Mauritius Residency by Investment
Mauritius Immigration and Residency
Property Development Scheme (PDS)
The PDS, which has replaced the Integrated Resort Schemes (IRS) and Real Estate Schemes (RES), allows the development of a mix of residences for sale to non-citizens. The Economic Development Board of Mauritius maintains a list of approved developments.
A foreign investor is eligible for a Residence Permit upon the purchase of a qualifying residential property under the PDS scheme when he / she has invested more than USD375,000 or its equivalent in any freely convertible foreign currency. Non-citizens with a Residence Permit under PDS will be exempt from the requirement to obtain an Occupation or Work Permit in order to invest and work in Mauritius.
The property can be purchased through a trust, company, foundation or in an individual capacity. If the property is purchased through a structure an individual can be nominated to become the permit holder.
The holder of the Residence Permit is entitled to residency in Mauritius for as long as the property is owned. Dependents, comprising the spouse, common law partner of the opposite sex, children and parents are also eligible for a permanent residence permit.
The PDS is a welcome departure from the IRS and RES because it does not differentiate between small and big landowners and harmonises the registration duty to a single rate of 5%, instead of USD70,000 on registration of a deed under IRS and USD25,000 under RES.
The ‘Smart City Scheme’, which was introduced to encourage the development of mixed-use developments in conurbations with smart technology and pioneering innovations, has also been amended. The threshold for investment has been reduced from USD500,000 to USD375,000 to qualify for a Residency Permit. The Economic Development Board of Mauritius maintains a list of approved developments.
Investment in a qualifying business activity
Occupation Permit Mauritius
For foreign nationals who do not have USD375,000 to invest, an alternative residency by investment route into Mauritius is via an Occupation Permit. Those wishing to apply for an Occupational Permit to work and reside in Mauritius can do so under the three categories: Investor, Professional and Self-Employed.
The Investor and Self-employed permits are issued for a maximum period of ten years and are renewable subject to conditions. The Professional permit is issued for a maximum period of three years depending on the duration of the contract of employment and is renewable subject to conditions.
Occupation Permits can be converted into a 20-year Permanent Residency Permit only three years after issue, provided that the holder meets the relevant criteria.
Foreign nationals can apply for an investor Occupation Permit under the following three options:
01
Investment of USD50,000 – An initial transfer of USD50,000, or its equivalent in freely convertible currency, in a business activity.
02
Net Asset Value of USD50,000 – To qualify, an investor must produce evidence that an existing or inherited business has a NAV of at least USD50,000 and has achieved a cumulative turnover of at least MUR12 million during the three years preceding the application.
03
High-Technology Machines and Equipment – A minimum investment of USD25,000 must be coupled with the value of high technology machines and equipment, aggregating to a total minimum value of USD50,000. The high technology machines and equipment must be in use in a qualifying activity including, but not limited, to: agro-industry, aquaculture, healthcare, Information & Communication Technology (ICT), business process outsourcing (BPO), fintech, life sciences, biotechnology, manufacturing, ocean economy and renewable energy.
In all cases, the Occupational Permit is valid for 10 years and is renewable, subject to the company having achieved a gross income of at least MUR4 million (approx. USD100,000) annually, as from the third year of registration.
Holders are also eligible to apply for a 20-year Permanent Residence Permit, after at least three years of residency, if the business records either annual gross income of at least MUR15 million or aggregate turnover of at least MUR45 million for three consecutive years preceding the application.
Dependents, comprising the spouse, common law partner of the opposite sex, children and parents are also eligible for a permanent Residence Permit, allowing them to live in Mauritius for the same duration.
Residency by Innovation
The Innovator Occupation Permit seeks to nurture the innovation ecosystem in Mauritius by welcoming ambitious entrepreneurs and start-ups, who have Research and Development (R&D) as a core aspect of their activities. Investors have a unique opportunity to test and scale up ideas into innovative products or services, by leveraging on supporting networks.
