Mauritius is one island nation situated on the eastern side of the African Coast. Higher stability, standard living & visa-free tourism makes it one great destination towards investment relocation.
There are foreign nationals to invest, work & live in the country. And the govt. offers 3 particular residency options. They are – Occupation/Work, Permanent Residence, Retired Non-Citizen Permit.
- Occupation/Work Permit
It allows both work & residence permits for foreigners under 3 categories.
- Investors – Every individual investor has to make an initial transfer of at least $100,000. The business activity has to generate a certain turnover. Of course, the 1st year & cumulative turnovers are likely to vary regarding project value.
- Professionals – An IT pro has to earn at least MUR30,000 per month. Other technical pros are to earn MUR60,000 on every month.
- Self-Employed – Other working individual requires to make an initial transfer of $35,000. The investment has to strictly engage the service sector.
- Permanent Residence Permit
The permit allows any non-citizen to stay for a consecutive 10 years. The following eligibility is required to attend the permit –
- Investor having valid occupation permit with an exceeded aggregate of MUR45m turnover.
- Individuals investing $500,000 in one or more qualifying business activities set by the govt.
- Self-employed person with MUR3m annual income for 3 years, having an Occupation permit.
- Any pro-worker having at least MUR150,000 monthly salary for 3 consecutive years.
- Retired non-citizen person to transfer at least $40,000 per year to a local bank account.
- Retired Non-Citizen Residence Permit
There are two specified ways to get a permit for retiree persons.
- Retired Non-Citizen – Foreign 50+ year old nationals should make an initial transfer of $2500 to follow a $2500 monthly transfer. It’s also possible to make an annual $30000 installment.
- OP/RP Holder Dependants – Spouse, children/stepchildren/adopted children can apply for permits. But the duration has not to exceed the permit duration of the OP/RP holder.
#Investing in Real Estate Industry
One popular method of getting Mauritius Residence involves acquiring real estate. The amended Non-Citizen Act of 2016 allows foreigners to purchase apartments. The apartment has to locate above the G+2 level under condominium developments. Non-citizen nationals can utilize either of the IRS, RES, or PDS facility to acquire living space in Mauritius. It’s now possible to purchase a residential unit with or without an Occupation/Residence/Permanent Residence permit.
The conditions for eligibility include somewhat complexity for different types of individuals. You better look into the Acquisition of Residential Unit specs prepared by the Board of Investment.