31 Jan Mauritius Residence by Investment Program [2023 Guide]
Mauritius has long been celebrated for its natural beauty. What may be less known is that this island nation has attracted considerable foreign investment in recent years, and is experiencing ongoing economic growth as a result.
The Republic of Mauritius has seized the opportunity to become one of the most business-friendly countries in Africa. This article describes the benefits of residency in Mauritius, along with details of how to apply. We’ll be looking at the following areas:
- Mauritius residency by investment – What is it?
- Benefits of becoming a resident in Mauritius
- Mauritius residency by investment options
- Mauritius residency by investment eligibility requirements
- How to apply for Mauritius residency – Step-by-step
- Mauritius residency by investment – Documents required
- What is the minimum investment required for Mauritius residency?
- Can you buy residency in Mauritius?
Mauritius residency by investment – What is it?
The Mauritius Residence by Investment Program allows individuals who invest in the country’s thriving real estate market or business sector to become Mauritian residents in as little as two months.
Foreign nationals can make a minimum real estate investment of USD 375,000 on the island and apply for a residence permit, and business options begin at USD 35k and USD 40k for self-employed and start-up investors, respectively. The application can include family members.
Benefits of becoming a resident in Mauritius
Let’s start with the beauty of the island itself. Mauritius has a tropical climate, sitting some 2,000 kilometres off the coast of Africa and east of Madagascar. The Republic is a group of islands encompassing Mauritius, Rodrigues, Agaléga and St. Brandon, with most of the population centred on Mauritius and its capital, Port Louis. The coastal scenery is stunning, and tourism forms a significant part of the country’s economy.
Mauritius is celebrated for its dynamic economy, attractive tax regimes and competitive business sector. Indeed, the country’s economic history since its independence from Great Britain in 1968 has been called “the Mauritian Miracle”. In recent years, the Republic’s traditional tourism honeypot has been joined by a booming IT sector, along with thriving hospitality, property development, financial services, healthcare, renewable energy, education and training sectors. All these are attracting significant investment from local and foreign investors alike.
As the country’s global stature rises, high-net-worth individuals have been attracted to this beautiful island nation. The Mauritius Residence by Investment Program is ranked in the top 10 of 24 such residency programs on the Global Residence Programs Index.
There are many good reasons to choose the Mauritius residence by investment programme. These are just a few of them:
- A corporate tax range of 15% to 17%, and personal tax ranging from 10% to 25%.
- Tax incentives, including no inheritance tax, no profit tax and tax holidays and exemptions in specific sectors.
- The opportunity to rent out your investment property.
- International schools and universities.
- Political, social and economic stability.
- Robust legal and regulatory frameworks – Mauritius adheres to the multilateral Convention on Mutual Administrative Assistance in Tax Matters, was a founding member of the Eastern and Southern Africa Anti Money Laundering Group and remains at the forefront of the fight against all forms of financial crime.
Mauritius residency by investment options
The Mauritius Residence by Investment Program has two strands – real estate and business. The former involves investment into a government-approved real estate project. Real estate investments must be maintained for the duration of the residence permit financed using external funds transferred to a recognised Mauritius bank.
There are four real estate schemes to choose from:
- The Integrated Resort Scheme (IRS) involves purchasing luxury residential property with a minimum value of USD 375,000 and a total land area exceeding 10 hectares.
- The Real Estate Scheme (RES) involves purchasing luxury residential property worth at least USD 375,000 and a total land area not exceeding 10 hectares.
- The Property Development Scheme (PDS) involves purchasing luxury residential property worth at least USD 375,000 for an integrated project that brings social benefit to the local community. These projects are subject to government-applied controls and must focus on ecology and sympathetic use of the surrounding environment.
- The Smart City Scheme (SCS) involves purchasing luxury residential property with a minimum value of USD 375,000. These projects must involve environmentally friendly residential, working or leisure spaces that generate on-site energy and water resources and state-of-the-art connectivity and infrastructure. The project should include smart transportation that actively reduces traffic congestion. There are two qualifying options for Mauritius company shareholders or directors:
- General investors can invest USD 50,000 in a growing business activity that generates year-on-year profit over a 10-year initial residence period.
- High-technology investors can invest USD 50,000 in high-tech machinery and equipment for a business activity that generates year-on-year profit over a 10-year initial residence period.
There are four other options for investors, including:
- Self-employed investors registered under the Business Registration Act 2002 in the services sector can make an initial transfer of USD 35,000 to a Mauritius bank for a 10-year initial residence period.
- Innovative start-up investors can invest USD 40,000 in a company with a minimum expenditure of 20% on research and development for a 10-year initial residence period (or you can register with a Mauritian-accredited incubator with a minimum operation expenditure of 20%).
- Retired non-citizen investors aged 50-plus can make an initial transfer of at least USD 1,500 per month to a Mauritius bank for a 10-year initial residence period (or USD 54,000 over the three-year residence period).
- Expatriates employed in Mauritius by contract: Expatriates working in Mauritius under contract must earn a minimum monthly basic salary of around USD 1,400, or roughly USD 700 for those in the ICT industry, for the initial 10-year residency period
Mauritius residency by investment eligibility requirements
Applicants must be aged over 18. You can include dependents in the application, including your spouse or common-law partner, parents and any unmarried, financially dependent children (natural, step- or adopted).
The following requirements must also be observed:
- You must prove your financial standing (via bank statements) and demonstrate your ability to invest in the residence program.
- You must have good moral character.
- You are required to have a clean criminal record
- You need basic proficiency in English.
- You must demonstrate your educational background.
- You must have valid travel insurance.
How to apply for Mauritius residency – Step-by-step
The process is straightforward and generally takes between two and four months to complete. An agency will assist in all stages of the application process, which involves these five basic steps:
- Employ an agency such as Huriya Private and pay the initial agency fees.
- Choose which investment plan you wish to follow.
- Submit all the required documents along with your application via the official online portal. The Occupation Permit Unit (OPU) will verify your application, and it will then be reviewed. If successful, you will receive a visa-approval email.
- Once the initial due diligence checks have been carried out, you need to purchase your chosen property, within 90 days of receiving the visa-approval email.
- Once approval in principle has been granted and your chosen investment has been fulfilled, submit your application for residence to the Economic Development Board of the Republic of Mauritius via their website, along with the application fee.
- Schedule an appointment with the OPU for verification of your supporting documentation.
- If further due diligence checks are successful, the applicant and all family members included in the application can register with the Economic Development Board to receive their residence permits from the Passport and Immigration Office.
You will usually receive your visa within four months of submitting the application.
Mauritius residency by investment – Documents required
Applications to the program must be made via the prescribed forms and accompanied by all relevant supporting documents. These include the following:
- A completed application form
- All relevant birth and marriage certificates
- Proof of your financial standing
- A copy of your passport and four passport-sized photos
- An up-to-date CV
- Education and Professional Experience Documents (Professional)
- A recent medical certificate (stating that you are free from contagious diseases)
- A criminal background check certificate proving your clean criminal record over the past ten years.
Huriya Private can help you compile all the required documentation.
What is the minimum investment required for Mauritius residency?
Business investors have options starting at USD 35,000 (for self-employed investors) and USD 40,000 (for start-up investors). Real estate options involve a USD 375,000 purchase of property.
Can you buy residency in Mauritius?
There are several options for purchasing ten-year residency in Mauritius. These include business investments, starting at just USD 35,000, and a range of real estate options, each requiring a minimum USD 375,000 investment.
Contact Huriya Private now to learn more about citizenship programs and how you can start your journey towards securing a valuable second passport.