Mauritius Residence Permit for Investment - Conditions, Programs and Documents, Advantages
November 5, 2024
Mauritius is an island nation located in the Indian Ocean, approximately 900 km from Madagascar. In 2019, it ranked at the top of the Mercer Quality of Life Index among African countries, and in 2022, Mauritius was recognized as the best on the African continent according to the World Happiness Report.
Economy and Investment Opportunities
Mauritius has the third-highest GDP level among African nations. The government offers attractive investment programs that grant residency in exchange for contributions to the economy. By investing, applicants can access favorable living conditions, optimize their tax obligations, and elevate their business operations.
Mauritius attracts global investors with its favorable living conditions, business-friendly environment, and tax benefits.
In a recent review, experts from the licensed agency GARANT.in provided a detailed breakdown of how to obtain Mauritian residency by investment in 2024, the advantages of this status, eligibility criteria, required documents, and other essential information.
Benefits of Mauritius Residency for Investors
Mauritius is a beautiful country with a developed economy. People often come here for recreation, quality treatment, just to admire the luxurious nature. What attracts investors to the island state?
A Favorable Tax Environment
To become a tax resident, individuals must spend over 183 days a year on the island. Upon registering a business or moving its headquarters to Mauritius, the applicant's business automatically becomes a tax resident.
Individual tax residents are taxed on a progressive scale:
- Annual income up to 650,000 Mauritian rupees (approx. $14,175) – 10%
- Annual income exceeding 650,000 Mauritian rupees (over $14,175) – 15%
Residents are exempt from inheritance, gift, property, dividend, and capital gains taxes. Income received on or transferred to Mauritian accounts is taxed at a flat rate of 15%. Additionally, an income exceeding $73,500 is subject to a “solidarity tax” at a rate of 25%.
Corporate tax is also set at a flat rate of 15%, as is VAT.
Pathway to Citizenship
Residency status holders can apply for permanent residency after three years, provided they meet certain requirements, which vary depending on the type of residency obtained. Since 2021, permanent residency is granted for 20 years, rather than 10. After maintaining permanent residency for a minimum of two years, individuals can apply for Mauritian citizenship.
Freedom to Travel
Mauritius residency allows visa-free travel to over 140 countries. A Mauritian passport grants access to the United Kingdom, China, the Schengen Zone, Singapore, Japan, Hong Kong, and more.
Stable Economy and High Living Standards
Mauritius is known as one of Africa’s fastest-developing nations, offering a favorable environment for business development, investment activities, and generating stable passive income. The island’s mild climate, high-quality healthcare, developed infrastructure, and affordable real estate make it particularly popular among retirees.
Residency in a Stunning Locale
Mauritius is a popular destination, with over 1.5 million tourists annually coming for vacations, high-quality medical care, or simply to enjoy its breathtaking nature. Six months of pleasant weather make it a preferred wintering spot for residents of colder regions. Even in the off-season, temperatures rarely fall below 20°C.
Mauritius Residency by Real Estate Investment
One of the simplest ways to obtain residency is by investing in real estate, with a minimum investment of $375,000. Previously, this threshold was set at $500,000, but it was lowered in 2021.
Residency by investment in Mauritius can be obtained within six months. If approved, both the investor and their family members gain residency, allowing them to live on the island permanently.
Currently, five investment programs are available for obtaining residency via real estate, with a recent addition allowing apartment purchases outside of these programs.
Each option requires a minimum investment of $375,000, with certain specific conditions:
- Integrated Resort Scheme (IRS) - Purchase of government-approved residential properties and land.
- Real Estate Scheme (RES) - Investment in specific government-approved residential development projects, with a minimum investment starting at $500,000.
- Property Development Scheme (PDS) - Acquisition of housing or recreational property.
- Invest Hotel Scheme - Buy a share or apartment in a hotel, with up to 45 days of annual personal use and the ability to earn rental income.
- Smart City Scheme - Purchase of residential property or land in innovative regions.
For real estate outside government programs, the apartment must be in a building with at least three floors, and the investment must be a minimum of $375,000.
Business Investment for Residency
Mauritius residency is also available for investors who open a new business, transfer a family business to the island, or invest in target sectors of the economy.
The Occupation Permit allows applicants who establish a business to register the company in Mauritius and open a corporate bank account with at least $50,000. Residency through this route is issued for ten years and renewable if the business generates a minimum gross income of 4 million Mauritian rupees (approx. $88,000) by its third year on the island.
Family members eligible for residency alongside the primary applicant include:
- Spouse of the opposite sex
- Domestic partner
- Dependents (single and childless biological or adopted children financially dependent on the main applicant)
- Parents financially supported by the primary applicant.
Applications for permanent residency can be submitted after three years of residency, with conditions such as a three-year consecutive gross income of 15 million rupees (approx. $327,000) or a turnover of at least 45 million rupees (approx. $981,000).
Targeted Economic Investment
For investments of $375,000 in certain sectors like film and media, agriculture, banking, tourism, manufacturing, tech, and more, an Investor’s Residence Permit is issued for up to 20 years, renewable if requirements are met.
Key Documents Required for Mauritian Residency
Requirements vary, but key documents typically include:
- National ID and passport
- Proof of financial capability (bank statements, tax returns, property ownership documents)
- Birth and marriage certificates
- Health examination report
- Economic Development Board approval
- Criminal background check
Applications entail several steps, including due diligence and submission of funds to a recognized Mauritian bank.
For further guidance on residency options, GARANT.in’s international experts are available to answer questions, help select the best investment pathway, and provide comprehensive document preparation services.