Are you seeking natural beauty, pleasant warm weather and prime tourist attractions? Why not invest in Mauritius? This island has grown to become more than the ideal holiday location over the last 20 years. With a booming economy, quality healthcare and education, it is now a leading choice in tropical living destinations for families. According to AfrAsia Bank and New World Wealth 2021 report Mauritius ranks as the wealthiest country in Africa, suggesting that it is one of the continent’s fastest growing economies and a top choice for global investors.
Real estate investors in Mauritius will benefit from a beneficial tax regime. The maximum personal income tax rate is 15% and there are no capital gains taxes or property taxes on the transfer of real estate. Investors purchasing under the Property Development Scheme (PDS) will benefit from a tax exemption on rental income and capital gains resulting from their investment.
Apart from the allure of investment potential, tax benefits and political climate, Mauritius offers a better quality of life in comparison to many other African counties, South Africa included. Mauritius provides access to international schools, diverse cultures and cuisines as well as an environment that is safe for everyone.
According to an online cost of living database, Numbeo, consumer prices including rent in South Africa are 13.33% higher than in Mauritius. This greatly affects day-to-day lifestyle and activity within South Africa. Here are a few differentiating factors according to Numbeo:
- You will pay +123.36% more for basics (electricity, heating, cooling, water, garbage) for an 85m² apartment in South Africa
- You will pay +49.32% more for preschool (a full day, private, monthly) for 1 child in South Africa
- You will pay +169.83% more for 1 minute of prepaid mobile tariff (local) in South Africa
Mauritius is ranked 13 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings for 2020, also remaining at 1st place in Africa. With an evolving economic landscape, the country has changed for the better since 2016 when it ranked 49th on the list, noting that property and construction were driving factors in this improvement.
It is clear that Mauritius is the place to be if you’re an investor seeking greener pastures and a place to put roots down in for you and your family for years to come. If you plan on immigrating to Mauritius on a citizenship by investment visa, then it’s advisable to utilise an investment immigration service. With over 10 years of experience in this field, the team at 12 Star Capital can assist you with this process and help you gain your visa, quick and easily.