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Self employed and buying land/property

Last activity 26 March 2023 by dgujadhur

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Vanessa2909

Good morning,


I have a few questions about building a house and banks in Mauritius.


I am a citizen of Mauritius and was born in Vienna, Austria. I already have a Mauritian passport and just need to apply for my NIC when I arrive.  I will be moving to Mauritius in early 2023 and will be working self-employed for clients in Germany and Austria. My income would of course be much higher than the normal income in Mauritius. I have already found a tax advisor in Mauritius for tax related issues and I am also working in Tax in Germany & Austria.


I will now register as self-employed in Mauritius and have already organized an office for this purpose.


My question now is whether the financing of a plot of land or a property (for private living) will fail because I have only been in Mauritius for a short time or because I am self-employed and not employed?


Does anyone here have any experience and maybe someone knows a bank that is recommended for self-employed people?


Thank you in Advance 1f600.svg

Pandora At Dodoland

@Vanessa2909 Hello Vanessa, my suggestion is not moving here but maybe spend a bit more time here first to understand if Mauritius is the right place for you. I have my own business in HK. And I moved here 7 months ago. My house was started to build since Feb and it is still under building. Because I've been cheated twice. If you do not know any trustworthy people here, the chances that you will get ripped off over and over again are super high. I'm taking a loan from a bank in HK to finish my house. The interest rate there is super low. But of course, I was born there, with a bank account and business there, it is relatively easy to get a loan.


I have a big family here in Mauritius. But only 2 are willing to help me. I mean to give me advice. Others don't even bother to answer the phone. I know some bad seeds do not represent all is bad. I just don't want you to make the same mistake I made here. Take care. P

Vanessa2909

@Pandora At Dodoland


Thank you for your response. I'm sorry you had a bad experience. And I know the story with the family well from myself. But it's also good that at least a small part of the family is willing to help.


Taking out a loan in Austria for a property in Mauritius is unfortunately not that common and banks don't finance it in Austria as far as I know. If I just take out such a loan in Austria without giving any reasons, the limit is usually limited to about 50k. How much time would you say it takes if you hire the right and reliable construction company from the beginning until the house is finished?


Another reason is the taxes and duties in Austria and the desire to work remotely abroad. My mother is now retired and also in Mauritius.


From today's perspective, I would have some help, but I don't expect any and prefer to take everything into my own hands.


So I would be very happy to hear about experiences with banks for the self-employed.

Guest140423

@Pandora At Dodoland
Thank you for your response. I'm sorry you had a bad experience. And I know the story with the family well from myself. But it's also good that at least a small part of the family is willing to help.

Taking out a loan in Austria for a property in Mauritius is unfortunately not that common and banks don't finance it in Austria as far as I know. If I just take out such a loan in Austria without giving any reasons, the limit is usually limited to about 50k. How much time would you say it takes if you hire the right and reliable construction company from the beginning until the house is finished?

Another reason is the taxes and duties in Austria and the desire to work remotely abroad. My mother is now retired and also in Mauritius.

From today's perspective, I would have some help, but I don't expect any and prefer to take everything into my own hands.

So I would be very happy to hear about experiences with banks for the self-employed.
-@Vanessa2909

@Vanessa2909, did you find out about financing for a house? I believe that user @ceresiet was looking for financing advice.


Another interesting factoid - why do returnees have difficulties (more than usual) with local family members?  I have a rather large family in Mauritius but we rarely see each other when I get there...  I have attempted to reach out but they do not seem to be interested...  Strange since I moved away when I was very young and I don't seem to have wronged anyone in the family.

dgujadhur

Pandora is spot on I have been ripped off badly here I spent 50 years in UK and retired 6 years ago while building our house we had unpleasant surprises on cost it was never accurate and you have no idea of the final cost  some workman price you according of where do you come from I was disgusted although our house has finally been built we spend only two month in a year we go back to our house in UK  I am sorry it is a bitter pill to swallow and as far as family is concerned stay away from them do your own thing  there is some family it feel like you have to pay them interest to communicate with you

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