Mauritius has recently revamped the existing schemes to encourage foreigners to appreciate the benefits of the country. In this respect please find below fascinating points which are worth considering.
In terms of ranking, Mauritius being classified 1st in the whole of Africa and 20th worldwide for ease of doing business. Along with a legal ecosystem, reasonable tax rate as well as high class education and healthcare, social harmony, Mauritius is the ideal place for relocating your business and family.
Work and live in Mauritius
Foreign individuals are eligible for an Occupation Permit (OP), which enable them to work and live in Mauritius. The OP, which are granted either on a two-year period or three-year period, are categorised, as detailed below:
Mauritius present many opportunities for individuals to set up their own businesses in the service sector. The requirement for an applicant of a self-employed permit in Mauritius involves an injection of an initial amount of USD 35,000 in a business activity, which is expected to generate an annual income exceeding MUR 600,000 (USD 17,000 approx.) in year 1 and 2, and MUR 1.2 million (USD 34,000 approx.) as from year 3.
The requirements for an application for Investor permit are illustrated below:
- invest an initial amount of USD 100,000 in a business activity. The annual turnover of the business activity should be at least MUR 2 million (USD 57,000 approx.) for the ﬁrst year and a turnover of at least MUR 10 million (USD 286,000 approx.) cumulatively in years 2 and 3; or
- invest USD 25,000 in cash and at least USD 75,000 in high-tech machinery and equipment; or
- fund an initial investment of USD 40,000 in research and development (R&D) in highly innovative sectors where the R&D expense component constitutes at least 20% of the total operational expenditure during the research phase.
An individual may also consider applying for a permit as a Professional by joining a company in Mauritius. The monthly basic salary of the individual should exceed:
- MUR 60,000 (USD 1,700 approx.), or
- MUR 30,000 (USD 850 approx.) within the Information and Communication Technology (ICT) sector.
Living in Mauritius
As a foreigner aged more than 50 years, you shall be entitled to apply for a residence permit in Mauritius, but not allowed to work. You will need to open a bank account in Mauritius with a minimum deposit of USD 40,000 in a bank account in Mauritius.
Occupational permit and Residences permit are issued initially for a period of 3 years, and later holders may apply for permanent residence provided they met certain of the following conditions:
- A non-citizen actively involved in the management of a company with an aggregate turnover of MUR 45 million (USD 1.3 m approx.) for any consecutive periods of 3 years.
- A self-employed non-citizen generating annual income exceeding MUR 3 Million (USD 860,000 approx.).
- After the lapse of 3 years of his residence permit, a retired non – citizen, provided he transferred an initial sum of USD 40,000 in year one of his residency and at least USD 40,000 in year 2 and 3.
- An initial investment of at least USD 500,000 in certain fields such as financial services / FinTech, Robotics, Education, IPO, Tourism / Leisure or information technology, amongst others.
- A non-citizen who worked in Mauritius during at least 3 consecutive years under the OP while drawing a monthly salary of at least MUR 150,000 (USD 4,300 approx.)
Mauritius has proven to be a platform that offers various competitive advantages to those living in the country and who wants to grow professionally. Through its strong regulatory yet flexible framework, foreigners and resident permit holders are encouraged to live and invest in Mauritius. It offers an outstandingly safe, hospitable and satisfying environment for people from over the world to come and retire on the island.Dated: [bxcode.pagedata.date]