28, a total of 17 existing and off-plan properties will come under the hammer. These range from luxurious penthouses and contemporary apartments to lavish villas all situated within exclusive coastal developments.
Existing properties include three contemporary two-bedroom apartments in Domaine des Alizees Club and Spa in Grand Baie; a luxury villa in Serenity; and a four-bedroom apartment in Manta Cove.
Investors who prefer to have a say in the finishes of their homes, and who have more time on their side, have numerous off-plan options which include: Six two-bedroom apartments and two penthouses in Ki-Resort, Grand Baie, and four villas in Secret Private Villa Resort.
Buyers of properties that are being auctioned off-plan have an option to pay for their acquisitions over two years.
Mauritius has several hospitals and retails centres with top international and South African brands, noted Dall. The education system is essentially based on the British model and the curricula of schools on this island nation are therefore amongst the top internationally recognised programmes.
And, in recent years, Mauritius has steadily built up its tertiary education sector to world-class status in the country’s concerted efforts to position itself to become a knowledge hub in Africa.
“If you are considering making the move, bear in mind that one cannot ‘up sticks’ overnight – it can take anywhere between six months and a year to complete all that is necessary to buy property, apply for residence and get through all the logistics of moving countries and moving house,” said Dall.
Also Read: More South Africans target a move to Mauritius with new visa rules
https://businesstech.co.za/news/wealth/ … isa-rules/
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