Residency brings many advantages. Find out in this article why and how to establish your residency in Mauritius
I. Why acquire residency in Mauritius
Every year, a large number of high net worth individuals (HNWI), families and retirees choose Mauritius to establish their residence. There are about 30,000 expatriates and the number of HNWIs is expected to reach 8,000 by 2031. But why choose Mauritius as a place of residence?
The environment: Nicknamed "the star and key of the Indian Ocean", Mauritius is located in the east of the African continent, 800 km from Madagascar. It is one of the richest nations in the region and has two UNESCO World Heritage Sites.
A dynamic economy: The Mauritian economy has been growing steadily for decades and is expected to grow by a further 80% over the next 10 years.
The island offers a favourable and safe living environment: and is among the top rated countries in Africa for political stability, social progress, competitiveness in travel and tourism, and quality of life. Indeed, there are excellent recreational facilities, real estate and activities.
Life in Mauritius: With its tropical climate and diverse landscape, Mauritius is ideal. You can enjoy a wide range of activities such as skydiving, horse riding, scuba diving, deep sea fishing, hiking and trekking, quad biking, buggy riding, water sports, rugby, golf and many more.
In addition, you'll find all the comforts of the mainland: supermarkets and shopping centres with international brands and products. The island has a competent education system with over 40 private French and English speaking schools. Public education is free of charge from primary to university level.
Finally, Mauritius has a comprehensive health system with public hospitals and private clinics offering a wider range of care. However, it is important and recommended to ensure that you have adequate medical insurance before moving to Mauritius.
Taxation in Mauritius: Last but not least, Mauritius offers a simple and attractive tax system. To summarise, the income tax for residents is a flat rate of 15% on Mauritian and foreign income remitted to Mauritius. There is no capital gains tax, inheritance tax, wealth tax, gift tax, real estate tax or dividend withholding tax.
A dynamic economy: The Mauritian economy has been growing steadily for decades and is expected to grow by a further 80% over the next 10 years.
The island offers a favourable and safe living environment: and is among the top rated countries in Africa for political stability, social progress, competitiveness in travel and tourism, and quality of life. Indeed, there are excellent recreational facilities, real estate and activities.
Life in Mauritius: With its tropical climate and diverse landscape, Mauritius is ideal. You can enjoy a wide range of activities such as skydiving, horse riding, scuba diving, deep sea fishing, hiking and trekking, quad biking, buggy riding, water sports, rugby, golf and many more.
In addition, you'll find all the comforts of the mainland: supermarkets and shopping centres with international brands and products. The island has a competent education system with over 40 private French and English speaking schools. Public education is free of charge from primary to university level.
Finally, Mauritius has a comprehensive health system with public hospitals and private clinics offering a wider range of care. However, it is important and recommended to ensure that you have adequate medical insurance before moving to Mauritius.
Taxation in Mauritius: Last but not least, Mauritius offers a simple and attractive tax system. To summarise, the income tax for residents is a flat rate of 15% on Mauritian and foreign income remitted to Mauritius. There is no capital gains tax, inheritance tax, wealth tax, gift tax, real estate tax or dividend withholding tax.
II. How to acquire residency in Mauritius?
a) Residence through the acquisition of a property in Mauritius
Introduced in 2016, the Property Development Scheme (PDS) allows foreigners and expatriates to acquire residency status by purchasing a - so-called high-end - property in Mauritius. It replaces the IRS and RES programmes. This acquisition concerns condominiums, villas and luxury flats priced above USD$375,000.
With the acquisition of a property in Mauritius, the owner and dependants (spouse, children, and retired parents) will be able to benefit from a permanent residence permit (PRP) which will remain valid throughout the period of ownership.
Please note: There is no capital gains tax (in case of resale of the property), property tax or inheritance tax in the Mauritian tax system.
There are other schemes that allow residence to be acquired through the purchase of a property in Mauritius, under different conditions than the SDP. However, permanent residency is only granted for a purchase of more than USD 375,000. These include:
- the Integrated Resort Scheme (IRS),
- the Real Estate Scheme (RES), and
- the Smart City Scheme (SCS).
b) Working in Mauritius: The Mauritius Occupation Permit
In the case of a worker, the employer can take charge of the application for a work and residence permit on behalf of the employee: the Occupation Permit. This is valid for a period of 10 years and can apply to dependants (spouse, children, and retired parents). The only condition is that the monthly salary must be more than RS 60,000 (a little over 1390 dollars or 1315 euros).
You can also obtain an Occupation Permit if you invest at least $100,000 and set up a company in Mauritius generating an annual turnover of at least Rs 2 million (about $60,000) in the first year and half that in the following years.
Finally, a professional, foreign, self-employed entrepreneur making an investment of $35,000 and generating annual revenues of at least Rs 600,000 (about $18,000) in the first two years and Rs 1.2 million in the second year is eligible for this residence permit.
c) Retirement in Mauritius
If you wish to enjoy your retirement in sunny Mauritius, then you can apply for a residence permit under certain conditions, namely: being over 50 years of age and transferring at least US$ 40,000 per annum to an account in a Mauritian bank. The permit is then granted for a period of 10 years.
