The Indian Ocean island of Mauritius is not only ranked by the World Bank as one of the 20 most business-friendly countries in the world but is now the leading African destination for high net-worth individuals (HNWIs).
The 2023 Africa Wealth Report says Mauritius is set to experience the highest wealth growth rate (75 percent) of any African country over the next decade; this will make it the fourth fastest-growing high-income market in the world, after Vietnam, India, and New Zealand.
And the reasons are not hard to find, says Philippe de Beer, chief executive of Mauritian real estate agency Park Lane Properties.
The country has a long history of stability and was also recently rated by New World Wealth as one of the three safest countries in the African region, along with Namibia and Botswana. This, he says, has become an increasingly important consideration for HNWIs since the outbreak of war in Ukraine and mounting instability in various other parts of the world.
Furthermore, the Mauritian government has made deliberate and consistent efforts over the past few years to modernise and transform the country’s business environment, and to attract more affluent foreign investors. These efforts include the establishment of special economic zones, the development of new ports, airports, and other infrastructure, and the implementation of a tax regime that is highly favourable to foreign investors.
The fact that the island has a strategic location between Africa and Asia also makes it well-positioned as an international finance, trade, and innovation hub. In addition, de Beer says Mauritius has steadily opened up its real estate market to foreign buyers in a growing variety of development types with residency options.
“This has made it even more attractive for high net-worth executives, professionals, and entrepreneurs from around the world to locate or relocate their businesses in Mauritius, because it means they and their families can now also live here full-time should they wish.”
Alternatively, he states, an investment in Mauritian property allows foreign nationals to hold a second or third permanent residency and have a ‘Plan B’, which is something that has become increasingly important to HNWIs in the wake of the Covid-19 pandemic and the restrictions that were placed on their mobility, in spite of their wealth.
“Quite simply, foreign investors are able to obtain immediate permanent residence in Mauritius for themselves and their families by purchasing any home costing US$375,000 (R7.06 million) or more in one of the original Integrated Resort or Real Estate schemes that were aimed specifically at foreigners, or in any of the more recent Property Development Scheme, Smart City, or Ground+2 apartment developments.”
Park Lane Properties will be present at the Emigration Expo being held at the Capital on Park Hotel in Sandton, Johannesburg this weekend. The team will be on hand to share information about retiring, investing, working, and living in Mauritius, as well as showcase new residential developments and investment opportunities just launched in the country.