LOCATION: Indian Ocean, located off the eastern coast of Africa
LANGUAGES SPOKEN: Mauritian Creole, English
CURRENCY: Mauritian Rupee
CAPITAL: Port Louis
NEAREST AIRPORT: Mauritius
MAJOR INDUSTRIES: Tourism, Agribusiness, Construction, Real estate.
Mauritius is an island nation off the eastern coast of Africa, with breathtaking natural parks, stunning beaches, lagoons and reefs. It has become an attractive destination for those seeking investment relocation, political and social stability, a high standard of living, modern infrastructure and efficient public services.
Mauritius is increasingly recognised as one of the leading African property markets for foreign investors. There has been rise in interest by foreign investors in recent years due to relaxing of the laws relating to buying property on the island. But these investors are not just buying properties in Mauritius’, they are also buying residency through investment.
MAURITIUS RESIDENCY PROGRAMS
The purchase of a residential unit acquired under Property Development Scheme (PDS), the Integrated Resort Scheme (IRS) and Residential Estate Scheme (RES), approved and managed by the Economic Development Board, offers the right to residency in Mauritius to the purchaser and their family.
The Property Development Scheme allows the development of a mix of residences for sale to non-citizens, citizens and members of the Mauritian Diaspora. The PDS is an integrated project with social dimensions for the benefit of the neighbouring community and allows for the development and sale of high standard residential units mainly to foreigners. A foreign buyer purchasing a villa under the PDS scheme for more than USD375,000, or its equivalent in any freely convertible foreign currency, is eligible for an RP for as long as the property is held.
The IRS was introduced by the government of Mauritius in 2002 to open the property market to foreign buyers on a restricted basis and thereby encourage the construction and sale of high-end residential and resort property in designated locations. Non-citizens of Mauritius automatically become eligible to an RP if they acquire a property situated in an IRS with a minimum investment of USD375,000. The property owner and their family are able to reside in Mauritius for as long as the property is held.
The RES is designed to enable landowners to undertake property development on a smaller scale (not exceeding 10 hectares). There is no restriction on the minimum price for acquiring a property under the RES, so an RES property is often more affordable than IRS property. In cases where an RES property purchase price exceeds USD375,000, or its equivalent in any freely convertible foreign currency, the property owner and their family is eligible to apply for an RP for as long as the property is held.
Owners may rent out the property, become tax resident in Mauritius and face no restriction on the repatriation of funds or revenue raised from the sale or renting of the property. Mauritius has no capital gains tax, dividends or inheritance tax and a universal tax rate of 15%.
In a recent development, the holders of residency through property purchase and their spouses can seek employment in Mauritius or start their own enterprise without having to apply for the previously required work permit or investor/self-employment.
Political and Social Stability
Preferential Access to Regional Markets
Sound Macro Economic Management
Good Governance and Efficient Public Services
Modern Infrastructure and Telecommunications Services
High Health Standards and Peaceful Living Conditions
Pool of Qualified Professionals, Bilingual in English and French
Highly Literate and Adaptable Labour Force
Effective Private/Public Sector Partnership
Mauritian citizenship after 2 years of residency which gives visa free access to the Schengen zone in Europe
Spouse, dependent children(unmarried) under 24 years and parents (considered on a case-by-case basis), are eligible for a permanent residence permit.
Right to enter and re-enter the country any number of times
No minimum stay requirement
There are two options for obtaining citizenship or a second passport by investment:
MAURITIAN CITIZENSHIP BY INVESTMENT
This scheme offer foreigners the chance to acquire Mauritian citizenship by making a nonrefundable contribution of USD 1 million to the Mauritius Sovereign Fund. Investors can include their spouse and dependent children for an additional non-refundable contribution of USD 100,000 per passport.
MAURITIAN PASSPORT BY INVESTMENT
This scheme offer foreigners the chance to acquire a Mauritian passport by making a contribution of USD 500,000 to the Mauritius Sovereign Fund. Investors can include their spouse and dependent children for an additional non-refundable contribution of USD 50,000 per passport.
The only difference between the USD 1 million and the USD 500,000 schemes appear to be that a million grants citizenship while the other affords a passport. The USD 500,000 scheme gives the investor a chance to be naturalized as a citizen of Mauritius if resided in Mauritius for a continuous period of not less than two years preceding the date of the application.
1. Please note, all information provided here should not be considered legal advice.
2. The text is intended as a source of basic information. It is regularly updated. No liability can be accepted for the accuracy or completeness of its contents.