- Where a residential property is acquired by a non-citizen or a company whose shareholders are non-citizens or a trust whose beneficiaries are non-citizens or the associates of a societe are non-citizens, the payment can be made in US dollars or its equivalent in any other freely convertible foreign currency.
- A citizen of Mauritius can acquire a residential property and effect payment in Mauritian rupees, or its equivalent in any other freely convertible foreign currency.
- Where payment shall be effected in currencies other than USD, the Board of Investment will use the exchange rate at selling price in force on the date of the application to calculate the USD equivalent.
- Where a residential property is acquired by a non-citizen, the investment in the acquisition of that residential property must be financed by the purchaser from funds outside Mauritius and transferred to Mauritius through any reputable bank listed in the Banking Almanach recognized by the Bank of Mauritius.
- Where a loan is contracted in Mauritius currency with a bank in Mauritius, the first 500, 000 US dollars must be paid in USD or its equivalent in any other freely convertible foreign currency; and the repayment of the loan must be effected in any freely convertible foreign currency.
The procedures:
A non-citizen, citizen, company, société or trust wishing to acquire property under the scheme shall make an application to the Board of Investment. The application must be submitted by a PDS Company online to BOI using the Property Acquisition and Management System.
Every application for the acquisition of property under the PDS together with such information, particulars and documents as specified in this guideline and a non-refundable processing fee of 10,000 rupees must be made through the PDS Company and addressed to the Managing Director of the Board of Investment.
The non-refundable processing fee of 10,000 rupees must be paid through cheque by the PDS Company and drawn to the order of the Board of Investment. (The PDS company may pay in advance a sum for a batch of applications)
An application shall be considered as ready for processing by the Board of Investment at the date by which all the information, particulars and documents have been duly submitted and considered as complete by BOI.
