Page 14 - Kyalami issue 4 2021

PROPERTY NEWS

Kyalami Estates Corporate Brand Bible Design 23
PROPERTY TALK

3.0 Invoice Template
WITH ROB HUDSON

OF RE/MAX ONE

n this edition of ‘Property Talk’ I thought I would move must bring into Mauritius US$18 000 a year (US$1500/
away from the local market and take a turn east, to about ZAR22k monthly) to cover one’s living expenses. This
3 000km away. From a property perspective, Mauritius gives the Mauritian authorities a level of comfort that such
Icontinues to attract international investors, with France foreign retirees will not become a burden to the State.
being the biggest market, and South Africa second. Under no circumstances can a retiree on this scheme take
That’s not to say that these SA buyers are all emigrating on employment in Mauritius. But one can generate income
to Mauritius, but they are certainly creating options and from offshore interests, companies, consulting and the
choices for their future. INVOICE likes.
Legislative updates have also made Mauritius a lot more How affordable is Mauritius
accessible for international retirees and hence this article as a place to live?
Entity: Kyalami Estates
f
ocuses on this topic. Just by way of my background, If you draw a comparison with South Africa, the cost of
Entity VAT No: 2018/031605/07
Entity Reg No:
locally and through RE/MAX ONE, I am the Kyalami Estates living in Mauritius is higher. But inflation rates have been
Invoice Date: xx May 2019
area agent and, internationally, I have represented ENL lower in Mauritius over the past decade so the cost of
Property in SA for the past 16 years. ENL is a 200 year old living differential between the two countries is continually
Mauritian company and one of the island’s largest property diminishing. The table below reflects on some cost of
development entities — estates include Heritage Villas living indicators sourced in 2020 from Numbeo that show
Bill to:
Valriche, La Balise Marina and Moka Smart City. city/country comparative indices relative to New York City
(source: www.numbeo.com/cost-of-living).
When Mauritius first opened its doors to international

Attention:xxxxx xxxxx
investors for acquisition of residential property in the Tax Invoice No: xxxxx xxxxx Mauritius SA Portugal
Xxxxx xxxxxxxxxxxx
Recipient VAT No: xxxxx xxxxx
mid-2000s, the focus was on selling premium villas and Cost of living index 52.64 42.49 50.39
excl. rent i.e. groceries
Xxxxx xxxxxxxxxxxx
apartments for over US$500k. This was the minimum PO Number: xxxxx xxxxx
threshold to obtain the Mauritius Residency. So from the transport etc
onset, the property product was pitched at the very top end
of the market and, for South Africans, residency was also a Cost of living 32.80 30.01 36.31
plus rent index
key attraction. However, recognising the limiting scope of
Account:
Tax Reference:
Your Reference:
this initial approach, the progressive Mauritian government Groceries index 47.89 33.88 40.20
Kyalami Estates
Kyalami Estates
Kyalami Estates
has in recent times introduced investment and retirement ie. purely groceries
options that are more accessible to a broader range of
people, albeit still high net worth. So in summary, the cost of living excluding rent is around
10% higher in Mauritius than in South Africa, and compares
Now one can obtain a ‘Residence Permit’ through acquiring closely with Portugal. Rentals are relatively affordable,
a property for a minimum of US$375k plus 5% transfer so if you bring that into the equation, Mauritius is pretty
Unit Price
Tax Reference:
Description:
fees (approx. ZAR5.8m). Residency is enjoyed by the much the same as SA and more affordable than Portugal.
R000 0000
R000 0000
Xxxxx xxxxxxxxx
purchaser and family (dependent children below the age Groceries are around 14% more expensive, but this value
R000 00000
Xxxxx xxxxxxx
R000 0000
of 24). You can spend as much time in Mauritius as you is inflated by products that are still imported. Fortunately,
want, start a business, travel in and out freely, your kids many essentials like bread and beer are produced on the
can go to school, and you can transfer your tax residency to island.
Mauritius (financial emigration) etc. If the property is sold,
Sub Total: R000 000.00
the residency is lost. VAT 15%: R000 000.00 Some of the other benefits Mauritius offers retirees
include:
Total: R000 000.00
Note, it is not Citizenship and therefore a passport is not • It’s 20 times safer to live in Mauritius than SA and twice
included. For around US$400 - 700k, one can acquire very as safe as living in the US.
nice apartments and duplexes, but generally this budget • Should one transfer tax residency, Mauritius has a flat
Account Name: Kyalami Estat
is shy for villas. The picture featured at the top of the next es personal tax rate of 15% with no capital gains tax, STC/
page is of La Balise Marina in Black River, which is the only dividends tax or estate duty.
Bank: Investec
marina in Mauritius and we have four similar apartments • Global Connectivity - increasingly kids and grandkids
Account: xxxxxxxxxxxxxxx
left for sale. Account Type: Current are basing themselves in the likes of the UK, Europe
Branch Code: xxxxxx and Oz. Mauritius has direct connectivity to these
Considering retirement, recent legislative updates have major destinations and, where not, Emirates flies an
seen Mauritius welcoming international retirees to the A380 daily between Mauritius – Dubai, and from Dubai
Estate Office & Administration
island. So, if you are 50 years or older, you can obtain a one can pretty much travel anywhere in the galaxy.
Tel: (011) 468 3001/2 | Fax: (011) 468 1246
10-year Residence Permit, which after three years can be • In terms of connectivity with SA to visit friends, family
Email: info@kyalamiestates.co.za
extend to 20 years. The pre-requisite is that a retired couple and business interests, there are numerous daily flights.
PO Box 50, Kyalami Estates 1684
12 Kyalami Estates • CONNECT • Issue 4 • 2021