Investors and immigration Residential Permit – 2024
BUDGET HIGHLIGHTS FOR IMMIGRATION
– The Work Permit and Residence Permit will be combined into one single permit.
– Validity of an Occupation Permit (OP) and a Residence Permit for retirees has been extended to 10 years renewable.
– The minimum investment amount for obtaining an OP as an investor 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.
SOME ADDITIONAL BUDGET HIGHLIGHTS
(i) The minimum investment amount for an investor to obtain the status of Permanent Resident or a holder of an immovable property under an existing scheme to obtain the status of Resident will be reduced from USD 500,000 to USD 375,000.
(ii) To attract and retain foreign talents and businesses, non- citizens holders of Residence Permit, Occupation Permit or Permanent Residence Permit will be allowed to acquire one plot of serviced land not exceeding 2,100 m2 for residential purposes within smart cities.
This measure will be open for a period of 2 years ending 30th June 2022. The non-citizens will have to complete the construction of a residential building within a period of 5 years. The total area of all plots of serviced land for sale should not exceed 25% of the land area planned for the construction of residential properties.
(iii) The minimum monthly salary of Rs 30,000 for ICT professionals to obtain an occupation permit will be extended to other specified sectors.
MARCH 2024
New rules for Foreign ownership come into effect
After nearly two years of anticipation, Mauritius has finally implemented sweeping changes to foreign ownership of property in the country. These approved changes now open property ownership for foreign residents outside of the traditional designated foreigner schemes.
Non-citizen residents now have the ability to acquire any property in Mauritius for residential use, provided it falls within the detailed guidelines that have finally been unveiled by the government of Mauritius. These guidelines pertain to the acquisition of immovable properties outside of the traditional PDS/IRS/RES/SCS schemes, the guidelines for designated foreigner schemes remain unchanged.
Eligibility for Property Ownership(outside of designated schemes)
Under the updated regulations, non-citizen residents meeting specific criteria can now acquire residential properties for personal use. These include:Holders of a Permanent Residence Permit
- Holders of an Occupation Permit as investors, professionals, self-employed
- Holders of a family Occupation Permit
- Holders of a Residence Permit through the purchase of real estate under designated PDS/IRS/RES/SCS schemes
Criteria and Considerations
Non-citizens are permitted to purchase only one property, either a residential property (house, villa, or apartment) on a plot of land not exceeding 0.5276 hectares (1.25 arpents), or undeveloped land within the same size limit. However, there are restrictions, such as any properties situated on state-owned land or classified as agricultural land.
Price and Tax Implications
To proceed with the acquisition, the property must meet a minimum purchase price of USD 500,000 or more in the equivalent of a strong currency. Additionally, buyers are subject to an additional 10% tax imposed by the new law, and the standard registration duty of 5%.
If this sounds appealing, explore eligible homes for sale, keep an open mind for any renovations or customizations, and possibly find your forever home in Mauritius.