Real Estate laws in Mauritius

Mauritius has opened its economy to foreign investors by setting up a series of property schemes allowing foreigners to buy a real estate property in Mauritius: the Integrated Resort Scheme (IRS), the Real Estate Scheme (RES) and most recently, the Property Development Scheme (PDS).

Vente en l’Etat Futur d’Achèvement (VEFA) A VEFA is as per the Mauritian Civil Code (based on the French Civil Code) and must be validated by a contract. Under the VEFA, the promoter is bound to provide for a GFA (Garantie financière d’achèvement), a financial guarantee which ensures the buyer that construction will be duly completed in case of failure in obligations from the promoter’s side. It is either the promoter himself who shall provide this financial guarantee or a third-party, for instance a bank.

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