Mont Choisy La Destination
Mont Choisy La Destination is an approved development under the Smart City Scheme, a mixed-use development programme launched in 2015. It gives foreigners the opportunity to obtain Mauritian residency on purchase of real estate property worth at least USD 500,000 (excluding taxes).
Buying property at Mont Choisy La Destination
The property acquisition process at Mont Choisy La Destination comprises three main steps:
1. The buyer signs the preliminary reservation agreement with the developer.
2. Upon receipt of the required documents from the buyer, the developer will submit an application for acquisition of a property to the Economic Development Board (EDB) on the former’s behalf.
3. Once the approval letter is issued by the EDB and all other relevant acquisition criteria have been met, the buyer and seller will appear before a notary in Mauritius to sign the sale agreement (notarial deed).
Right of residence for family members
Foreign buyers’ dependents may apply for a residence permit in Mauritius for a duration not exceeding that of the owners. Dependants include the spouse or common law partner, children, stepchildren or lawfully adopted children under the age of 24, as well as wholly dependent unmarried next of kin, provided that the number of dependents does not exceed three.
Validity of the residence permit
Property owners at Mont Choisy La Destination and their immediate family members have the right to reside on the territory as long as they maintain ownership of the property. The permit shall become null and void upon sale of the property, while the right to a residency permit will be transferred to the new owner, if s/he is a foreigner.
Mauritian work permit
A residency permit does not automatically give the holder the right to work in the country. S/he is however entitled to apply for a work permit, which is mandatory to engage in one or more professional activities in Mauritius. The approval process is usually very fast.
Vente en État Futur d’Achèvement (VEFA)
Mont Choisy La Destination’s properties are sold off-plan under the VEFA regime, which binds the seller to transfer at once to the new owner all the rights to the land for sale, including ownership of existing constructions. The price of the residences can be paid in instalments as construction advances, or in full. Any newly built infrastructure becomes the responsibility and property of the buyer as construction progresses.
The advantages of buying off-plan
A significant advantage of buying off-plan is the ability to purchase the property at below-market value. There is potential for strong capital growth and resale at a profit before completion. Moreover, the deposit represents only a small portion of the purchase price and payments are staged through to completion.
Garantie Financière d’Achèvement (GFA)
As part of an off-plan property sale in Mauritius, the developer must take out a GFA from an established banking institution. This is a performance bond that ensures delivery of the property to the buyer, according to the terms and conditions of the contract between her/himself and the seller. If the developer fails, in any way, to deliver the property as agreed, the relevant bank will honour any such obligation.