Seeff Property Group says the number of South Africans moving to Mauritius is on the increase, both families and retirees.
There’s also strong demand for holiday properties, both for own-use and to rent out in the lucrative rental market. Short-term holiday rentals or long-term leasing to expatriates can generate attractive returns, it said.
Severine Dalais-Pietersen, licensee for Seeff Mauritius said that South Africans have mostly purchased apartments linked to a 5-star hotel, or as a second home which they want to enjoy when they come on holidays on the island.
Most South Africans purchase in the $375,000 to $600,000 range (approx. R6.9m – R12m) range which is also the minimum to gain permanent residency.
Long term rentals of villas yield and income upwards of MUR 130,000 (approx. R65,000) per month, and two-bed apartments and penthouses from MUR 60,000 (approx. R25,000), depending on the property and location.
Rental yields vary, with luxury properties offering between 3% and 6%, depending on location and occupancy rates, Seeff said.
Henley & Partners’ latest Wealth Migration Report for 2024 reveals that South Africa continues to be one of the top countries facing a significant net outflow of millionaires.
According to the report, experts from Henley & Partners anticipate that around 600 High-Net-Worth Individuals (HNWIs) will emigrate from South Africa in 2025.
In this context, an HNWI is defined as someone with liquid investable assets of $1 million or more—equivalent to approximately R18 million at current exchange rates.
Mauritius is favoured for its safety, politically stable environment, proximity to South Africa, and high quality lifestyle which includes healthcare and education. The lifestyle is very similar to what South Africans enjoy, and Mauritius is only a 6-hour flight.
Foreigners can also open a bank account, and obtain finance. The tax regime is particularly favourable with a low tax rate, no capital gains or inheritance tax, and free repatriation of capital. South Africans can also leverage the Double Taxation Avoidance Agreement between South Africa and Mauritius to optimise their tax exposure, Dalais-Pietersen said.
Henley & Partners named Mauritius as one of the top eight global havens for millionaires. Joining the ranks of Australia, Switzerland, Singapore, the UAE, New Zealand, Malta, and Monaco, Mauritius stands out for its relative stability amidst global political and economic uncertainties.
Over the past decade, Mauritius has seen a 87% surge in millionaires, making it Africa’s fastest-growing wealth market and the third-fastest worldwide.
The island nation draws affluent individuals, particularly from South Africa, the UK, and France, thanks to its high safety standards, robust banking infrastructure, and favourable investment climate.
Mauritius is also a favoured retirement destination, offering a world-class healthcare system and an exceptional quality of life, making it especially attractive to wealthy retirees.
According to the report, alongside the other countries on the list, Mauritius is expected to experience a net inflow of over 200 millionaires in 2025.
