LOOKING TO MOVE TO MAURITIUS? HERE ARE THE UPDATED REQUIREMENTS
Category Investment
The Mauritian government has made changes to investment thresholds with the extension of work, residence, retirement permits, and attractive property acquisition options. The changes to legislation have led to renewed interest in the country from people who are looking at Mauritius as a permanent destination.
It is now become easier to buy property, work, as well as retire in Mauritius, which is appealing for many, including business owners, corporates and families who are looking for a new place to call home.
Retirees can obtain a ten-year permit for Mauritius, with the requirement that the individual earns a recurring income of $1,500 (R25,263) per month. The amount can be paid annually, quarterly, or monthly, as long as it works out to $1,500 per month. The ten-year permit gives retirees more certainty about their future in Mauritius.
Mauritius' Permanent Residence and Work Permits have been combined into a single permit and extended from ten to twenty years.
The minimum investment to obtain an Occupational Permit (OP) has also been halved from $100,000 to $50,000 (R842,115). The parents of an Occupational Permit holder may now obtain a dependent permit to live in Mauritius.
Professionals who are working as independent contractors can qualify for the self-employment permit. The requirement for this permit is a deposit of $35,000 (R589,480) into their Mauritian bank account, and this permit is also valid for 10 years.
Working professionals and self-employed individuals who want to move their spouse and ageing parents find these concessions favourable, especially if their dependents are no longer working.
Buying property is also a great way for those looking to move to Mauritius. In the past, foreign nationals were required to invest $500,000 in the property. This number has now been reduced to $375,000.
The island boasts excellent private schools, reputable banking systems, regulatory certainty, technology-driven government systems, as well as an efficient and linear tax system.
The effective tax rate of 15% for individuals are well below those applicable to South Africa and other countries. A significant difference is that Mauritian residents are only taxed to the extent of the money that they bring into the country.
RE/MAX 24 offers expert advice in purchasing and relocating to Mauritius. Our website and staff can provide you with all the information that you require to ensure a smooth relocation.
More information on purchasing a property can be found on our website or at these links provided:
Permits & Visas: https://www.remax24.com/permits-and-visas/
Buyer's Guide: https://www.remax24.com/buyers-guide/
RE/MAX 24 ensuring smooth property transactions and relocations to Mauritius since 2018. We are your trusted partner on the Island.
Author: BusinessTech & Jonathan