Foreign Investors in Mauritius
Mauritius is now a favorite destination for many tourists and expatriates. These foreigners from different countries are attracted by this beautiful island thanks to its real estate purchasing power and settle in the short or long term to work or to enjoy their retirement. These foreign nationals, whether investors, retirees, entrepreneurs and professionals, can acquire a real estate in full ownership in Mauritius whilst benefiting from the same rights as Mauritian citizens.
Residence Permit to Live in Mauritius
A non-citizen who wishes to live in Mauritius holds a residence permit since he acquires a property worth more than 500,000 US Dollars in one of the PDS, IRS and RES programs reserved for foreigners. This residence permit remains valid as long as the purchaser continues ownership of his property. Expats who want to work, live and build up a life in Mauritius definitely need a work permit and a residence permit. These permits are obtained from local authorities according to their ability to invest, their income and their professional skills.
A foreign national eligible for a residence permit has the right to work and reside in Mauritius for a period of 3 years. Exceeded 3 years, the investor can apply for a residence permit valid for 10 years. Several types of profiles are concerned by this residence permit such as investors, entrepreneurs, professionals and retirees.
Who is Qualified for a Work Permit
For an investor, creating his own company allows him to obtain a work permit. According to the law in force on Mauritian territory, any foreign national has the right to open a business in Mauritius provided that they operate one of the activities agreed by the Mauritian authorities. The Company’s turnover is set to exceed four (4) million Mauritian Rupees annually for an initial transfer of one hundred thousand (100,000) US Dollars or its equivalent in foreign currency. The investor who holds a work permit, has the right to buy an apartment in a building of at least two floors.
An investor already in service but not registered with the Economic Development Board, must have a net asset value of at least 100,000 US Dollars and a cumulative turnover of 12 million Mauritian Rupees during the 3 years preceding the application for occupation permit.
A foreign professional may be eligible for a work permit in Mauritius provided that his basic salary exceeds 60,000 Mauritian Rupees monthly. As for a professional in ICT (Information & Communication Technology) sector, his basic salary should be at least 30,000 Mauritian Rupees. A foreign professional who wishes to create a Mauritian company or a foreign company incorporated legally in Mauritius can settle in Mauritius with a residence permit valid for 3 years and renewable if it complies with the conditions requested by the authorities.
The annual income of a foreign entrepreneur must be above 600,000 Mauritian Rupees with an initial investment of 35,000 US Dollars. The business activity should generate a cumulative income of at least 2,400,000 Mauritian Rupees during the 3 years preceding the application for occupation permit. The Contractor is under obligation to obtain the required approvals corresponding to the activity performed. The self-employed worker with a work permit can also make a request for a residence permit to live in Mauritius.
In recent years, the Mauritian government allows foreign retirees to live on Mauritian territory and thus obtain a residence permit. To apply for a residence permit, a foreign retiree should be at least 50 years old and this permit is valid for a period of 3 years. When settling in Mauritius, the retiree should prove for an initial transfer of at least 54,000 US Dollars annually to his/her Mauritian bank account or its equivalent in foreign currency. When all requirements have been met after the three-year period, the retiree can then apply for permanent residency for 10 years. A retiree's permit is only valid for the applicant and his spouse. An expatriate retiree has the right to purchase an apartment or a villa in a building of at least two floors.
The Board of Investment (BOI) – Mauritius
The Board of Investment (BOI) is a government organization established in Mauritius since March 2001. This institution plays a key role in obtaining your work permit and residence permit in Mauritius and offers solutions for foreign investors who choose to settle on the island. The Board of Investment aims at facilitating the implementation of investment projects and improving gradually local and foreign companies’ climate on Mauritian territory. The Board of Investment provides foreign nationals with tailored advice on their investment ability and also on each sector of activity where they wish to start a business.