The minimum investment criteria do not apply for this category. The business plan should clearly depict all expenditures related to R&D activities, which must constitute of at least 20% of total operational expenditure, during the research phase. Applicants are required either to submit their proposal to the Economic Development Board for evaluation and approval, or to register with an incubator accredited with the Mauritius Research and Innovation Council.
The Innovator Occupation Permit is valid for 10 years and is renewable. Dependents, comprising the spouse, common law partner of the opposite sex, children and parents are also eligible for a permanent Residence Permit, allowing them to live in Mauritius for the same duration.
Self-Employed Entrepreneurs
The Self-Employed Occupation Permit is ideal for a freelancer wishing to relocate to a tropical jurisdiction with reliable telecommunication networks. A minimum investment of USD35,000 is required in a professional activity, together with two letters of intent from potential clients.
The Self-Employed Occupation Permit is valid for 10 years and is renewable, subject to a business income of MUR800,000 per year (approx. USD20,000) as from the third year of registration. Holders are also eligible to apply for a 20-year Permanent Residence Permit provided they have held the residency for at least three years and have had an annual business income of at least MUR3 million for three consecutive years immediately preceding the application.
Dependents, comprising the spouse, common law partner of the opposite sex, children and parents are eligible for a residence permit, allowing them to live in Mauritius for the same duration.
Mauritius Residency by Profession
Applicants for Professional Occupation Permit should be foreign nationals employed in Mauritius under a contract of employment and earning a basic monthly salary of at least MUR60,000 (USD1,500). For Professionals in the ICT, BPO, pharmaceutical and food processing sectors, the basic monthly salary must be at least MUR 30,000 (USD750).
Professionals may also apply for a short-term Occupation Permit for a period not exceeding nine months. This permit can only be extended once for a period not exceeding three months.
Holders are eligible to renew an Occupation Permit at expiry, subject to the renewal of their contract of employment with a qualifying basic monthly salary.
Professional Occupation Permit holders are also eligible to apply for a 20-year Permanent Residence Permit, after at least three years of residency, provided they have received a basic monthly salary of at least MUR150,000 (approx. USD3,500) for three consecutive years preceding the application.
Dependents, comprising the spouse, common law partner of the opposite sex, children and parents are eligible for a residence permit, allowing them to live in Mauritius for the same duration.
With the aim of retaining foreign expertise and talents in Mauritius, the government introduced the following measures in 2021:
Extension of the duration of Professional Occupation Permit to 10 years.
Flexibility for Professional Occupation Permit holders to switch job without having to submit a new application provided the minimum criteria are met.
Mauritius Residency by Retirement
Retiring in Mauritius may be your best choice of residence if you are aged 50 or above. A Retired Non-Citizen is defined as a person who is not a citizen of Mauritius and aged 50 years or above.
A Retired Non-Citizen can apply for an initial ten-year Residency Permit. The requirements are to make an initial transfer of at least USD1,500, or its equivalent in freely convertible foreign currency, at the time of issuance of the permit to his/her local bank account in Mauritius.
A Retired Non-Citizen Residence Permit holder is then required to transfer at least USD1,500 per month or at least USD18,000 per year on aggregate during the ten-year validity of the Residence Permit. At the end of each year, the holder must submit evidence of the transfer of funds into his/her local bank account to the Economic Development Board.
A Retired Non-Citizen Residence Permit holder may invest in any business. However, they should not be employed in that business, nor manage it in any way, and must also not derive any salary from that business.
Retired Non-Citizen Residence Permit holders can apply for a renewal, subject to the continuing transfer of USD1,500 per month or the aggregate of USD18,000 per year during the 10-year validity. They are also eligible to apply for a 20-year Permanent Residence Permit provided they have held the residency for at least three years and have transferred at least USD,54,000, or its equivalent in freely convertible foreign currency, during the three years preceding the application.
Should you require any assistance in applying for your Premium Visa or any of the permits above, please don’t hesitate to contact us.