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July 06, 2020

Expatriation to Mauritius

"Opening up to the world" is one of the strong messages that the Minister of Finance has conveyed during his keynote speech on the Mauritian budget presented to the National Assembly on 4th of June 2020.

 

Mauritius is a country which has always attracted foreign direct investment and the Government, in its Budget, has offered attractive advantages to foreigners who wish to invest in real estate or to work and live in Mauritius.

 

Mauritius Budget 2020 -2021: brief on acquisition of property and residence permit in Mauritius

 

Occupation Permit (OP) as Investor and Professional

 

  • The validity of an OP will be increased from 3 years to 10 years, renewable
  • The minimum investment requirement for an OP as Investor will be reduced from USD 100,000 to USD 50,000
  • The minimum turnover and investment requirement of USD 40,000 for Innovator Occupation Permit will be removed
  • The minimum monthly basic salary of MUR 30,000 (approximately USD 800) for ICT Professionals to obtain an OP as a Professional will be extended to other specified sectors. Previously, the minimum salary was MUR 60,000 for all sectors [excluding ICT].
  • Holders of an OP as Professional will be able to invest in other ventures without any shareholding restriction
  • OP holders who have held their permit for 3 consecutive years will be eligible to apply for a Permanent Residence Permit

 

Dependents of OP holders

 

  • OP holders will be allowed to bring their parents to live in Mauritius as their dependents
  • No permit is required for the spouse of an OP holder to invest or work in Mauritius

 

Residence Permit (RP) as Retired non-citizen

 

  • The validity of a RP as Retired will be increased from 3 years to 10 years, renewable
  • Holders of RP as Retired will be able to invest in other ventures without any shareholding restriction
  • RP holders who have held their permit for 3 consecutive years will be eligible to apply for a Permanent Residence Permit

 

Permanent Residence Permit (PRP)

 

  • Permanent Residence Permit will be extended from 10 years to 20 years
  • The existing turnover and salary criteria are being removed
  • Existing OP holders, who have held the permit for 3 consecutive years will be eligible to apply for the 20-Year PRP

 

Residence Permit (RP) through acquisition of property in Mauritius

 

  • The minimum investment amount for an investor to obtain the status of Permanent Resident as an owner of immovable property under the existing scheme will be reduced from USD 500,000 to USD 375,000
  • Holders of RP under the various real estate schemes will no longer require an Occupation or Work Permit to invest and work in Mauritius

 

Acquisition of Property

 

  • Non-citizens who are holders of Residence Permit, Occupation Permit or Permanent Residence Permit will be able to acquire one plot of serviced land not exceeding 2,100m2 for residential purposes within smart cities until 30th of June 2022
  • The total area of all plots of serviced land for sale should not exceed 25% of the land area planned for residential properties
  • Any construction of residential building by the non-citizens must be completed within 5 years

 

Measures announced in the Budget speech 2020 – 2021 will be implemented through the Finance (Miscellaneous) Provisions Bill. The Bill will be voted by the National Assembly and will then be submitted to the President of the Republic of Mauritius for his assent before it becomes Law.

 

We shall keep you updated as to when the budget proposals will take legal effect.

 

Relocation in Mauritius

 

An expatriation is often a difficult decision because as an expatriate it can be complex to know the regulations and tax system of the country of relocation.

 

To make your expatriation a success, it is therefore important to be guided.

 

MITCO Group is the ideal partner for your expatriation and will guide you so that the process is smooth.

 

MITCO Group has accompanied foreign citizens in their projects to invest, live and/or work in Mauritius for more than 26 years.

 

At MITCO:

 

  • We advise you on the best structure and choice of permit in relation to your expectations, needs and projects.
  • We take care of the constitution of your company as well as the administrative and accounting functions, if applicable.
  • We will help you prepare and submit your application to the Economic Development Board for the permit to live and/or work on the island.
  • We put you in contact with real estate developers or real estate agents for the purchase and/or rental of a property.
  • We will help you open your personal accounts, choose a school for your children, buy/lease a car, bring your pets, buy a boat and for all the necessary permits, amongst others.

 

Why Mauritius?

 

  • The advantages of the Mauritian tax system
  • A well-developed, diversified and innovation-driven economy
  • The ideal country for property investment
  • The diversity of the culture and a quality of life
  • The political stability and the climate
  • The sophisticated infrastructures and various English and French curricular schools

 

Contact details

For more information, please feel free to contact your relationship manager at MITCO or the business development team by email on bd@mitcoworld.com or by phone on + 230 404 8000



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