Incentives for non-citizens who want to invest, work and live in Mauritius

The Government of Mauritius re-iterates once more this year his intention to encourage non-citizens to invest, work and live in Mauritius. During the last budget the Government announced many incentives for non-citizens and their families who want to come in Mauritius.

 

Definition of Dependent Child:

 

• There is no maximum age to be qualified as dependent child
• A dependent child means a child, stepchild or lawfully adopted child of a person and who is

(a) wholly dependent on the person;

(b) unmarried; and

(c)not engaged in any gainful activity.

 

Persons who are residents in Mauritius

 

1. A person who purchases or otherwise acquires an apartment used, or available for use, as residence, in a building of at lease 2 floors above the ground floor, provided the purchase price is not less than 375,000 US dollars or its equivalent in any other hard convertible foreign currency;
2. A holder of an occupation permit;
3. A holder of a residence permit as a retired;
4. A holder of a family occupation permit; or
5. A person working for the family unit in relation to a person holding a family occupation permit

 

Occupation Permit as :

 

1. Investor

* Initial investment of USD 50,000 or its equivalent in freely convertible foreign currency.

* Net asset value of at least USD 50,000 or its equivalent in freely convertible foreign currency, for existing businesses and businesses inherited and a cumulative turnover of at least 12 million rupees during the 3 years preceding the application

* Initial investment of USD 50,000 or its equivalent in freely convertible foreign currency, of which :-

• a minimum transfer of at least USD 25,000 shall be made and
• the equivalent of the remaining value shall be in high technology machines and equipment, subject to such criteria as the Chief Executive Officer may determine

*  For renewal, a minimum gross income of 4 million rupees per year as from third year of registration

 

2. Investor for innovative start-ups

* Submission of an innovative project to the Economic Development Board; or

* Registered with an incubator accredited with the Mauritius Research and Innovation Council

* For renewal, such conditions as the Chief Executive Officer may determine

 

3. For Professional

 * Monthly basic salary of at least 30,000 rupees applicable for ICT, BPO, Pharmaceutical manufacturing and food processing.

* Monthly basis salary of at least 30,000 rupees applicable for fund accounting and compliance services including the following :

• At least 3 years relevant work experience; and
• The Employer is a licensee of the Financial Service Commission

* Monthly basis salary of at least 60,000 rupees for the other sectors.

* The maximum validity of the occupation permit for professional is for a period of 10 years.

 

4. Young Professional

* Completion of at least an undergraduate degree in a local tertiary education institution recognised by the Higher Education Commission in certain predefined field.

* The maximum validity of the occupation permit for a young professional is for a period of 3 years.

 

5. Self employed person

 * An Initial investment of USD 35,000 or its equivalent in freely convertible foreign currency at the time of issue of occupation permit.

* Engaged in services sector only.

* For renewal, minimum business income of 800,000 rupees per year as from the third year of registration.

 

6. The spouse of a holder of an occupation permit

The spouse of the holder of an occupation permit may, on application, be granted an occupation permit

 

 

The introduction of the Family Occupation Permit (FOP)

 

The Government has introduced a new category of permit, the Family Occupation Permit

 

The features of the FOP:  

 

• the applicant, his spouse, dependent child, parent, other dependent or such other person working exclusively for the family unit, as may be approved by the immigration officer to become resident for a period of 10 years.
• the applicant or his spouse, to carry out any occupation in Mauritius for reward or profit or take up employment in Mauritius; and
• such persons working for the family unit, as may be approved by the immigration officer, to take up employment with the applicant for the purpose of attending to the needs of the family

 

The criteria for the FOP is :

 

• Contribution of USD 250,000 or its equivalent in freely convertible foreign currency to the COVID-19 Projects Development Fund

 

Criteria for Residence Permit for a Retired Non-Citizen:

 

• An initial transfer of at least USD 1,500 or its equivalent in freely convertible foreign currency at the time of issue of residence permit; and
• (a) Thereafter, a monthly transfer of at least USD 1,500 or its equivalent in freely convertible foreign currency; or (b) Thereafter, transfer of such amounts, by instalments or otherwise, the aggregate of which shall be at least USD 18,000 per year during the 10 years’ validity of the residence permit

 

Permanent Resident Permit (‘PRP’)

 

• A PRP valid on 1^st September 2020 shall be valid for a period of 20 years
• Any investor, professional or self-employed holding the status of a permanent resident may, on application under this section, be granted a permanent residence permit under the category of retired non-citizen in replacement of his status as permanent resident for the remaining period of its validity, provided that he has a monthly disposable income of 1500 US dollars or its equivalent in any other hard convertible foreign currency

 

Premium Investor Scheme

 

1. The objects of the Premium Investor Scheme shall be to promote

• emerging sectors;
• pioneers’ industries and first movers;
• innovative technologies and industries; and
• Such targeted economic activities as the Minister may approve

2. No project shall be considered under the Premium Investor Scheme unless it :

• Relates to the manufacture of (i) pharmaceuticals or medical services
• Involves in a minimum investment of 500 million rupees in:
• emerging sectors;
• pioneers’ industries and first movers;
• innovative technologies and industries; and
• Such targeted economic activities as the Minister may approve

3. The holder of a Premium Investor Certificate benefits from

• rebates, exemptions and preferential rates, in relation to taxes, duties, fees, charges and levies under any enactment;
• facilities, grants and exemptions in relation to:

-  land and buildings;

- infrastructure and public facilities

-  utilities; and

-  labour requirements, including foreign labour

 

Premium visa

 

Last year, the Government of Mauritius had introduced the Premium Visa to any non-citizen who intends to stay in Mauritius for a maximum period of one year as a tourist, retiree or a professional willing to come with his/her family and carry out his business or work remotely from Mauritius.

 

The Government had bought certain clarifications on the tax implication with regards to the income generated by the non-citizen having a premium visa

 

1. Where an individual holding a premium visa derives income for work performed remotely from Mauritius, that income shall be deemed to be derived by him in Mauritius when it is remitted in Mauritius.
2. Where a holder of a premium visa spends money in Mauritius through the use of his foreign credit or debit card, the amount so spent shall be deemed not to have been remitted in Mauritius.
3. Where a holder of a premium visa deposits money in a bank account in Mauritius, he shall be liable to income tax on such deposits unless a declaration is made to the effect that the required tax has been paid on that income in his country of origin or residence.