Now more than ever South Africans dream of a life in which their families enjoy a safe, carefree existence, companies can operate without threat, taxation is low and education is world class.
Most believe such a move is a financial pipe dream, but according to High Street Auctions Managing Director James Dall, South Africans can do just that and relocate three generations of their families to the island paradise of Mauritius – with permanent residence – for less than the cost of a mid-sized family home in the Cape Town suburb of Constantia.
Dall says Mauritius, where High Street Auctions is selling 17 properties this month, is the only place in the world where South Africans can buy luxury property as well as secure residency for three generations for under R6 million.
“For most of us, the key priorities are social and political stability, financial security and the opportunity for growth, all of which are sadly lacking in South Africa at the moment, says Dall.
“However, the prospect of living halfway across the world and being a long-haul flight from family and friends is daunting, which is why many of those currently planning ahead are looking closer to home.
“Mauritius offers not only social and political stability, a strong and diversified economy and a sophisticated financial services industry, but also an educated and bilingual workforce and a pool of skilled and qualified professionals.
“And its fast-growing status as an investment, financial, trade and residential destination, has been corroborated by the World Bank ranking it as the easiest place in Africa to do business and by the World Economic Forum’s ranking of Mauritius as the most competitive economy in sub-Saharan Africa.
“This ‘ease’ is greatly expediated by the new Business Facilitation Act that came into force in May 2017 with the goal being to minimise business registration delays and speed up company incorporation.
“And considering that companies are authorised to commence operations right after the incorporation is completed, it’s an excellent initiative.”
There are three ways to register a company in Mauritius:
• Call in at the Registrar of Companies in Port Louis to initiate the process and fill in the necessary forms;
• Register yourself on the online system (Cbris) and proceed with online application and payment. You will have to collect your certificates in person; or
• Contact a registered professional who will do it for you – for a fee.
Dall adds that Mauritian taxation is also more favourable to both individuals and corporate entities, which are taxed at a flat rate of only 15%. Additionally, there is no Capital Gains Tax and Mauritian authorities do not require any Estate Duty should an owner pass away.
The Mauritian government’s recent changes to investment thresholds and the extension of work, residence, retirement permits have further enhanced the islands attraction for families looking to relocate to the island.
“In June 2020, Finance Minister Renganaden Padayachy announced changes that made it even easier for foreign investors to buy property, work open businesses and retire on the island with Mauritius’ and Permanent Residence and Work Permits having been combined into a single permit and extended from ten to twenty years.
Other adjustments include the lowering of the minimum investment for an Occupational Permit (OP) from US$100 000 to US$50 000.”
Most South Africans relocating families to Mauritius, do so through property investment and the Property Development Scheme (PDS) which allows for the development a of residential resorts and estates designed to facilitate non-citizens in acquiring both residential property and residency in Mauritius.
For a minimum investment of US$375 000, investors obtain permanent residency for themselves, their spouses, children of all ages as well as their parents with the procedure being relatively simple and easy.
“A significant advantage to buying in property in Mauritius,” says Dall, “is that it allows South Africans to use their Rands to invest in a Dollar-based property market.
“And investors also have a choice of several exceptional and unique developments around the island, making it very easy to find a home to suit a variety of lifestyles and needs.
At High Street Auctions’ inaugural Mauritian auction on July 28, a total of 17 existing and off-plan properties will come under the hammer. These range from luxurious penthouses and contemporary apartments to lavish villas all situated within exclusive coastal developments.
Existing properties include three contemporary two-bedroom apartments in Domaine des Alizees Club and Spa in Grand Baie, a luxury villa in Serenity and an expansive four-bedroom apartment in Manta Cove.
Investors who prefer to have a say in the finishes of their homes and who have more time on their side have numerous off-plan options which include: Six stylish two-bedroom apartments and two luxurious penthouses in Ki-Resort, Grand Baie, and four stunning villas in Secret Private Villa Resort.
Buyers of properties that are being auctioned off-plan have an option to pay for their acquisitions over two years.
Mauritius has a number of excellent hospitals and retails centres with top international and South African brands. The education system is essentially based on the British model and the curricula of schools on this island nation are therefore amongst the top internationally recognised programmes.
And, in recent years, Mauritius has steadily built up its tertiary education sector to world-class status in the country’s concerted efforts to position itself to become a knowledge hub in Africa.
“If you are considering making the move, bear in mind that one cannot ‘up sticks’ overnight – it can take anywhere between six months and a year to complete all that is necessary to buy property, apply for residence and get through all the logistics of moving countries and moving house,” cautions Dall.
“There never will be quite the ‘right time’ to make such a life-altering move and if you sit around waiting for it, you could entirely miss the boat.”
Detailed investor packs of all the Mauritian properties going under the High Street Auctions hammer on July 28 are available at www.highstreetauctions.com.