Live in Mauritius
It is a known fact; most of those who wish to relocate to the tropical island of Mauritius will so for two reasons: the pleasant quality of life and the rather favorable fiscal regime. For this relocation to be successful, there exist multiple routes. Here are three examples to help you in that endeavor:
The permanent residence permit
If not in possession of a residence permit, a foreigner can only stay in Mauritius from two to six months. Foreigners from countries of the European Union will easily be allowed to reside on the territory of Mauritius for a maximum length of 6 months per year. Beyond these 6 months period, a foreigner will have to obtain a permanent resident permit. This can only be achieved by purchasing real estates, apartments or villas, with a no less than US $ 500,000 price tag. Once this is done, a foreigner will automatically be issued a permanent permit and enjoy the fiscal resident status given that he resides on the Mauritian territory more than 183 days per year. The investor will remain eligible as long as he remains the owner of the PDS villa or apartment. Please note that the purchaser’s family – spouse and children aged under 24 – will also enjoy this permit.
The investor’s permit
A non-citizen can apply to obtain an occupation permit as an Investor provided that he satisfies a number of criterias. This permit can be obtained by choosing one of numerous routes. Here they are:
- A foreigner, in order to obtain an investor’s residence permit will need to make an Initial transfer of USD 100,000 and the business activity should generate an annual turnover of at least MUR 2 million for the first year and cumulative turnover of at least MUR 10 million for the subsequent two years.
- An existing investor with a net asset value of at least USD 100,000 and a cumulative turnover of MUR 12 million during the preceding 3 years with a turnover of at least MUR 2 million in any one year will be eligible to obtain an investor’s residence permit.
- An individual who has inherited a business in case of death or incapacity of the previous investor provided that the net asset value of the business is at least USD 100,000 and a cumulative turnover of MUR 12 million with a turnover of at least MUR 2 million in any one year.
- An Investor who intends to bring in high-tech machinery and equipment as part of the investment of USD 100 000, must transfer a minimum of USD 25,000 and the remaining balance in terms of high-tech machinery and equipment.
- An Investor who will conduct Research and Development (R&D) in highly innovative sectors can apply for an Innovator Occupation Permit. The R&D expense component should constitute of at least 20% of total operational expenditure during the research phase. Applicants eligible to apply under this scheme will be required to make an initial investment of USD 30,000.
Retiring in Mauritius
Enjoying a well deserved retirement on a tropical island. A growing number of foreigners are taking the plunge each year. But they all need to satisfy a number of criterias before being allowed to do so in Mauritius. A foreigner will have, for example, to be 50 years old minimum and show that he has a minimum income of USD 40 000 being transferred on a yearly basis on a bank account in Mauritius. Please note that the retired permit does not require the purchase of a property.
A foreign professional can apply for an occupation permit given he earns a monthly basic salary exceeding MUR 60,000. As regards to professionals engaged in the ICT Sector, the monthly basic salary should exceed MUR 30,000.
A foreign self-employed should make an initial transfer of USD 35,000 to his/her local bank account in Mauritius. Furthermore, the business activity should generate an annual income exceeding MUR 600,000 in the first 2 years and MUR 1,200,000 as from the third year.
For more information on the various investment opportunities in the residential real estate sector in Mauritius, contact Diamond Estates who will guide you in your project implementation.