Mauritius has announced important changes to immigration law and golden visa scheme for obtaining permanent residency in Mauritius.
Mauritius is among the top three countries in the world with the purest quality of air. The state offers free education and protection for the elderly, greater inclusiveness and negative income tax. Mauritius is a major tourist destination enjoys a tropical climate with clear warm sea waters, beaches, tropical fauna and flora. Corporations are taxed at 15% and there is no capital gains tax and no withholding tax on dividends. Mauritius has strong open economy, favorable tax laws, ease of offshore company formations and a modern and strong banking sector with many international and national banks open for non-residents makes it very attractive for foreign investors.
From now on it is possible to acquire immediate permanent residence by just investing USD 350,000 in real estate (instead of USD 500,000). Another big change announced was permanent residence card with now be valid for 20 years instead of 10 years.
The new changes were announced in the Budget speech 2020
Changes to Golden Visa
The minimum investment amount for an investor to obtain the status of Permanent Resident or a holder of an immovable property under an existing scheme to obtain the status of Resident will be reduced from USD 500,000 to USD 375,000.
To attract and retain foreign talents and businesses, noncitizens holders of Residence Permit, Occupation Permit or Permanent Residence Permit will be allowed to acquire one plot of serviced land not exceeding 2,100 m2 for residential purposes within smart cities.
This measure will be open for a period of 2 years ending 30th June 2022.
The non-citizens will have to complete the construction of a residential building within a period of 5 years. The total area of all plots of serviced land for sale should not exceed 25% of the land area planned for the construction of residential properties
2020 Immigration Changes
Some of the important changes to the immigration rules
- The Work Permit and Residence Permit will be combined into one single permit.
- The validity of an Occupation Permit (OP) and a Residence Permit for retirees extended to 10 years renewable.
- The minimum investment amount for obtaining an Occupation Permit (OP) will be reduced from USD 100,000 to USD 50,000.
- The minimum turnover and investment requirement for Innovator Occupation Permit are being removed.
- The spouse of an OP holder will not need a permit to invest or work in Mauritius.
- OP holders will also be allowed to bring their parents to live in Mauritius.
- The EDB will be the only agency responsible to determine and recommend applications for the OP.
- Professionals with an OP and foreign retirees with a Residence Permit will be able to invest in other ventures without any shareholding restriction.
- Non-citizens who have a residence permit under the various real estate schemes will no longer require an Occupation or Work Permit to invest and work in Mauritius.
- The Permanent Residence Permit will be extended from 10 to 20 years.
- OP and Residence Permit holders will be eligible to apply for a Permanent Residence Permit if they have held the permit for three consecutive years.
It is possible to acquire fast track Mauritius citizenship for investors in just 2 years after investing the specified amount in real estate or business activities. Mauritian citizens have visa free access to 145 countries, as of 2019. These countries include EU schengen area, China, Russia and United Kingdom.