The cost of moving to Mauritius as an entrepreneur or retiree
Category Relocation
Mauritius is rapidly expanding real estate investment opportunities for South African buyers as savvy developers sink capital into smaller designer builds that offer far more privacy than traditional resort properties without sacrificing beachfront living.
The South African market's appetite for these properties is in overdrive.
The South African buyer demographic in Mauritius is changing, though, in large part due to the island's economic growth, stability and exceptionally welcoming foreign residence policies - not to mention the obvious lifestyle attractions that make it a perennial tourism hotspot.
The expanding demographic includes retirees, entrepreneurs, and commercial emigrants.
South Africans are flocking to Mauritius in such numbers because investor-friendly government policies make it easy to obtain long-term residence permits. An excellent example is self-employed entrepreneurs, who are excluded from visa eligibility in more countries than not. Mauritius, on the other hand, welcomes them with open arms.
Entrepreneurs can apply for a Self-Employed Occupation Permit by depositing $35,000 (about R595,000) into a Mauritian bank account. Their permit is valid for 10 years, with the main renewal criteria being the ability to prove an annual business income of MUR 800,000 (about R300,000) from the 3rd year of registration.
The process is even easier for South African retirees looking to spend their golden years in paradise. Whereas previously this residence permit covered only three years, it is now a standard 10 years with the base requirement that the individual earns a recurring income of $1,500 (R25,500 at current rates) per month.
The extension from three to 10 years gives retirees certainty about their future in the country, especially if they've bought property. And as an additional incentive to retirees to choose the idyllic island as their permanent home, after three years of residency on their initial visa, they can apply for it to be extended from 10 years to 20.
An additional incentive for South Africans to purchase property in Mauritius is that visitors are allowed to stay in the country for six months a year.
Mauritius has also managed to craft a strong growth-oriented developmental path that enabled the country to achieve one of the highest per capita income levels in Africa, and propelled it into the league of high-income countries with a Gross National Income per capita of $12,740 (R216,500) in 2019.
Author: BusinessTech