LIFE IN MAURITIUS
Some useful information about Mauritius :
- Demographics :
The population of the island is estimated at 1,2 millions on an area of 20 km². The capital city is Port Louis.
- Languages :
The official language is English, but the majority of the Mauritian population speaks French. Creole and French are the most used languages.
- Currency :
The local currency is the Mauritian Rupee. There are banks in all major cities to exchange currency.
- Visa :
Citizens of the European Union do not need a visa for stays of less than 6 months in Mauritius.
- Vaccines :
No vaccinations are required for travelers from Europe to spend their holidays in Mauritius.
- Time Zone :
The time difference with Paris is only 2 hours in summer time and 3 hours in winter time.
- Economy :
Mauritius is a booming economy. Minimally affected by the global crisis, the country has been experiencing a steady growth for several years, making Mauritius a very attractive and reliable country for foreign investors. The main industries are sugar, textiles and tourism.
- Politics :
Being a member of the Commonwealth, Mauritius is a politically stable and safe country. Independent since 1968, Mauritius has a fully democratic parliamentary system with separation of powers and an official constant commitment to respect human rights. The Mauritian legal system is, as in France, governed by the Code Napoleon. The system and law enforcement is similar.
- Culture :
Mauritian culture is influenced by African, Indian and European culture. The local music, sega, is very popular and animates many "live" bars. The biggest cinema of the island has recently been built in the heart of Grand Bay, offering modern and spacious movie theater to discover the latest releases.
- Medecine :
Mauritius has all the modern facilities and medical technologies. The opening of private and modern hospitals has increased medical tourism on the island. Especially in the area of Grand Baie.
Grand Baie is a coastal village in the north of Mauritius regarded as the most dynamic and lively on the island. All of Evaco's real estate projects are built there. Not far from the capital city Port Louis, this village with various influences is host to many expatriates looking for a unique way of life. From the wonderful bay, the multiple shops from around the world, to the most popular restaurants and bars of the island, Grand Baie offers a dynamic and gentle lifestyle. It is also a place where culture is strong among exhibitors of arts, live music and film releases in the biggest and most modern cinema of the island.
THE ADVANTAGES OF THE RES SCHEME
The RES (Real Estate Scheme) is a special system set up by the Mauritian government to facilitate the purchase of real estate to foreigners. It offers the opportunity to foreign buyers to own or to invest profitably in a villa or apartement in Mauritius. All Evaco's projects are under the RES regime. The law states that RES residence is not subject to any minimum price (unlike other special arrangements, said IRS, which is subject to a minimum sale price of $ 500,000).
The benefits of RES are numerous :
- Acquisition Freehold
- Permanent residence permit for any purchase greater than or equal to $ 500,000
- Sale governed by the forward purchase agreements (sale before completion) providing a financial guarantee at the end of completion
- Upon signing the contract before completion, the buyer becomes the owner of land and construction in progress
- Possibility of resale in the desired foreign currency
THE TAX BENEFITS
Investing in Mauritius is more interesting than elsewhere due to a very reduced tax system. Tax benefits to Mauritius are indeed numerous :
- Income tax not exceeding 15%
- No taxes on the capital gain
- No inheritance
- No residential taxes or property taxes
- Agreement to avoid double taxation with 37 countries
THE RESIDENCE PERMIT
Foreigners from countries of the European Union have the right to stay six months a year on the Mauritian soil without application of a Visa.
Obtaining a permanent residence permit is possible. Buying an RES apartment or villa at a minimum price of $500.000, allows the future owner to obtain a permanent residence permit associated with property acquisition.
There are also other ways to obtain a resident permit: as an investor, as an employee or as a retired person ensuring $40.000 annual basis income during a 3 years period.