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Frequently Asked Questions

We will always do our utmost best to answer any questions you may have.

Some Common Questions and Answers
  • A Quick Summary


    • Mauritius is one of the most highly sought after destinations for expats and international investors. This is because it is one of the best countries in the world that excels in almost every department, from economics, social, political to taxation, crime and beyond. It is rated Africa's number one country with excellent tax laws and a landscape that can only be known as Paradise.
    • We manage the entire process for you and your family to obtain a lifetime permanent residency. The laws require you to purchase a property in excess of USD 500,000 in order to obtain this permit. We normally get the permit within 30 days of full application.
    • We also provide free trusts, companies and tax structure set ups required to ensure your investment is tax efficient. We will look after your entire purchase process and journey so you do not have to think about anything.
    • The money for reservation prior to construction is safely kept with a Notary in an escrow account. Escrow accounts are interest earning so your money does not just sit for 2 years without gain whilst you wait.
    • When we sign over the deed of sale to you, we give you a bank guarantee of completion and this ensures you that if something was to gowrong, either you get your money back or the house you purchased without risk. The guarantee we provide is from an international financial institution.
    • Mauritius is renown for RES, PDS investments like Prometheus where you purchase your home off plan and take delivery within 2-3 years.
    • We are approved and regulated by the Mauritian government (Board of Investment). Our business is open to scrutiny and transparent to you at all times.
    • We provide rental pool management and concierge services for you to make money from your investment by renting. Customers can expect gains bertween 3 to 7%, and am increased resale value of the property by up to 30%.
    • If you fly from your home country to visit Mauritius and chose to reserve a property with Prometheus, we will cover the costs of your flights.

  • Are the properties freehold?

    Yes. All properties are fully owned by you once payment is complete. Upon purchase, land transfer tax of 5% is paid to the Mauritian Government. Beyond this, there is no further annual tax.

  • Buying Process

    What is the process of buying a property in Mauritius?
    The Purchaser and the Promoter sign a contract of preliminary reservation (‘CRP’). In terms of the CRP, 10% of the selling price is required as an initial deposit.

    Once the Promoter has advised the Purchaser that the project is going ahead (i.e. in all the relevant permits, financial, legal and technical requirements are in place), a Deed of Sale is signed.

    A Deed of Sale is the document in terms of which ownership of a residential unit in the PDS is transferred from the Promoter to the Purchaser, once you sign the Deed of Sale you are the registered owner of the unit. This will entitle a purchaser to immediately apply for a residence permit if their purchase price exceeds USD 500,000.

    The purchaser will make staged payments in line with the Government implemented VEFA system through to the completion of construction.
    Stage 1: Initial Deposit - On signature of Reservation CRP (Pre-Purchase Agreement) 10%
    Stage 2: On signature of Deed of Sale after Certificate of Property Development Scheme (PDS) 15%
    Stage 3: On completion of the Foundations 10%
    Stage 4: On completion of Ground Floor Slabs 15%
    Stage 5: On completion of First Floor Slabs 10%
    Stage 6: When the Roof is completed and the property is Closed in 10%
    Stage 7: On completion of the property Exterior 10%
    Stage 8: On completion of the property Interior as per Deed of Sale 15%
    Stage 9: When the property is made available to the buyer 5%


    By purchasing a unit off-plan, how is my purchase secured?
    The acquisition of a unit off-plan or during construction of the project is governed by the provisions of a ‘vente en l’etat future d’achevement’ (‘VEFA’), in accordance with the Mauritian Civil Code.

    The Promoter provides the Purchaser with a guarantee of future completion, Garantie Future d’Achévement (‘GFA’).

    This GFA is issued by a registered financial institution in Mauritius, usually a bank, and is a guarantee that the unit you have purchased will be completed and delivered to you in accordance with the project specifications and drawings.

    The GFA is issued to you simultaneously with your signature of the Deed of Sale.

    In the case of Prometheus, the GFA will be issued by The Mauritius Commercial Bank Ltd, the largest bank on the island.


    Is it possible to obtain a mortgage?
    The Mauritius Commercial Bank Ltd (MCB) is willing to finance up to 60% of the purchase price
    Interest Rate : LIBOR + 5% (for foreign currencies)

    Are there other fees payable in addition to the purchase price?
    Notary fee which is currently calculated on a sliding scale as follows:
    - 2% on the first MUR 250,000, subject to a minimum charge of MUR1,000;
    - 1.5% on the next MUR 500,000
    - 1% on the next MUR 1,000,000
    - 0.5% on the remainder of the selling price
    - Value Added Tax, currently 15%, is also payable on the notary fee.
    PDS Registration Duty to Board of Investment Application (BOI), which is currently 5%
    BOI Application Fee, which is currently MUR 10,000

  • Do you assist in obtaining a Permanent Residency Visa for Mauritius?

