Mauritius is known above all as a dream destination – with its beautiful beaches, lush greenery and tropical climate. But not only: many want to settle in the short or long term, to work or just enjoy their retirement. Here is a tour of the different formulas that allow to stay in Mauritius without tourist visa:
The Residence Permit for Retirees
Despite the current economic crisis in Europe, Mauritius is still a popular destination for foreign pensioners, particularly French retirees, due mainly to the pleasant tropical climate, high purchasing power (due to the rupee rate in Mauritius), and the political and economic stability of the island.
What are the conditions for obtaining this license for retirees?
This permit is issued for 3 years. To be eligible, the pensioner must be at least 50 years old, have a bank account in Mauritius, and have a minimum annual transfer of 40,000 USD, or approximately 31,000 € or 1.2 million rupees, to this account.
Good to know: After this period of 3 years, the pensioner is entitled to apply for a Permanent Residence Permit for a period of 10 years, also valid for the retired wife.
The Work and Investor Permit (Occupation Permit)
This permit allows a foreigner to reside and work in Mauritius. It is regulated by the Ministry of Labor, the only body authorized to issue work permits and residence permits to foreigners. The application of a work permit and a residence permit is made simultaneously.
Who is eligible for the "Occupation Permit"?
· An Investor: The commercial activity must generate an annual turnover of more than 4 million rupees for an initial investment of 100 000 USD (or equivalent in foreign currency). This condition is applicable to each applicant (if 2 applicants apply for this same company, the generated turnover must be Rs 8 million, etc.).
· A professional: the basic salary must be Rs 45,000 per month minimum. Only a Mauritian company or a foreign company legally incorporated in Mauritius is authorized to apply for a work permit and a residence permit for a foreigner. The work permit is not transferable.
· An entrepreneur: the commercial activity must generate an annual turnover of more than Rs 600 000 per year, with an initial investment of 35 000 USD.
Good to know: people who are dependent on the holder of a work permit can also apply for a residence permit.
Permanent Residence Permit
Permanent Resident status allows to reside, circulate, work and acquire real estate in Mauritius. Renewable, this license is issued for a period of 10 years. It should be noted that this permit does not give the holder the right to vote or citizenship.
Who is eligible for the Permanent Residence Permit?
· Investors residing in Mauritius who have held an "Occupation Permit" for 3 years just before applying for Permanent Residence Permit, and whose company generates a minimum turnover of 15 million rupees.
· Contractors residing in Mauritius who have held an "Occupation Permit" for 3 years just before applying for a Permanent Residence Permit, and whose annual incomes exceeded 3 million rupees during these 3 years.
· Professionals residing in Mauritius who have held an Occupation Permit for 3 years just before applying for a Permanent Residence Permit and whose basic monthly salary exceeds Rs 150,000 during these 3 years.
· Retirees who have held a Residence Permit for 3 years just before applying for Permanent Residence Permits and have transferred an annual minimum amount of 40,000 USD to Mauritius.
Good to know: by purchasing real estate under the IRS (Integrated Resort Scheme), the person acquiring the property automatically gains the status of Permanent Resident and his or her spouse and dependents. The residence permit granted under the IRS will remain in force as long as the investor owns the property.
On the other hand, a residence purchased under the RES (Real Estate Scheme) does not confer any automatic right of residence (unless the property purchased exceeds USD 500,000). Buyers may, if they so wish, apply for a residence permit under the other provisions provided for this purpose.
Recently, a special status which is neither RES or IRS simply because the project falls under the new legislation of the Non-Citizen Act passed on December 20, 2016, allowing foreign investors to acquire an apartment on the island of Mauritius in a residence of more than two floors, for a minimum amount of 150 000 Euros. This act allows you to own a property on the island without being a resident. So if you want a spot just to spend your holidays with your family – this is the way to go!
The “Non-Citizen Act” states the following:
The Non-Citizens (Property Restriction) Act has been amended on 20 December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Board of Investment. The amount payable for the acquisition of an apartment must not be less than Rs 6 million or its equivalent in any other freely convertible foreign currency.
Any non-citizen, with or without an occupation permit, residence permit, permanent residence permit, may acquire apartments.
So what are you waiting for? Check out the various villas and apartments that you can acquire in Mauritius!