Property Closing Costs in Mauritius

Understanding Property Closing Costs in Mauritius

When purchasing property in Mauritius, it’s essential to budget for various closing costs. These expenses cover everything from legal fees to taxes, ensuring a smooth transfer of ownership. Below is a detailed breakdown of the typical closing costs:

For Buyers:

1. Registration Duty
   Buyers usually pay a 5% registration duty on the property value. Certain exemptions, such as for first-time buyers or under specific government schemes, may apply.

2. Notary Fees
   Notary fees are generally 1% – 2 % of the property value, subject to a minimum fee. This covers the drafting and notarisation of the sale deed.

3. Stamp Duty
   A small stamp duty is charged for registering the sale deed, typically a minor percentage of the transaction value.

4. Agency Fees
   When a real estate agent is part of your property buying journey, a standard agency fee of 2% of the sale price, plus VAT, applies.

5. Bank Charges
   For financed purchases, buyers should anticipate loan processing fees, property valuation fees, and other related bank charges.

6. Additional Costs
   This may include fees for property surveys, valuations, and other administrative expenses.

For Sellers:

1. Land Transfer Tax
   Sellers typically pay a 5% land transfer tax, though this can vary based on specific conditions.

2. Agency Fees
   Similar to buyers, sellers usually share the real estate agency fees, contributing 2% + VAT of the sale price.

3. Capital Gains Tax
   No capital gains tax applies to individuals, but companies may be subject to corporate tax on profits.

4. Other Costs
   Sellers might also bear costs for any agreed property repairs or adjustments before the sale.

Optimize Your Property Purchase in Mauritius
Understanding these costs ensures you’re well-prepared for a seamless property transaction.  For personalized advice, consult us today.