    When purchasing a property of a minimum of $500,000 USD, you automatically become eligible for a 10-Year renewable permanent residency visa. Our legal team won’t hesitate to assist you with preparations, further appling to the Board of Investment for you – FREE OF CHARGE!
    You can literally leave everything in our honest and trustworthy hands, once you have provided all documents we need from you so that we can apply on your behalf.

  • Can I obtain financing or a mortgage if I wish to buy?

    Yes. Banks are more than willing to finance up to 70% of your prospective purchase. If financing is required, please contact the us for further assistance.
    We work with our chosen partner banks; with whom we have good relations as well as a Real Estate finance broker.

    Foreigners can process 10, 15 and even 20-year financing agreements through MEILLEURTAUX. Please get in touch with Mrs. Caroline LEPESTEUR for more - based in Grand Baie.

  • Are you able to assist with the legal process of registration?

    Of course. Our professional legal team will assist from start to finish in order to obtain permission from the Board of Investment for you to purchase the property.

  • Completion Guarantee

    Your luxury home comes equipped with the same building guarantee as those used in the UK and Europe, protecting you from construction faults or in the unlikely occurrence that Prometheus ("The Promoter") fails to complete or follow through with a project.
    This guarantee covers you in the event of bankruptcy of the Promoter or construction company, and is issued by a reputable bank to safeguard the completion of the project.

    A project is guaranteed to go forth once 50-60% of the total project has been reserved in advance. It is at this point that building can ensue. If this is not the case, your funds will be fully refunded to you without negotiation.

    The Promoter is required by law to furnish a “Bank Completion Guarantee”, which works to guarantee the buyer that the construction of the property will be fully completed and finalized.

    Further, The Promoter is also liable for latent defects for ten years, to which the architects, contractors and other persons linked to the promoters by contract for work, are themselves bound pursuant to 1792 and 2281 of the Mauritius Civil Code from the date the property is made available to the buyer.

    Note: Your funds only remain in the safe hands of your Escrow Bank account in your name, managed by a notary or lawyer. Your money is always safe at all times - guaranteed to only be put towards the project once the government has given the green light for development.

  • Deposits you make and Escrow


    Where will my deposit be held?
    Your deposit will be held in an escrow account opened with a Mauritian registered financial institution or alternatively in the Notary’s trust account until the Deed of Sale is signed. Once the Deed of Sale is signed, the deposit is released to the Promoter as part of the selling price.

    Will my deposit attract interest?
    Yes

  • Eligibility for Acquisition of Residential Property

    The following persons may acquire a residential property from a PDS Company:
    • A non- citizen of Mauritius
    • A citizen of Mauritius
    • A company registered as a foreign company under the Companies Act 2001
    • A company incorporated under the Companies Act 2001
    • A societe, where its deed of formation is deposited with the Registrar of Companies
    • A trust, where the trusteeship services are provided by a qualified trustee who is licenced by the Financial Services Commission

    Note: A qualified Global Business holding a Global Business, as defined under the Financial Services Act 2007, is not entitled to obtain any property under the PDS scheme.

  • If I purchase a unit off-plan, how will you secure my purchase?

    The acquisition of a unit off-plan or during construction of the project is governed by the provisions of a ‘vente en l’etat future d’achevement’ (‘VEFA’) This refers to the sale of a property in its future state of completion - in accordance with the Mauritian Civil Code.

    The purchasers only provide payment at various different stages of construction.

    These stage are certified by an independent QS (Quantity Surveyor)

    As a counterpart, the vendor must provide a bank guarantee, provided by the Mauritius Commercial Bank, stating that the works will be completed.

    Upon execution of the deed of sale, the seller must immediately transfer all rights on the land and existing buildings to the purchaser.

    Prometheus (the promoter) will provide the purchaser with a guarantee of future completion, otherwise known as “Garantie Future d’Achévement” (‘GFA’).

    This GFA is issued by a registered financial institution in Mauritius, and function as a guarantee that the unit you have purchased will be completed and delivered in accordance with the project specifications and drawings initially promised.

    The GFA is issued to you simultaneously with your signature of the Deed of Sale.

  • Legal Costs

    The Promoter has appointed an independent notary to manage property conveyance, at a fee of 0.5% of the purchase price of the property. This is payable directly to the notary by the buyer. (This fee excludes VAT of 15%)

    Although there are additional costs for the notary processing fees, Prometheus guarantees to cover all these costs, giving you ultimate peace of mind.

  • Own a property in Mauritius

    Freehold property, politically stable, safe, tax incentives.

    Mauritius is a democratic and politically stable country with a well-educated population. The country may be small, but boasts a thriving economy, and has actually been voted the best economy in Africa for the past 5 consecutive years. The country is easy to do business with, possessing a highly attractive tax regime. Mauritius has been steadily evolving from an agricultural dependent economy, to a thriving land diversifying into textiles, tourism and superior financial services.

