Mauritius is an island that no longer needs an introduction among foreign investors and entrepreneurs. In recent years, the government has introduced several incentives to attract foreign investment, including the opportunity for investors and business owners to obtain a residence permit. With the recent Mauritius Budget 2024-2025 introducing key changes, this pathway has become even more accessible and attractive. Blue Azurite explains how investing in or creating a business in Mauritius can make you eligible for a residence permit.
Why should you invest in Mauritius?
Mauritius has developed a reputation as a business-friendly environment with a robust legal and regulatory framework. Its numerous benefits include:
- A stable democracy and a growing economy, making it a safe and promising destination for investment.
- Its strategic location at the crossroads of Africa, Asia, and Australia, serving as an excellent gateway for businesses looking to expand into these regions.
- A favorable tax regime with low corporate tax rates, no capital gains tax, and extensive double taxation treaties.
- A skilled and multilingual workforce across a wide range of industries.
- High quality of life thanks to beautiful landscapes, excellent healthcare system, among others.
What makes you eligible for a residence permit through investment in Mauritius?
The Mauritian government has implemented several schemes to facilitate foreign investment and offer residency to investors, namely the Investor Permit and the Innovator Permit.
Investor Permit
The Investor Permit is designed for individuals who invest a significant amount of capital in Mauritius. The main criteria are:
- A minimum investment of USD 300,000 in a qualifying business activity (reduced from USD 375,000 as per the latest budget).
- Investment must be made in sectors such as manufacturing, agriculture, tourism, healthcare, and information technology.
- The investment should create jobs for Mauritian citizens, contributing to the local economy.
Innovator Permit
The Innovator Permit is intended for individuals who wish to set up innovative businesses, as long as they meet the following requirements:
- A comprehensive business plan demonstrating the innovative nature of the project.
- An initial investment of at least USD 40,000.
- Endorsement from a recognized institution in Mauritius that supports innovation.
How to qualify for a residence permit in Mauritius
To obtain a residence permit in Mauritius, investors and entrepreneurs need to fulfill specific criteria.
To qualify for an Investor Permit, you have to:
- Hold an initial Investor Permit by investing at least USD 300,000 as per the latest budget.
- Maintain the investment and business operations for a minimum of three years.
- Demonstrate that the business has been profitable and has contributed to the Mauritian economy.
- Show that the business has created employment opportunities for Mauritian citizens.
To qualify for an Innovator Permit, you must:
- Hold an initial Innovator Permit by investing at least USD 40,000 in an innovative business.
- Operate the business for a minimum of three years.
- Prove that the business is innovative and has had a positive impact on the Mauritian economy.
- Create jobs for local citizens as part of the business operations.
You can also qualify for a residence permit through real estate investment by meeting the following conditions:
- Invest in real estate by purchasing property under the Property Development Scheme (PDS), Integrated Resort Scheme (IRS), or Real Estate Scheme (RES).The property must be valued at a minimum of USD 375,000.
It’s worth noting that the purchase of eligible property provides the investor and their family with permanent residence status.
Key changes in the Mauritius Budget 2024-2025
The Mauritius Budget 2024-2025 has introduced several changes aimed at further enhancing the investment climate and making it easier for foreign investors to obtain residence permits.
Reduced minimum investment threshold
As mentioned above, the budget has lowered the minimum investment requirement for the Investor Permit from USD 375,000 to USD 300,000. This change is expected to attract more investors, especially those looking to start small and medium-sized enterprises (SMEs) in Mauritius.
Expansion of qualifying sectors
The list of qualifying sectors for investment has been expanded to include emerging industries such as renewable energy, fintech, and biotechnology in order to diversify the Mauritian economy and promote sustainable development.
Streamlined application process
The application process for residence permits has been streamlined through the introduction of a digital portal for submitting applications, tracking progress, and receiving updates. This change is expected to improve the overall efficiency of the process and make it more transparent.
Enhanced support for startups
To encourage innovation and entrepreneurship, the budget has allocated additional funds for startup incubators and accelerators. These funds will provide financial and technical support to startups, helping them to establish and grow their businesses in Mauritius.
Tax incentives and grants
The budget includes new tax incentives and grants for investors in priority sectors. These incentives are designed to reduce the cost of doing business and enhance the profitability of investments in Mauritius. New policies and incentives have also been introduced to promote green investments and environmentally friendly business practices. Investors in renewable energy and other sustainable industries will benefit from additional support and incentives.
How Blue Azurite can assist you
Blue Azurite is here to guide you all the way from identifying a business opportunity in a qualifying sector to settling down and enjoying all the benefits a residence permit confers. Our team of experts helps you develop a detailed business plan outlining the investment, projected financials, and job creation potential, ensures you have the necessary capital for the investment or startup, and assists you when applying for the Investor Permit or Innovator Permit through the Economic Development Board (EDB) of Mauritius. We also assist you in transitioning to permanent residency. Contact us now for more information.
