17 Jun Moving To Mauritius From South Africa
More and more South Africans are opting to relocate to Mauritius. One of the main reasons is that Mauritius is a virtually crime-free country. Given the high crime rate in South Africa, it’s no wonder that Mauritius holds high appeal for the safety and security it provides. Also, the lifestyle and business benefits offered by life in Mauritius makes it an attractive relocation destination for individuals, entrepreneurs and families.
For those with financial resources, Mauritius offers affluent yet simple living. The schools are world-class, the beaches and natural attractions are some of the best in the world, many employment opportunities are available (with a less than 7% unemployment rate), and it’s a tax-friendly business and economic environment.
Mauritius is becoming a popular retirement destination for South Africans wanting to spend their retirement years in a country with a stable political climate and a calm and peaceful way of life. South African investors also recognise the value of investing in Mauritius (both in terms of business and property) for future gains based on the financial benefits that the island offers.
To qualify for residency, you have to meet a range of criteria, as well as be able to cover all the financial requirements. These can be tough barriers for entry, but the benefits of living in Mauritius make it worthwhile for a growing number of financially secure South Africans.
The financial requirements for Mauritian residency and business occupation permits are as follows:
- Residence Permit: Acquiring a residential property valued at more than $500 000 (or its equivalent in any freely convertible foreign currency) under the Property Development Scheme.
- Permanent Residence Scheme: Investing more than $500 000 into the Permanent Resident Investment Fund for a period of 10 years will make foreign nationals eligible for permanent residency, along with their spouse and children under the age of 18. An additional deposit of $100 000 is required for each child over the age of 18.
- Occupational Permit: For foreign nationals to get a combined work and residency permit that allows them to work and reside in Mauritius, an initial investment should be made of $100 000 in a business activity that should generate an annual turnover of at least MUR2 Million ($58 000) for the first year and cumulative turnover of at least MUR10 Million for the subsequent two years.
If you’re a South African interested in relocating to Mauritius from South Africa, make Moving To Mauritius your first point of call. Contact us today to begin the process.