    The Government has assisted in stimulating foreign investment in many ways, and one of them has been through the possibility for foreigners to purchase freehold property and obtain Permanent Residency - mainly from PDS (Property Development Scheme) which has replaced the previous schemes of the IRS (Integrated Resort Scheme) and RES (Real Estate scheme)

  • Rental Management

    Rental management is ideal for investors who wish to achieve the optimum combination of pleasurable home ownership, with an additional return on investment. You can easily enjoy the use of your home for holidays several weeks a year, while being able to rent it out for the remainder of the year, automatically providing you a share of the rental turnover generated by your home – which is typically 60% for the investor and 40% for the rental management (also to cover running costs). Rental management agreements are concluded with a formal contract, which is drawn up for an initial 5-year period. Further, rent is paid out on a quarterly basis. This rental income is subject to an advantageous flat tax rate of 15%, which is applicable to Mauritius.

    Who is responsible for managing my luxury home rental?
    We have a dedicated subsidiary managing the resort and all of its homes. Our team strives to take thorough care of every step of the home rental process. Rentals may be offered by night or week, and are inclusive of standard hotel services such as reception, house-keeping and laundry. A wide range of optional, chargeable services are also available from our Concierge service, such as excursions, chef services, child-minding, car hire and much more.

    We utilize dedicated sales and marketing tools, expanding from our online booking website to agreements with international tour operators and travel agencies.

    Mauritius is a luxurious holiday destination, attracting clientele from around the world for holidays, golf trips, weddings and honeymoons. The resort is managed just like a luxury hotel would be, run by a skilled and dedicated team of hotel industry professionals. From receptionists to maintenance and house-keeping, child-minding and bar staff, our international clientele is guaranteed service excellence and high quality delivery at all times.

  • Reserve of your property

    To reserve your property, the buyer (you) and seller (Prometheus) must enter into a CRP (“Preliminary Reservation Contract”) prior to signing the “Deed of Sale” (DOS) Here, the buyer must deposit the equivalent of 10% of the purchase price on the Deed of Sale, along with an independent escrow agent. This works to secure your reservation and property selection, until such time that your certificate to purchase has been issued to you by Mauritian Authorities.

    In the event that no approval to purchase is given by the Mauritian Authorities, this 10% escrow deposit will be returned you as and when the situation arises.

  • The Purchase of your property

    Prometheus sells properties on an off-plan basis (sale for future delivery) also commonly known as VEFA (Vente en Etat Future d'Achevement) in Mauritius. When the Mauritian Authorities issue you with the approval to purchase your property, the CRP is replaced by a Deed of Sale, where the Developer goes on to issue the buyer with a bank completion guarantee, together with the freehold title of your land, which is registered by a notary in the name of the buyer (you)

    Prometheus will organise and take full control of the entire process for you from start to finish, through its banking partner and professional legal team.
    The Stages of the Buying Process:

    1) Signature Preliminary Contract
    2) Within 2 weeks of signing, a deposit equal to 10% of the sale value must be transferred to a blocked bank account opened in your name with a Mauritian bank.
    3) Obtaining a Mortgage if Applicable
    4) When the project obtains approval to begin developing, the signature of the deeds of sale must occur in presence of a notary, and a down payment of an additional 15% of the total transaction value, on top of the 10% initial deposit, must be transferred.

    In accordance with the Mauritius Civil Code, article 1601-30, the price set out in the Deed of Sale is payable as and when certain events in the work and construction process unfold:
    The Payment Schedule
    Stage 1: Initial Deposit - On signature of Reservation CRP (Pre-Purchase Agreement) 10%
    Stage 2: On signature of Deed of Sale after Certificate of Property Development Scheme (PDS) 15%
    Stage 3: On completion of the Foundations 10%
    Stage 4: On completion of Ground Floor Slabs 15%
    Stage 5: On completion of First Floor Slabs 10%
    Stage 6: When the Roof is completed and the property is Closed in 10%
    Stage 7: On completion of the property Exterior 10%
    Stage 8: On completion of the property Interior as per Deed of Sale 15%
    Stage 9: When the property is made available to the buyer 5%

  • Screening of Application

    1. The PDS Company shall do its due diligence exercise through a reputable bank for all applications received, prior to submission of the same to the Board of Investment (BOI). The PDS Company’s bank shall carry a “Know Your Client” (KYC) exercise, opening a bank account for the client which is otherwise known as the “Escrow Account”.

    2. The PDS company may sign the “Contrat de réservation préliminaire à une vente en état future d’achèvement” for the plot. The prospective buyer must deposit 25% (at most) of the amount of investment in the acquisition of the property in the bank. We will typically request 10% to reserve your property of preference.

