Mauritius is known as the Star and the Key of the Indian Ocean. Over the years this small country of 1.3 Million inhabitants has evolved from a monocrop economy to a diversified one with the presence of large multinationals in the tourism, financial and service sectors.
The GDP of the country has grown from a meagre 400 USD per year in 1968 to a 10,000 USD which is one of the highest per capita income in Africa. The Economic Climate in Mauritius has earned this small country to among the best countries in the world with regards to the ease of doing business.
Considered today as a regional hub with regards to a panoply of service-based industries, Mauritius has been leveraging its strategic location to become a regional hub.
Regarded today as one of the most stable countries with a high conducive business atmosphere, Mauritius has become a strong business destination for foreign investors. With its skilled manpower, the Country has been able to offer business opportunities in a panoply of industries including Education, Finance, Health, Tourism & Hospitality, Business Process Outsourcing, Media, Logistics and Scientific Research.
At World Fiduciary, we are proud to present to you the possibility of living, investing, working and retiring to Mauritius. With our sub-office in this Country, we are able to cater for all the formalities with regards to your expatriation to Mauritius under the regimes mentioned hereunder.
We work in close collaboration with the Consultants of the Government Agency which is the Economic Development Board to make sure that your application is successfully processed.
The following types of permits are available under the work and live regime:
Occupation Permit/Residence Permit
The Occupation Permit (OP) is subdivided in three categories. This specific permits allows foreign citizens to be able to work and live in Mauritius.
A foreign citizen may apply for an Investor Permit on the following conditions as per EDB Guidelines:
- An Initial transfer of USD 100,000 and the business activity should generate an annual turnover of at least MUR 2 million for the first year and cumulative turnover of at least MUR 10 million for the subsequent two years.
- An existing investor with a net asset value of at least USD 100,000 and a cumulative turnover of MUR 12 million during the preceding 3 years with a turnover of at least MUR 2 million in any one year.
- An individual who has inherited a business in case of death or incapacity of the previous investor provided that the net asset value of the business is at least USD 100,000 and a cumulative turnover of MUR 12 million with a turnover of at least MUR 2 million in any one year.
- An Investor who intends to bring in high-tech machinery and equipment as part of the investment of USD 100,000, must transfer a minimum of USD 25,000 and the remaining balance in terms of high-tech machinery and equipment.
- An Investor who will conduct Research and Development (R&D) in highly innovative sectors can apply for an Innovator Occupation Permit. The R&D expense component should constitute of at least 20% of total operational expenditure during the research phase. Applicants eligible to apply under this scheme will be required to make an initial investment of USD 40,000.
A professional should earn a monthly basic salary exceeding MUR 60,000. As for professionals in the ICT Sector, the monthly basic salary should exceed MUR 30,000.
A Self-Employed should make an initial transfer of USD 35,000 or its equivalent in freely convertible foreign currency to his/her local bank account in Mauritius. The business activity should generate an annual income exceeding MUR 600,000 in the first 2 years and MUR 1,200,000 as from the third year.
- Retired Non-Citizen
Foreign nationals, above the age of 50 years, may also choose to retire in Mauritius under a Residence Permit (RP).
The Retired Non-Citizen must undertake to transfer to his/her local bank account in Mauritius an initial transfer of at least USD 2,500. Thereafter, the Retired Non-Citizen should transfer at least USD 2,500 monthly or a sum by instalments amounting to at least USD 30,000 annually.
- Dependents of an OP or RP holder
Spouse (including Common Law Partner of the opposite sex) and children, including step children or lawfully adopted children, under 24 years may also apply for residence permits for a duration not exceeding that of the OP or RP holder.
Permanent Residence Permit
The Permanent Residence Permit allows a non-citizen to work and live in Mauritius for a period of ten years. The following categories are eligible for the Permanent Residence Permit.
- An investor who holds a valid Occupation Permit and the aggregate turnover of his company has exceeded 45 million rupees for any consecutive period of 3 years.
- An investor who invests at least USD 500,000 in a qualifying business activity as per list below:
Agro-based industry, Audio-visual, Cinema and Communication, Banking, Construction, Education, Environment-friendly and green energy products, Financial Services, Fisheries and Marine Resources, Freeport, Information Technology, Infrastructure, Insurance, Leisure, Manufacturing, Marina development, Tourism and Warehousing, Initial Public Offerings.
- A self-employed who holds an Occupation Permit and where the annual income exceeded MUR 3 million for three consecutive years.
- A professional having a valid Occupation or a Work Permit and whose monthly basic salary exceeded MUR 150,000 for three consecutive years immediately preceding the application.
- A retired non-citizen who has held a Residence Permit for three years and has transferred USD 40,000 annually to his account in a local bank during each of these three years.
Please refer to the guidelines on application for Permanent Residence permit for further information.
Acquisition of a Residential Unit
The Non-Citizens (Property Restriction) Act has been amended on 20 December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Board of Investment. The amount payable for the acquisition of an apartment must not be less than Rs 6 million or its equivalent in any other freely convertible foreign currency.
Any non-citizen, with or without an occupation permit, residence permit, permanent residence permit, may acquire apartments.
Thus, there is no restriction for non-citizens who wish to acquire:
- a residential unit developed under the IRS, RES and PDS
- a residential unit developed in a smart city
- an apartment located in a building comprising at least two floors above the ground floor