- June 5, 2023
- Posted by: Aurélie
- Categories: Mauritius, Resident permit
As more and more European countries, such as Portugal, Spain and Ireland, abolish their residency and citizenship by investment programs, island States stand a lot to benefit. Mauritius is one of those islands where permanent residency by investment represents a wide range of benefits for eligible candidates. Let’s explore the available investment options for obtaining permanent residency in Mauritius.
It’s worth noting that permanent residency is available to investors, independent entrepreneurs, professionals, as well as retirees who wish to live in Mauritius in the long term. This residence permit is valid for 20 years and is even accessible to the applicant’s family members. Besides, the permanent residence permit can be renewed for 20 additional years.
Foreign Investors seeking permanent residency in Mauritius have to meet a set of requirements. First, they should have an annual turnover of Rs 15 million or a total of Rs 45 million over three consecutive years preceding the application for permanent residence.
Foreigners who have invested at least 375,000 USD in one of the following sectors are also eligible for the 20-year residence permit: agribusiness, audiovisual, film and communication, banking, construction, education, energy products focused on sustainability, financial services, fishing and marine resources, freeport, information technology, infrastructure, insurance, leisure, manufacturing, marina development, tourism, warehousing, and initial public offerings.
Since the government significantly encourages foreign direct investment (FDI) and provides incentives and support for investors, investing in a local business or establishing a new venture in Mauritius can also lead to permanent residency. Foreign investors have to commit to a set of criteria established by relevant authorities, such as job creation and contributing to the country’s economic development.
Real estate investment is one of the most common routes to obtaining permanent residency in Mauritius. Foreign investors can qualify for a residence permit by acquiring property in approved real estate developments. Those who have invested at least 375,000 USD in a property in Mauritius under the RES (Real Estate Scheme), IRS (Integrated Resort Scheme), or PDS (Property Development Scheme) programs are eligible to apply for and enjoy residency as long as they remain the owners of the property in question.
Foreign entrepreneurs who wish to settle in Mauritius for the long term can also qualify for permanent residency in Mauritius. However, they need to have an annual income of at least Rs 3 million for three consecutive years prior to the application for permanent residence. They must also be registered with the Corporate and Business Registration Department under the Business Registration Act 2002.
Besides the above mention conditions, foreign investors looking to obtain permanent residency in Mauritius have to comply with other general requirements. For example, they have to demonstrate a genuine intention of residing in Mauritius in the long run, meet certain health and character requirements and provide proof of financial capacity to support themselves and their eligible dependents. Additional conditions set by the government or relevant authorities may also apply.
Investing in Mauritius for permanent residency not only provides a secure and prosperous future but also offers access to the island’s desirable lifestyle, sound business environment, and favorable tax system. Below are some of the most sought-after benefits:
Business and investment opportunities: Investing in Mauritius for permanent residency opens up a wealth of business and investment opportunities. You can actively participate in the country’s thriving economy, explore new ventures, and take advantage of favorable tax policies and incentives provided to investors.
Quality of life: Mauritius is world-renowned for its exceptional quality of life thanks to its stunning landscapes, idyllic beaches, cultural diversity, and pleasant climate almost all year long. Its people’s hospitality offer a relaxed and welcoming environment.
World-class healthcare: Whether you’re moving to Mauritius alone or with your family (spouse and children), you can rely on its very good health system with many modern facilities and qualified health professionals.
Quality education: For those moving with children, Mauritius offers quality education through a well-developed education system at all levels. From childcare services to international schools, universities and other world-renowned higher education institutions, everything is done to help your dependent children thrive.
Freedom of travel: Another benefit of acquiring permanent residency by investment in Mauritius is that it allows you to travel freely in and out of the country as many times as you want.
Eligibility for citizenship: Foreign investors holding permanent residency can qualify for Mauritius citizenship under certain conditions. For instance, they must have fulfilled specific residency requirements and demonstrate a genuine commitment to the advancement of the country.
In short, permanent residency by investment is an excellent opportunity for foreigners looking to establish a long-term presence in a beautiful and thriving nation.
While the conditions for obtaining permanent residency through investment in Mauritius seem pretty straightforward, and the benefits are obvious, it’s recommended that you seek help from qualified professionals specializing in investment and immigration in Mauritius, as conditions and regulations may be subject to changes. Blue Azurite is here to help you get started with your investment plan until you settle serenely in Mauritius. For more information, get in touch with our dedicated team.