Again, your residence permit applies to your various dependants: children, parents, your partner (in a marriage or civil partnership), step-children or adopted children under the age of 24.
d) Bonus: extend your residence permit in Mauritius
The duration of the residence permit is extended from 10 to 20 years.
The validity of your residence permit (Occupation Permit or Residence Permit) can be extended for 10 to 20 years. This is a new measure put in place by the government, allowing all residents for 3 consecutive years to apply.
Introduced in 2016, the Property Development Scheme (PDS) allows foreigners and expatriates to acquire residency status by purchasing a - so-called high-end - property in Mauritius. It replaces the IRS and RES programmes. This acquisition concerns condominiums, villas and luxury flats priced above USD$375,000.
With the acquisition of a property in Mauritius, the owner and dependants (spouse, children, and retired parents) will be able to benefit from a permanent residence permit (PRP) which will remain valid throughout the period of ownership.
Please note: There is no capital gains tax (in case of resale of the property), property tax or inheritance tax in the Mauritian tax system.
There are other schemes that allow residence to be acquired through the purchase of a property in Mauritius, under different conditions than the SDP. However, permanent residency is only granted for a purchase of more than USD 375,000. These include:
- the Integrated Resort Scheme (IRS),
- the Real Estate Scheme (RES), and
- the Smart City Scheme (SCS).
b) Working in Mauritius: The Mauritius Occupation Permit
In the case of a worker, the employer can take charge of the application for a work and residence permit on behalf of the employee: the Occupation Permit. This is valid for a period of 10 years and can apply to dependants (spouse, children, and retired parents). The only condition is that the monthly salary must be more than RS 60,000 (a little over 1390 dollars or 1315 euros).
You can also obtain an Occupation Permit if you invest at least $100,000 and set up a company in Mauritius generating an annual turnover of at least Rs 2 million (about $60,000) in the first year and half that in the following years.
Finally, a professional, foreign, self-employed entrepreneur making an investment of $35,000 and generating annual revenues of at least Rs 600,000 (about $18,000) in the first two years and Rs 1.2 million in the second year is eligible for this residence permit.
c) Retirement in Mauritius
If you wish to enjoy your retirement in sunny Mauritius, then you can apply for a residence permit under certain conditions, namely: being over 50 years of age and transferring at least US$ 40,000 per annum to an account in a Mauritian bank. The permit is then granted for a period of 10 years.
Again, your residence permit applies to your various dependants: children, parents, your partner (in a marriage or civil partnership), step-children or adopted children under the age of 24.
d) Bonus: extend your residence permit in Mauritius
The duration of the residence permit is extended from 10 to 20 years.
The validity of your residence permit (Occupation Permit or Residence Permit) can be extended for 10 to 20 years. This is a new measure put in place by the government, allowing all residents for 3 consecutive years to apply.
III. Residence in Mauritius in practice
If you have decided to establish your residence in Mauritius, Rosemont Management Mauritius can assist you in your move to ensure that it goes as smoothly as possible.
a) Organising your move to Mauritius with Rosemont International:
Whether you are buying or renting, we can assist you in the acquisition of a property in Mauritius. We will advise you on the implications of the purchase or lease and on the contractual issues, and we will coordinate the parties to the transaction. We are also able to offer you support in the purchase of a property in Mauritius: advice on legal structuring and financing and act as an intermediary, or even project coordinator, between you and the various parties involved.
b) Your application for a residence permit in Mauritius with Rosemont International:
We are able to accompany you to facilitate the application for permits (acquisition of property and residence permits). We provide administrative assistance and accompany you in opening your bank account in Mauritius.
c) Your installation in Mauritius with Rosemont International:
We can liaise with the administration and take care of your move to Mauritius: telephone, television and internet contracts, dealing with various external service providers, school enrolment, health insurance, employment of staff,...
Whether you are buying or renting, we can assist you in the acquisition of a property in Mauritius. We will advise you on the implications of the purchase or lease and on the contractual issues, and we will coordinate the parties to the transaction. We are also able to offer you support in the purchase of a property in Mauritius: advice on legal structuring and financing and act as an intermediary, or even project coordinator, between you and the various parties involved.
b) Your application for a residence permit in Mauritius with Rosemont International:
We are able to accompany you to facilitate the application for permits (acquisition of property and residence permits). We provide administrative assistance and accompany you in opening your bank account in Mauritius.
c) Your installation in Mauritius with Rosemont International:
We can liaise with the administration and take care of your move to Mauritius: telephone, television and internet contracts, dealing with various external service providers, school enrolment, health insurance, employment of staff,...
Calling on Rosemont Management Mauritius for your move to Mauritius allows you to benefit from the experience of the Rosemont International group, and our services in various fields including
- Structuring of companies in Mauritius (application for authorisation and opening of bank accounts),
- Tax and financial advice in Mauritius,
- Relocation or modification of companies in Mauritius,
- Administration of entities in Mauritius (secretarial and management services, accounting and bookkeeping),
- HR: staff employment and payroll in Mauritius.
For more information, please contact our Mauritius office: office@rosemont.mu or visit our website www.rosemont.mu