Mauritius Residency Program – Introduction
Nestled in the azure expanse of the Indian Ocean, the Republic of Mauritius, often fondly referred to as the ‘Jewel of the Indian Ocean,’ beckons with its tropical charm and dynamic opportunities.
Situated about 800 km east of Madagascar, this collection of islands boasts stunning coral reefs and enjoys a maritime subtropical climate, setting the stage for both breathtaking vacations and a strategic haven for international investors looking to bridge continents.
However, in addition to these charms, Mauritius has a multi-faceted economy and an attractive residency program.
Mauritius Residency Programs – An Overview!
Mauritius extends a warm welcome to individuals seeking residency, offering programs tailored to a range of personal requirements and budgets.
Here’s a glimpse of the benefits you can enjoy by establishing residency in this captivating nation:
- The freedom to live, work, or retire in Mauritius.
- The opportunity to include qualifying dependents, such as spouse, common-law partner, fully dependent parents, and unmarried children.
- A secure and safe environment for you and your family.
- Quality educational institutions providing instruction in English and French.
- Access to world-class medical facilities.
- A legal system that blends common and civil law.
- A highly educated, skilled, and multilingual workforce.
- No inheritance, estate, or gift taxes.
- Generally tax-free capital gains.
Residency Permits Reflect Diverse Needs
For high-net-worth individuals (HNWIs) and retirees, Mauritius offers two primary routes to obtain a Residency Permit:
- Retired Non-Citizen Residence Permit: This 10-year permit is open to applicants aged 50 or above, who can demonstrate a monthly transfer of USD 1,500 or a total of USD 18,000 annually to a local Mauritian bank account. This permit is renewable upon meeting the income transfer requirements.
- Property Development Scheme (PDS) Permanent Residence Permit (PRP): With a minimum investment of USD 375,000 in qualifying real estate projects, this 20-year PRP is perfect for those looking to invest in integrated resort schemes, real estate schemes, social and ecological impact-focused projects, smart city schemes, invest hotel schemes, or ground + 2 apartment schemes.
Additionally, there’s a third option for those who invest at least USD 375,000 in a qualifying business activity, allowing them and their dependents to receive a 20-year PRP.
Flexible Options for Occupations
Mauritius offers three categories of Occupation Permits, catering to individuals who may not meet the USD 375,000 investment threshold:
- Investor: This category caters to shareholders and directors of Mauritian companies, with options like the Standard (10-year permit) and the Net Asset Value (10-year permit), among others.
- Professional: Foreign professionals with a minimum basic monthly salary of MUR 60,000 (c. USD 1,300) (MUR 30,000 for specific sectors) can apply for this permit.
- Self-Employed: Non-citizens engaged in professional business activities can apply for this permit with an initial transfer of USD 35,000.
These Occupation Permits, ranging from three to ten years, can be converted into a 20-year Permanent Residency Permit (PRP) after three years of meeting specific criteria.
Conclusion
As you will now appreciate, Mauritius isn’t just a vacation destination; it’s a gateway to an enriching life experience, both personally and professionally.
If you would like more information about a Mauritius residency program or other residency programmes then please get in touch.
The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article..