In its quest of making Mauritius a destination of excellence, the government has brought changes to its already attractive residency permit schemes. The strategy of opening the doors of the island, in a selective way, has proven to be effective in bringing foreign direct investment and expertise to the country. We all know that the country is constantly moving forward, always on the lookout to improve and plans to be a high-income earning nation in the future. Attracting foreign capital and expertise is part and parcel of an overall strategy to boost the island’s economy and uplift quality of life of its citizens.
The Board of Investment operates different categories under the Occupation Permit scheme; Investor, Self-Employed and Professional. There’s also a Residency Permit scheme for Retired Non-Citizens (aged 50 or more) who want to live peacefully under the sun. At first glance, the conditions leading to these permits, and their renewals, have been further relaxed – and therefore we expect to attract even more foreigners on the island.
What are the changes?
We provide you, in a concise format, the changes that have been brought to the existing residency schemes.
The Occupation Permit/ Residence Permit is granted for a maximum period of three years, renewable thereafter subject to established criteria.
A non-citizen can apply for an OP/RP under any of the following 4 categories:
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.
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.
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 wishing 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.
Investors conducting 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.
Professional: Basic salary should exceed MUR 60,000 monthly. However, the basic salary for professionals in the ICT Sector should exceed MUR 30, 000 monthly.
Self-Employed: Income from the business activity should exceed MUR 600,000 annually for the first two years of activity with an initial investment of USD 35,000.
The annual income has been increased from MUR 600,000 to MUR 1,200,000 as from the third year of activity.
Retired Non-Citizen: 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 Occupation/ Residence Permit holders, namely spouse, children up to the age of 24 and common-law partner, are also eligible to apply for a residence permit in Mauritius.
How can we help?
We have been providing business creation, management and immigration services to hundreds of people and businesses over the years. Immigration is a core service that is based on one philosophy: ensure the best physical, legal and moral disposition during a relocation project.
At the heart of our concern is the peace of mind of our client and his family.
Our services are not limited to paperwork. Find out more, contact us !