Apartments in (G+2) projects
What is the G+2 concept?
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.
Who can acquire apartments in such projects?
- A non-citizen
- A holder of Permanent Residence Permit
- A holder of an Occupation Permit as investor, professional and self employed
- A holder of a Residence Permit as a retired non-citizen
- A holder of a Residence Permit under the IRS/RES/IHS/PDS/SCS
- A company incorporated or registered under the Companies Act and registered with Economic Development Board
- A société, where its deed of formation is deposited with the registrar of companies and registered with Economic Development Board
- A limited partnership under the Limited Partnerships Act and registered with Economic Development Board
- A trust, where the trusteeship services are provided by a qualified trustee and registered with Economic Development Board
- A Foundation under the Foundation Act registered with Economic Development Board
Is there a minimum price set for a property in a (G+2) project?
The minimum price of an apartment is set at Rs 6 million.
Does a non-citizen purchaser obtain residency in Mauritius following acquisition of a residential property in a (G+2) development?
Unfortunately, a residence permit cannot be issue under the (G+2) concept. However, a non-citizen who has acquired an apartment for a price exceeding USD 500,000 or its equivalent in any convertible currencies, is eligible to submit an application for a long-stay visa. A long stay visa allows a non-citizen and his dependents to stay for a consecutive period of 10 years, renewable, depending on the status of ownership. The long-stay visa granted to the non-citizen shall remain in force until such time that the non-citizen holds the apartment.
At which stage of the development of a (G+2) project are residential properties sold?
A residential property under the (G+2) may be sold either :
On the basis of a plan (off-plan sales)
During the construction phase
Upon completion of the construction
Where the acquisition is made off-plan or during the construction phase, the contract shall be governed by the provisions of the “vente en l’etat futur d’achevement (VEFA)”, as more fully described in the articles of the Code Civil Mauricien.
A sale in a future state of completion is the contract by which a seller transfers at once to the buyer his rights in the ground as well as the ownership of the existing structures. The works to come become the property of the buyer as they proceed; the buyer is bound to pay the price of them as the work proceeds.