Mauritius opening up to the world8th Jul 2020
In the 2020/21 Mauritian Budget Speech, Mauritius opens itself up to the world by creating more opportunities for foreign investment and if you are considering Mauritius as a viable option, this is great news for you.
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Mauritius : Summary of budget changes
The threshold to obtain permanent residency through the acquisition of real estate has been reduced from US$500,000 to US$375,000. This permanent residency status can be bequeathed to the children of the buyer.
Foreigners who having obtained permanent residency status through the acquisition of property under a real estate scheme can now also work in Mauritius, without having to apply for a separate occupation or work permit, allowing an easier transition for families settling in Mauritius.
Those with occupational permit status may invite their parents to live with them in Mauritius. (This will be considered on a case-by-case basis.)
Individuals who are non-citizens but already possess an occupational, residence or permanent residence permit, the following applies:
- They may acquire land (of up to 2 100m2) for residential purposes within developments under the smart-city zoning.
- This is applicable for two years ending 30 June 2022 and limited to 25% of the land area allocated to the construction of residential properties within the smart cities.
- Buyers have a five-year time frame in which to build a residence on the land purchased.
Opening to the World – Source 2020/2021 Budget Speech
Investors, professionals and retirees need visibility and certainty before opting for a place where they may be spending a significant part of their lives.
To this end:
- The Work Permit and Residence Permit will be combined into one single permit.
- We are lengthening the validity of an Occupation Permit (OP) and a Residence Permit for retirees to 10 years renewable.
- The minimum investment amount for obtaining an OP will be reduced from USD 100,000 to USD 50,000.
- The minimum turnover and investment requirement for Innovator Occupation Permit are being removed.
- The spouse of an OP holder will not need a permit to invest or work in Mauritius.
- OP holders will also be allowed to bring their parents to live in Mauritius.
- The EDB will be the only agency responsible to determine and recommend applications for the OP.
- Professionals with an OP and foreign retirees with a Residence Permit will be able to invest in other ventures without any shareholding restriction.
- Non-citizens who have a residence permit under the various real estate schemes will no longer require an Occupation or Work Permit to invest and work in Mauritius.
- The Permanent Residence Permit will be extended from 10 to 20 years.
- OP and Residence Permit holders will be eligible to apply for a Permanent Residence Permit if they have held the permit for three consecutive years.
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