Interested in relocating to Mauritius?
Here are the different visa options
People dream of a turquoise ocean and sandy beach holiday. This can become a reality, better yet it can become your daily life on the island of Mauritius or more formally known as the Republic of Mauritius. The island of Mauritius is one of Africa’s economic and social triumphs, an upmarket tourist location and clothing and sugar trader. According to Moneyweb, the recent implementation of the Finance (Miscellaneous Provisions) Act 2020 has made it easier for foreigners to work and live in Mauritius.
Many South Africans have started relocating to Mauritius as it is safe, has positive economic growth, good education and an unemployment rate below 7%. Located just off the South
East Coast of Africa, this volcanic island, with magnificent coral reefs, could be the next place you call home.
In June 2020 the Mauritius government delivered their national budget plan which introduced various changes in order to make it easier for foreigners to obtain residency in Mauritius. Two of these changes include an extended duration of residency permit and a more flexible investment regime. All these adjustments are currently in effect.
For individuals with a high net worth, obtaining a residency permit is a lot more straightforward. A few ways to obtaining residency are:
1) As a retired non-citizen;
2) By investing in companies with specific business activities; or
3) Via the Property Development Scheme.
A retired non-citizen is eligible to apply for a 10 year residency permit. In order for the application to be successful, the applicants need to transfer at least R22 610 per month to their local bank account in Mauritius.
One may invest in companies in Mauritius, under the Companies Act 2001, which also
includes offshore trusts and companies holding shares in a Mauritian company. An investor has various options to receive an investor occupation permit such as an initial transfer of R755 396 in the bank account of the company making the application or a net asset value of at least R755 396 or its equivalent for existing businesses and businesses inherited.
The Property Development Scheme is an option for individuals who have a bit more capital. This scheme also requires R755 396,50 and the permit will remain valid for as long as you continue to hold the property or for 20 years if obtained via investment. The PDS allows for a variety of residences eligible for sale to non-citizens.
Individuals may also apply for a premium visa which is valid for 180 days and can be renewed as needed. This visa is for expats, retirees and professionals who intend to move to the island permanently. Please note that this is not for individuals who intend to physically work on the island. Mauritius is also a Covid-safe country and therefore offers some peace of mind regarding health protocols.
Should exotic island living be your dream place of residence, the island of Mauritius could be your perfect home. For more information, please visit Moneyweb.co.za or your local travel agency.
One may invest in companies in Mauritius, under the Companies Act 2001, which also includes offshore trusts and companies holding shares in a Mauritian company.
“Good soccer players need not be titans sculpted by Michelangelo. In soccer, ability is much more important than shape, and in many cases, skill is the art of turning limitations into virtues.” — Eduardo Galeano