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Mauritius has tightened requirements for foreign property buyers. Under the new regulations, 85% of the property’s purchase price must now be paid in Mauritian rupees. These changes apply to purchases under the IRS, RES, IHS, PDS, and SCS schemes and are intended to strengthen the national currency and boost the local economy.
Buyers will be allowed to transfer funds in convertible currencies, which will then be exchanged into rupees within Mauritius. The remaining 15% can be paid either in rupees or in foreign currencies such as USD or EUR. Previously, buyers could complete the entire transaction in foreign currency, but now the government seeks to increase the role of the rupee in property deals and bolster the country’s foreign currency reserves.
Notaries will be responsible for ensuring compliance with these new rules, verifying the sources of funds, handling registration fees, and certifying transactions. Additionally, the minimum property value required to qualify for a local mortgage has been raised to $750,000 from the previous $500,000 threshold. Mortgage payments can be made in either rupees or foreign currency.
These measures are aimed at improving market transparency and strengthening economic resilience. However, the new requirements may prompt some foreign investors to reconsider their property acquisition strategies in Mauritius.
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