    3. The PDS Company shall forward the completed application form (duly filled out and signed) to the Managing Director of BOI for final approval.

    4. In the case of a non-citizen, the following documents must be submitted to the BOI:
    i. Individual
    (a) Duly authenticated copy of the first 5 pages of your passport
    (b) A letter from the bank certifying the KYC exercise for the client.

    ii. In the case of a Corporate Applicant (Company):
    (a) Certificate of registration, providing evidence that the company is registered as a foreign company under the Companies Act 2001. Alternatively, a Certificate of incorporation under the Companies Act 2001, as may be the case;
    (b) Letter from the bank certifying the KYC exercise for the client.

    iii. In the case of trust where the trusteeship services are provided by a qualified trustee
    (a) Evidence from the Financial Services Commission that the trustee is qualified under the Trust Act 2001
    (b) Letter from the bank certifying the KYC exercise for the client.

    iv. In case of a société where its deed of formation is deposited with the Registrar of Companies
    (a) Evidence of the société possessing a file number with the Registrar of Companies, as well as a deed of formation deposited with the Registrar of Companies
    (b) Letter from the bank certifying the KYC exercise for the client.

    5. For Citizens of Mauritius:
    (a) In order to acquire property in Mauritius, the applicant is required to submit, along with the application form, his/her National Identity card and letter from the bank responsible for certifying the opening of an escrow account.

    Documents Required:
    The documents required for our purposes from our buyers are as follows (Original or photocopies which we certify:
    (a) Birth Certificate
    (b) I.D. Card (Passport or National I.D.)
    (c) Marriage Certificate (if appropriate)
    (d) Proof of Address (Bank Statement and Utility Bill)
    (e) Occupation
    (f) Passport Photographs

  • Taxes Registration Duties (PDS tax)

    Registration Duty of 5% of the purchase price is payable by the buyer on the purchase of an PDS property. (This is included in the gross sales value as indicated on the price list.) The seller must pay this on behalf of the buyer, recovering all funds in the property price.

  • Transfer Tax

    The Transfer Tax equivalent to 5% of the purchase price on the Deed of Sale is payable by the seller (Prometheus) upon the sale of an PDS property. This is recovered from the buyer as part of the gross sales value as is indicated on the price list.

  • VEFA System and Contract

    The law in Mauritius governing the sale of residential units caters for two procedures:

    1 - Off-plan sale (vente en état futur d'achévement) (VEFA)
    2 - Direct Sales Contract (built residencies)

    VEFA Sales Contract
    At Prometheus, the apartments and villas will be sold under the VEFA system, which provides for progress payments at different stages of construction. An independent quantity surveyor certifies those stages. As a counterpart, the vendor has to provide a bank guarantee that the works will be completed. In the case of Prometheus, the guarantee will be given by The Mauritius Commercial Bank Ltd, the largest bank on the island.

    Mauritian civil law is almost entirely based on French civil law. VEFA or off-plan sales, as they are referred to in the UK, are essentially governed by the same rules as those laid down by the French Civil Code. These are fully protective of purchasers.

    The main characteristic of a VEFA contract is that ownership of the land passes to the purchaser immediately upon execution of the deed of sale, while ownership of the building itself only passes to the purchaser on completion of the construction.

    A further advantage of the VEFA system is that, as the land title passes immediately to the purchaser, the residence visa or permit becomes available at that time.

    As building contractors are liable for any defects in the building for a period of 10 years, they must take out special insurance covering their works, for the benefit of the purchaser and subsequent owners of the building.

  • What does the warranty period refer to?

    We generally provide a 3-Year warranty to repair any defects or damages (excluding natural wear and tear.)
    Additionally, we will provide a 10-Year guarantee on all structural or building problems that might arise.

  • Who is our Notary?

    ETUDE KHOUSHWANT BHEEM SINGH is a sworn Law Practitioner and Counsellor, licensed to practise as a Notary here in Mauritius.

    CONTACT:
    ETUDE KHOUSHWANT BHEEM SINGH

    LABAMA HOUSE
    6th Floor, Labama House, 35, Sir William Newton Street, Port Louis

    O: (230) 211-0120
    Fax: (230) 211-0121
    Mob: (230) 5 792 4625
    E-mail: khoushwant@etudebheemsingh.com

  • Important Notice

    We recommend that all buyers seek professional advice when it comes to tax planning, relevant to their own respective tax domicile prior to purchasing a property in Mauritius. This will help in minimising liabilities to taxes and duties.

    The purchase of properties will be subject to the detailed terms, provisions and conditions set out by the Deed of Sale. This document does not in any way constitute part or form of the Deed of Sale. All images and information are strictly for illustration purposes only, and should not be relied on as a basis or reason for going through with a purchase.