| Mauritius: a more accessible Work & Live destination |
| | | Introduction: In the past months, Mauritius faced its fair share of challenges and after having successfully contained the Covid-19 pandemic spread, it now gears up for economic recovery and is positioning itself to catch up on global trends such as the digitisation of its economy and the introduction of sophisticated financial services. The need for up-skilling and attracting foreign talent and investors is more pressing than ever. In the recent budget speech for year 2020/2021, the finance minister presented a series of measures aimed at encouraging skilled expatriates and investors to relocate to the island. These proposals are being implemented following the enactment of the Finance (Miscellaneous Provisions) Act 2020 in August 2020. The key measures include:
- Occupation Permit (OP) for Investors and Self-employed is being extended from 3 years to 10 years
- Validity period of Permanent Residency (PR) has been doubled to 20 years
- Minimum investment amount for Investor OP applicants has been reduced from USD 100,000 to USD 50,000. Moreover, the annual turnover criteria for the renewal of the OP has been revised - annual turnover of MUR 4 million (circa. USD 114,000) will have to be generated as from third year of registration
- Professional OP holders and Retired Non-citizens are eligible to invest in any business provided that they:
(i) are not employed in the business
(ii) do not manage the business
(iii) do not derive any salary or employment benefits from the business
- Professional OP holders may now also hold shares in a business where he is employed provided that he is not a majority shareholder.
- Minimum investment amount for those wishing to have Residence Permit through the acquisition of property under the Property Development Scheme, the Real Estate Scheme, the Integrated Resort Scheme and the Smart City Scheme (the “Schemes”) has been revised from USD 500,000 to USD 375,000
- Minimum investment amount for investors wishing to invest in qualifying activities has also been decreased from USD 500,000 to USD 375,000
- Holders of RP through acquisition of property in the Schemes and Retired Non-citizens are now allowed to engage in any occupation for profit or reward without having to apply for an OP or work permit
- Definition of Dependents has been broadened to include the “Parents” of the applicants
Our newsletter provides more details about the above measures. At the date of writing of this publication, we are yet to receive the updated guidelines pertaining to new OP/RP applications and existing OP/RP. Nevertheless, should you have any queries, please get in touch with your usual contact person at ITL or write to us on info@intercontinentaltrust.com
We wish you a pleasant read!
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| ITL Data Protection compliance programme - Reminder
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| | DISCLAIMER The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.
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