Investing in Mauritius: Your pathway to a residence permit
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: 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: Innovator Permit The Innovator Permit is intended for individuals who wish to set up innovative businesses, as long as they meet the following requirements: 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: To qualify for an Innovator Permit, you must: You can also qualify for a residence permit through real estate investment by meeting the following conditions: 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.
Types of Residence Permits in Mauritius: The Residence Permit and the Permanent Residence Permit
A previous article advanced that foreigners can apply for three types of permits if they wish to live and work in Mauritius. These are the Ocuppation Permit (OP), the Residence Permit (RP) and the Permanent Residence Permit. As discussed, the OP is a combined work and resident permit that allows a non-Mauritian investor, professional or self-employed to work and live in the country. Retired-Non Citizen residence permit A Residence Permit may be granted to a retired non-citizen who is more than 50 years old. This would allow him to reside in Mauritius and is applicable for a period of 3 years. It is renewable if established criteria are met. The applicant must be willing to make an initial transfer of at least USD 2,500 to his local bank account in Mauritius. After that, he should transfer at least USD 2,500 monthly or send instalments that amount to at least USD 30,000 per year. The spouse and children of a Residence Permit holder may also apply for residence permits that do not exceed the duration of that of the RP holder. This is also applicable for step children and lawfully adopted children. A non-resident holding a residential property under the Property Development Scheme, the Integrated Resort Scheme or the Real Estate Scheme is also eligible to apply for a Residence Permit on the condition that the acquisition value is at least 500,000 USD. The Permanent Residence Permit The Permanent Residence Permit allows its holder, a non-citizen, to live and work in Mauritius for a period of 10 years. The following categories are eligible for this permit. An investor having a valid Occupation Permit for three years preceding the date of application for the Permanent Residence permit and whose company has an aggregate turnover exceeding a cumulative amount of Rs45 million for a consecutive period of 3 years. A self-employed with an Occupation Permit for three years immediately preceding the date of application for Permanent Residence Permit. His income should be more than Rs3 million every year during each of these three years. A professional holding an Occupation or a Work Permit for three years. He must have drawn a basic salary of at least Rs150,000 per month during the entire three year period. A retired non-citizen having a Residence Permit for three years. He must have transferred at least 40,000 USD or its equivalent in convertible currency annually during each of these three years to Mauritius. A non-citizen who has invested a minimum of 500,000 USD in a qualifying activity in Mauritius. These sectors are : Agro-based industry, Audio-visual, Cinema and Communication, Banking, Construction, Education, Environment-friendly and green energy products, Financial Services, Fisheries and Marine Resources, Freeport, Information Technology, Infrastructure, Insurance, Leisure, Manufacturing, Marina development, Tourism and Warehousing, Initial Public Offerings. He must be registered as an investor with the Board of Investment. A non-citizen who is a member of the Mauritian Diaspora. He must be registered with the Board of Investment under the Mauritian Diaspora scheme. A non-citizen who acquires property priced at a minimum of USD 500 000. When applying for an Occupation Permit or a Residence Permit as Retired Non-citizen, the applicant should be physically present in Mauritius [JD1]Permanent residence is also offered to people who buy property priced at a minimum of USD 500 000 [Z2]I’m sorry but I cannot find this info neither in the PDF nor on the govt’s website. I added it but was unable to elaborate. Apologies.
