Mauritius Residency by Investment

Mauritius residency by investment

OVERVIEW

What is the Mauritius Residency by Investment Program?

In July 2021, the government of Mauritius approved the provisions of the Budget Bill No. XIII. These changes include amendments to the Nationality Act 1970, which deal with the conditions for granting residence permits to investors and their family members.

Mauritius’ residency program allows foreign nationals to invest in real estate in the country and apply for a residence permit. For those who wish to reside in the island nation, the Mauritius Immigrant Investor Program is the most effective way to obtain that status. Under this program, people who invest in the nation’s real estate market can become Mauritian residents within two to six months. Successful applicants and their families are granted full residency rights, including the right to live, work and retire in Mauritius.

The government of Mauritius offers an array of investment options for the wealthy to invest in and become residents. This program results in a temporary 3-year visa for investors, but residence in the country can provide a pathway to permanent residency and eventually, citizenship.

Interested in a Mauritius residency visa? J.H. Malrin can help you!

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Route to Citizenship for Mauritian Residents

An applicant with a temporary residency permit by investment holds an initial ten-year residency permit. They therefore cannot immediately qualify for Mauritian citizenship, as they must first obtain a permanent residence permit. There is no direct citizenship by investment scheme. 

Permanent residence status is granted three years after the residence permit, so long as the investor meets certain conditions. The conditions depend on the type of residence permit obtained by investment. Generally, for investors, this requires proof of annual income. As a result, a permanent residence permit is granted for 20 years, which can be renewed.

If an investor resides in Mauritius for another two years (totaling five years of residency in the country), they can apply for citizenship.

Main Advantages for Mauritius Investor Visa Program

Business Advantages

• Known for ease of doing business
• Return on investment possible by renting out investment property
• Well-regulated international financial center
• Political, social, and economic stability
• Tax benefits: No inheritance tax or profit tax, 15% income tax (personal and corporate).

Family Advantages

• Residence applicable to the whole family
• Includes spouse or common law partner, parents, and children (as well as stepchildren and adopted children) of any age, as long as they are unmarried and fully dependent on the main applicant

Personal Freedom

• Minimum investment of USD 375,000
• Processing time of 2-6 months+ 
• The right to live, work, and retire in Mauritius
• Safe environment
• Access to good educational institutions
• Mauritius allows dual citizenship

Requirements for Mauritian Residency Application

Eligibility criteria for a Mauritius Golden Visa includes that the applicant:

• Must be 18 years and above
• Must be in good financial standing (provide bank statements)
• Must have good moral character
• Must not have a past criminal record
• Must have basic language proficiency in English
• Must have a good education background
• Must have travel insurance

Investment Requirements for Mauritian Residency

There are several options for investment to establish residency in Mauritius.

1. The Integrated Resort Scheme (IRS)

• Purchase a luxury residential property with a minimum value of US$ 375,000, with a land area of at least 10 hectares

2. The Real Estate Scheme (RES):

• Purchase a luxury residential property with a minimum value of US$ 375,000 that is smaller than the IRS units and built on freehold land less than 10 hectares

3. The Property Development Scheme (PDS):

• Purchase a luxury residential property with a minimum value of US$ 375,000
• Property must be purchased for an integrated project of social benefit to the community.
• Project is subject to controls, and must focus on the environment and the ecology

4. The Smart City Scheme (SCS):

• Purchase a luxury residential property with a minimum value of US$ 375,000.
• SCS projects must be environmentally friendly living, working, or leisure spaces aimed at generating their own energy and water resources, providing state-of-the-art connectivity, creating smart modern transportation, and reducing traffic congestion

Alternatively, applicants can select one of the following other qualifying investment opportunities directly for a 20-year residence permit.

1. Initial transfer of US$ 50,000 for a business activity that generates cumulative turnover, for a 10-year initial residence period
2. Initial investment of US$ 50,000 in high-tech machinery and equipment for a business activity that generates cumulative turnover, for a 10-year initial residence period
3. Initial investment of US$ 40,000 and a minimum expenditure of 20% on research and development, or register with a Mauritian-accredited incubator with a minimum operation expenditure of 20%, for a 10-year initial residence period
4. Monthly salary with a minimum value of approximately US$ 1,400 (approximately USD 700 in the ICT sector), for a 10-year initial residence period
5. Initial transfer of US$ 35,000 to a local bank account in Mauritius, for a 10-year initial residence period
6. Initial transfer of at least US$ 1,500 monthly to a local bank account in Mauritius, for a 10-year initial residence period, or US$ 54,000 over the three-year residence period

Procedure for Mauritius Residency Visa Application

1. Clients contact JH Marlin.
2. Initial due diligence checks are performed for eligibility assessment.
3. Client agreement is signed, and retainer is paid.
4. Applicants choose the investment option best suited to them with the help of our team.
5. In the case of real estate, applicants choose their preferred real estate property for investment with the help of our team.
6. Files are prepared and required documents are collected.
7. Application with supporting documents is made on the official portal (online).
8. The Occupation Permit Unit (OPU) will verify the applications.
9. A Joint Committee of the Prime Minister’s office, the Passport and Immigration Office, and the Economic Development Board will review the application
10. If the application is approved, an approval email will be sent to you and be valid for 90 days.
11. Applicants must then complete the investment, make the final application and submit their application fee on the online portal.
12. Applicants must schedule an appointment with the OPU for personal verification of supporting documentation.
13. If successful, applicants can register with the Economic Development Board to receive their residence permit from the Passport and Immigration Office

Documents Required for Mauritius Residency Application

The following documents are required for all applicants:

• Application Form
• Business Plan
• Birth Certificate, Marriage Certificate
• Business Registration Card, Certificate of incorporation
• Proof of Investment Funds
• Medical Certificate
• Passport & Passport Sized photos
• Register of Shareholders and directors
• Appropriate Licenses
• Resume/CV
• Brief on the activities of the company
• Education and Professional Experience Documents (Professional)
• Contract of employment & Job Description (International students)

Mauritius General Information

Mauritius is an island nation in the Indian Ocean. It is known as the “Star and Key of the Indian Ocean”, and is located east of Africa. The island is part of the Mascarene island chain and has a tropical marine climate. Mauritius is a 4-hour flight from Johannesburg and 13 hours from London.

It is one of the wealthiest countries by GDP in Africa. Mauritius is also one of the most business-friendly countries in Africa, and as such, the country has recently started attracting a lot of foreign investment, which has stimulated its economic growth.

The Mauritian economy is mixed and growing steadily over past decades. The economy is largely based on tourism and the services sector, sugar, fish, textile production, and financial and information technology services. Mauritian residents and foreign investors alike benefit from the dynamic economy of the country, ease of doing business, an attractive tax regime.

The major cities of Port Louis and Flaqc showcase the nation’s multicultural environment. The Asian, British, Chinese, Indian and French influences of its residents can still be felt. This makes it the perfect place for expats to live, work, and retire.

Fast Facts:

Location: 20° S & 57° E | Indian Ocean Island

Capital: Port Louis

Size: 2,040 km²

Population: 1.3 million

Currency: Mauritian Rupee (MUR)

Government: Parliamentary Republic

Economy: Tourism | Financial Services | Technology

Language: English

Religion: Hindu | Roman Catholic | Muslim

* Important: This article is for information purposes only and does not constitute legal advice. Information in this article can change at any time without notice.