On June 4, the Mauritian government unveiled the flagship measures in its 2020-21 national budget. The budget is intended to support the country’s economic recovery and strengthen its appeal internationally, and notably includes measures to attract foreign investors and expatriates. Its key points are as follows.
Mauritius has not been spared by the coronavirus crisis. Yet thanks to its resilience and dynamism, the country is doing everything it can to restart its economy. The government, which has always welcomed foreign investors and expatriates seeking to live and work in Mauritius, has now rolled out a number of flagship measures to strengthen the country’s appeal. Foreigners – whether investors, professionals or retirees – can now consider settling in Mauritius for the long term.
• Attractive real estate measures
Since real estate programmes aimed at foreign investors were first created in 2005, buyers who acquire a property worth more than USD 500,000 have had the right to a Mauritian permanent residence permit. This permit allows foreigners to live in the country for more than six months a year and to be tax domiciled there. Among other advantages, permanent residents benefit from:
• Non-double taxation agreements with around 40 other countries
• Additional measures to encourage investment, such as exemption from capital gains and estate taxes.
The level of investment required to benefit from these measures has now been lowered to USD 375,000.
Acquire land in a Smart City
In addition, new regulations that have yet to be signed into law would allow non-citizens with a residence permit, occupation permit or permanent residence permit to acquire plots of serviced land within any Smart City project. This exceptional opportunity cannot fail to appeal to investors, with Smart Cities such as Beau Plan offering long-term, sustainable regional planning and significant added value.
Strict conditions will encourage sensible and sustainable development, with builds to be completed within 5 years of a plot being purchased, and individual plots limited to a maximum size of 2,100m2.
• The new Mauritian residence permit: now more flexible and valid for longer
The government has revised its offer to those wishing to live, work or retire in Mauritius, making it easier to obtain a permit. New measures include the following:
• Work and residence permits have now been combined into a single permit. Permit holders may, after three years, apply for permanent residence (valid for 20 years).
• The validity of Occupation Permits (OP) and residence permits for retirees has been extended from 3 to 10 years, renewable.
• Any foreigner wishing to obtain an Investor’s Permit must invest at least USD 50,000, down from USD 100,000 previously.
• Spouses of Occupation Permit (OP) holders are now allowed to work or invest in Mauritius without having to apply for an additional permit. The OP holder’s parents will also be able live in Mauritius as dependents.
• Any IRS, PDS, RES or Smart City property owner will be able to work and invest in the country without having to apply for an additional permit.
• The validity of permanent residence permits has increased from 10 to 20 years.
In small countries such as Mauritius, exceptional real estate opportunities are increasingly rare. More and more, buyers are seeking out controlled, carefully planned developments to safeguard the legacy they will leave their descendants. Mauritius’ Smart Cities are the ideal solution: they offer sensible, sustainable development alongside mixed-used spaces in which to live, work and play.
Beau Plan, which obtained its Smart City certificate in November 2018, is no exception. Having successfully marketed both land and residential units, Novaterra is now working on developing its new shopping centre. Thanks to its comprehensive offer, the city is set to become the most sought-after area in the North of the island. It offers both an exciting and vibrant environment as well as a tranquil and peaceful setting in which to live day-to-day.
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