Mauritius is one of the most beautiful islands in Africa. Globalisation and rapid development has made Mauritius the richest country in Africa, with an average wealth of $37,500 per inhabitant home to highest number of millionaires. Mauritius welcomes investment and embraces business. Globally recognised as a safe, stable and easy environment to conduct business, Mauritius is great place to invest, work, live and retire alongside nature, with future ready infrastructure, global connectivity and world class talent.
Why Mauritius?
- Diversified economy with Strong growth.
- Wealthiest nation in Africa.
- Highest ranking african nation for quality of life.
- Excellent air and Sea connectivity.
- Great infrastructure for business environment.
- High returns from property market.
- Low tax haven.
CBI Proposal
Mauritius does not have a direct citizenship by investment scheme. Mauritius did previously announce plans to open a citizenship by investment scheme against donating to “Sovereign wealth fund” in Budget 2018 speech in an attempt to opening up the country and economy to foreign investment. The proposal had foreigners the opportunity to obtain Mauritian citizenship provided they make a non-refundable contribution of USD 1 million to a Mauritius Sovereign Fund. For their spouse and dependents, they will have to make an additional contribution of USD 100,000 per member of family. The Mauritius Sovereign Fund (MSF) will be managed by the Mauritius National Investment Authority. Any withdrawal from the Fund will be used to meet disbursements for new capital projects and public debt repayments. The proposals of implementing citizenship by investment scheme not implemented by Mauritius government.
Golden Visa
Mauritius currently offers a golden residence program for overseas investors who wish to invest in properties or starting a business.
Eligible Investments
Below investment routes grant residency for investors. The Economic Development Board (EDB) manages investment schemes to attract High Net Worth individuals who satisfy defined criteria and after due diligence.
- Scheme 1: Invest USD 375,000 buying a property. (Residence permit granted for 20 years)
- Scheme 2: Invest USD 50,000 in a business activity . (residence permit granted for 10 years.)
Permanent Residence
Mauritius has tightened rules for acquiring permanent residency status. The basic rule is having held residency for at least 3 years of residency with the following criteria being satisfied:
- Investor – achieving an annual gross income of at least MUR 15 million for 3 consecutive years preceding the application for the Permanent Residence Permit application or achieving an aggregate turnover of MUR 45 million for any consecutive period of 3 years preceding the Permanent Residence Permit application.
- Retired Non-Citizen – Transferringat least USD 54,000 or its equivalent in freely convertible foreign currency during the 3 years preceding the Permanent residency application.
- Professional – receiving a monthly basic salary of at least MUR 150,000 for 3 consecutive years preceding the Permanent residency application.
- Self-employed – achieving an annual business income of at least MUR 3 million for 3 consecutive years, immediately preceding the Permanent residency application.
Note: A non-citizen holding an OP/RP for at least 3 years and whose OP/RP is valid on 1 September 2020 is eligible for a 20-year PRP. The eligibility conditions will be that of OP/RP criteria for renewal.
Tax Haven
Mauritius has no import duties, low energy costs, and the free repatriation of capital, profits and dividends to an investor’s country of origin. No capital gains tax, corporate and individual income taxes here are at 15%. Mauritius has no taxes for offshore companies and offshore bank accounts; the jurisdiction provides high confidentiality. The island flourishes offering banking services, insurance, the registration of ships and vessels, investment fund management and the incorporation of offshore companies.
Citizenship
Mauritius offers a expedited path to naturalize for citizenship to investors. The section 9(3) of the Mauritius Citizenship Act an investor may be naturalized as a citizen of Mauritius if:
(i) he has invested a sum of not less than $500,000 US dollars in Mauritius;and
(ii) he has resided in Mauritius for a continuous period of not less than 2 years preceding the date of his application
Under ordinary naturalization, commonwealth citizens may acquire citizenship after 5 years of living in the country. The processing of citizenship applications takes upto 12 months.
Mauritius Passport
The Mauritius passport is a very good travel document. Mauritian citizens have visa free access to 145 countries, as of 2019. These countries include EU schengen area, China, Russia and United Kingdom.
Dual Citizenship
Mauritius allows dual citizenship for citizens by birth.
Deprivation
Any person who has acquired citizenship by Naturalisation may be deprived of that citizenship if the Naturalisation has been obtained by means of fraud, false representation or the concealment of any material fact.
