Guidelines

for

► Acquisition of property for

business purposes by a non-citizen
investor ◄

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© October 07
 Guidelines for
► Acquisition of property for business purposes
by a non-citizen investor ◄

Under the Non-Citizen Property Restriction Act, a non-citizen cannot hold or purchase or acquire
property in Mauritius unless he gets the approval to acquire the property.

►Road map for the acquisition of property by non-citizen investor

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© Nov 06
► Who is an investor?

An investor is a person carrying on or intends to carry out an economic activity generating an annual
turnover exceeding MUR 3 million, including a non-citizen of Mauritius or a body, whether corporate or
incorporate, of persons in association, société, partnership or company, the control or management of
which is vested in persons who is not a citizen of Mauritius.

► Who may apply to BOI for an approval to acquire immovable property?

A company incorporated/registered under the Companies Act 2001 where the control and
management of the company is vested in persons who are not citizens of Mauritius. (Forms and
detailed information on company incorporation are available on http://www.companies.gov.mu )

Note: An investor cannot purchase any immovable property in his/her own name. An immovable
property or a right to immovable property or part of a building must be purchased in the name of a
company incorporated and/or registered in Mauritius.

► When to apply to BOI?

A non-citizen investor must submit an application in the following cases:

1. For the acquisition of immovable property or part of a building for business purposes;
2. For the lease of immovable property or part of a building for a period exceeding 20 years
for business purposes.

For the processing of application and in this guideline, business purposes means the acquisition
of property by non-citizens for:-

(a) the development of high activity commercial use building including, but not limited to,
shopping mall, office building or warehouse, for sale, rental or lease;

(b) the development of residential properties developed under the Integrated Resort
Scheme for large landowners; and

(c) any other activity carried out for reward, gain or profit but excluding –

a. the acquisition for resale or lease or rental of any bare land or serviced land; or

b. the acquisition of immovable property to be used as apartments, guesthouses,

penthouses, villas, flat, tenement or similar properties to be used or available for use
as residence except where they are developed under the Integrated Resort Scheme
for large landowners or Real Estate Scheme for small landowners as prescribed
under the Real Estate Development Scheme.
.

► How to apply for acquisition of immovable property?

1. A non-citizen should first register with the Board of Investment as an Investor. (Forms and
detailed information on registration are available on http://www.investmauritius.com)

2. An application form duly filled in must be submitted to BOI on behalf of the foreign-controlled
company with the following supporting documents:
• a statement listing the reasons for which the application is being made,

• a presale agreement (compromis de vente) between the vendor and buyer drawn up by a

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© Nov 06
 Notary Public of the Republic of Mauritius. The sales agreement shall be accompanied by an
attestation issued by the Notary Public having drawn the agreement,
• a site plan from a sworn land surveyor showing the extent and precise location of the
property;
• a valuation report of the immovable property from a valuation surveyor,
• a bank attestation that a bank account has been opened by company acquiring the
immovable property where fund shall be transferred to the account for the sole purpose of
acquisition of the immovable property.

► How to apply for lease of immovable property?

1. A non-citizen should first register with the Board of Investment as an Investor. (Forms and
detailed information on registration are available on http://www.investmauritius.com)

2. An application form duly filled in must be submitted to BOI on behalf of the foreign-controlled
company with the following supporting documents:
• a statement listing the reasons for which the application is being made,
• a letter of reservation from the lessor,
• proposed lease agreement from the lessor,
• a site plan from a sworn land surveyor showing the extent and precise location of the
property;

► Conditions attached with the authorization to acquire immovable property, if

approved:

a. The immovable property, the right to immovable property or part of a building must be
used exclusively for the business of that company and any of its related economic activity as
per the business registration card.

b. The foreign-controlled company cannot transfer or use the property for purposes other
than those specified in the approval without prior clearance of the Board of Investment.

c. The foreign-controlled company cannot dispose of the property within three years from
date of acquisition and thereafter at any time without prior approval from BOI.

d. All mandatory clearances and permits must be sought for and obtained from relevant
authorities prior to the start of operations.

Contact:

► Board of Investment ◄
10th Floor, One Cathedral Square Building
16, Jules Koenig Street
Port Louis
Tel:+(230) 203 3800
Fax:+(230) 208 2924
Email: hp@investmauritius.com
Web: www.investmauritius.com

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© Nov 06