Living in Mauritius, changes to residency permit schemes

In its quest of making Mauritius a destination of excellence, the government has brought changes to its already attractive residency permit schemes. The strategy of opening the doors of the island, in a selective way, has proven to be effective in bringing foreign direct investment and expertise to the country.  We all know that the country is constantly moving forward, always on the lookout to improve and plans to be a high-income earning nation in the future. Attracting foreign capital and expertise is part and parcel of an overall strategy to boost the island’s economy and uplift quality of life of its citizens.

The Board of Investment operates different categories under the Occupation Permit scheme; Investor, Self-Employed and Professional. There’s also a Residency Permit scheme for Retired Non-Citizens (aged 50 or more) who want to live peacefully under the sun. At first glance, the conditions leading to these permits, and their renewals, have been further relaxed – and therefore we expect to attract even more foreigners on the island.

What are the changes?

We provide you, in a concise format, the changes that have been brought to the existing residency schemes.

The Occupation Permit/ Residence Permit is granted for a maximum period of three years, renewable thereafter subject to established criteria.

A non-citizen can apply for an OP/RP under any of the following 4 categories:

Investor:

  1. Initial transfer of USD 100,000 and the business activity should generate an annual turnover of at least MUR 2 million for the first year and cumulative turnover of at least MUR 10 million for the subsequent two years.
  2. Existing investor with a net asset value of at least USD 100,000 and a cumulative turnover of MUR 12 million during the preceding 3 years with a turnover of at least MUR 2 million in any one year.
  3. Individual who has inherited a business in case of death or incapacity of the previous investor provided that the net asset value of the business is at least USD 100,000 and a cumulative turnover of MUR 12 million with a turnover of at least MUR 2 million in any one year.
  4. An Investor wishing to bring in high-tech machinery and equipment as part of the investment of USD 100,000, must transfer a minimum of USD 25,000 and the remaining balance in terms of high-tech machinery and equipment.
  5. Investors conducting Research and Development (R&D) in highly innovative sectors can apply for an Innovator Occupation Permit. The R&D expense component should constitute of at least 20% of total operational expenditure during the research phase.  Applicants eligible to apply under this scheme will be required to make an initial investment of USD 40,000.

Professional: Basic salary should exceed MUR 60,000 monthly. However, the basic salary for professionals in the ICT Sector should exceed MUR 30, 000 monthly.

Self-Employed: Income from the business activity should exceed MUR 600,000 annually for the first two years of activity with an initial investment of USD 35,000.

The annual income has been increased from MUR 600,000 to MUR 1,200,000 as from the third year of activity.

Retired Non-Citizen: The Retired Non-Citizen must undertake to transfer to his/her local bank account in Mauritius an initial transfer of at least USD 2,500. Thereafter, the Retired Non-Citizen should transfer at least USD 2,500 monthly or a sum by instalments amounting to at least USD 30,000 annually.

Dependents of Occupation/ Residence Permit holders, namely spouse, children up to the age of 24 and common-law partner, are also eligible to apply for a residence permit in Mauritius.

How can we help?

We have been providing business creation, management and immigration services to hundreds of people and businesses over the years. Immigration is a core service that is based on one philosophy: ensure the best physical, legal and moral disposition during a relocation project.

At the heart of our concern is the peace of mind of our client and his family.

Our services are not limited to paperwork. Find out more, contact us !

Advertisements

About Gibson & Hills

Gibson & Hills Ltd is a consultancy firm that offers specialized services and solutions to people and businesses , operating in or with Mauritius. We advise on business creation, management and immigration issues to help foreigners set base in paradise-island. Mauritius is one of the world's most avantgarde business jurisdictions and offers an excellent quality of life standard. Invest in Mauritius and choose to live next to the world's finest beaches and turquoise lagoons. A low tax regime, streamlined procedures and friendly business framework give you a cutting-edge advantage on the international playground. Our team will advise you in selecting the best options available through personalized counseling. We take every project as a unique one. We know that behind every project lies the dreams and ambitions of someone. Our philosophy is to value, respect and ensure this dream and give what it takes to transform it into reality. Invest in Mauritius. Relocate and open the doors to paradise.
This entry was posted in Business, Business Facilitation Act, Immigration, Investment, Mauritius, Occupation Permit, Residence Permit, Residency, Retired Permit, Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s