How to secure the right permit when investing in Mauritius
Renowned for its majestic landscapes and robust economic environment, Mauritius provides various unique opportunities for foreign investors seeking to live and work on the island. But before you move, it’s crucial to obtain the right permit for settling and investing in Mauritius. Blue Azurite tells you all you need to know about the Occupation Permit, recent changes, and how you can secure it. What is an Occupation Permit? The Occupation Permit (OP) serves as both a work and residence authorization, allowing non-residents to establish roots for an initial decade, extendable for an additional 10 years, and potentially up to 20 years for permanent residency. The OP is specifically tailored to three primary categories of foreigners: The OP for investors Foreign investors in Mauritius are entitled to a standard OP, which is valid for 10 years. They have several avenues to secure an OP: Renewal of the Occupation Permit for investors Foreign investors holding an OP have the option to renew their permit after 10 years, contingent on the business generating a minimum annual gross income of Rs 4 million from the third year of registration. This renewal requirement emphasizes the importance of sustained economic contributions from foreign investors over the long term. Self-employed foreigners Self-employed foreigners relocating to Mauritius are also eligible for an Occupation Permit as outlined in the 2023–2024 budget. However, there are certain conditions to be met. For instance, Renewal and permanent residency for the self-employed Self-employed foreigners have the possibility to renew their Occupation Permit after 10 years, contingent on achieving a minimum annual turnover of RS 800,000 from the third year of registration. It’s also worth noting that self-employed foreigners who are holders of an occupation permit can apply for permanent residency after 3 years, given they have generated an annual turnover of at least Rs 3 million in the preceding 3 consecutive years. During the issuance of the permit, they are exempted from presenting the required investment of USD 35,000. However, applicants must prove the transfer of funds to a local bank account within 4 weeks of receiving their permit. The bottom line As you might have understood, Mauritius is streamlining procedures to encourage foreign investors to move to Mauritius and settle in the long term. But while securing an Occupation Permit seems quite straightforward, it’s essential to surround yourself with experts. Blue Azurite can guide you from deciding on your investment project and choosing your business structure to navigating the procedures relating to running a business in the country. Get in touch with us now to start your journey in Mauritius’ idyllic and business-friendly environment.
Immigration Act: what has changed
Here are the changes made by the government of Mauritius in favor of foreigners who wish to settle in the territory Persons who are resident in Mauritius now include a person who holds immovable property under the integrated resort scheme, real estate scheme, invest hotel scheme, property development scheme or smart city scheme, the purchase price of which is not less than 375,000 US dollars. The investment threshold for (i) an investor and (ii) a holder of an immovable property under an existing scheme, to obtain a permanent resident permit is now 375,000 US dollars. Persons who are permanent resident in Mauritius includes a person who invests 375,000 US Dollars in any activity specified in part IV of the schedule to the Investment Promotion Act. An investor or self-employed non-citizen who is the holder of an occupation permit will not have to wait until the expiry of the period of 3 years of his permit to apply for the status of permanent resident. The non-citizen may now, within the 10-year occupation permit period, upon satisfying the criteria set out in the schedule to the Investment Promotion Act and on application made, be granted the status of permanent resident. A person who has been a holder of an occupation permit or residence permit for a period of 3 years immediately before 1st of September 2020 and who satisfies the criteria specified in part III of the first schedule to the Economic Development Board Act 2017, may now, on application, be granted the status of permanent resident. The validity of a permanent residence permit will now be extended to 20 years (previously: 10 years) An investor or a self-employed non-citizen can now apply for an occupation permit for a period of 10 years. An occupation permit which has been issued for a period of 3 years will now be extended for a period of 10 years as from the date of the expiry of the occupation permit in the case of an investor or self-employed non-citizen provided that the permit is valid on 1 September 2020. The holder of an occupation permit as professional or the holder of a residence permit as a retired non-citizen may now: hold shares in a business in which he is employed if he is not a majority shareholder of that business; invest in any business if he : is not employed in that business; does not manage that business; and does not derive any salary or employment benefit from that business
