Are you looking for the ideal place to retire? A place where you can be disconnected from all the noise elsewhere and enjoy your retirement to the fullest? Mauritius will not disappoint. As Mark Twain once said, “Mauritius was made first, and then heaven; and heaven was copied after Mauritius.”.
Moreover, Mauritius is a perfect place for foreigners to invest. Here’s what you should know if you are thinking of retiring in Mauritius as a foreigner and maybe even doing business.
Eligibility for residency in Mauritius as a retired foreigner
To be eligible, you should be at least 50 years old and should be able to transfer a minimum of USD 1,500 per month or a sum of USD 18,000 per year so as to benefit from a 10-year Residence Permit. This sum of money may also be in another freely convertible currency of equivalent value.
The funds are to be transferred to a bank account in Mauritius once approved. This procedure is fundamental to begin your first steps to acquiring your Residence Permit.
How can a retired foreigner invest in Mauritius?
Upon acquiring the Residence Permit for Retired Non-Citizens of 50+ years, you may start investing in any type of business, as long as you are not an employee in that business, nor manage it in any way. No salary must be paid to you from that business as well.
If you choose to invest in residential property, you may do so under the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS) or Smart City Scheme (SCS). You may also acquire an apartment found in a building of at least two floors above ground floor (Ground + 2). Get more details about these schemes by reading this article.
Don’t know where to invest and who to trust? Knowhouse is an expert in property development. Our rich portfolio of successful property projects says it all. Take a look at our current projects which might interest you.
Benefits of retiring and investing in Mauritius as a foreigner
- Possibility to extend the duration of a 10-year Residence Permit to a 20-year Permanent Residence Permit (After staying for 3 consecutive years and respecting the necessary conditions during your stay.)
- No tax on transferred funds to Mauritius. Additionally, no tax on the person’s wealth and on inheritance tax as well.
- Your family can be with you! A retired non-citizen having a residence permit can make way for any dependents to stay in Mauritius for the same duration as the latter.
Dependents are referred to as spouse (including Common Law Partner of the opposite sex), parents and children (including stepchildren or lawfully adopted children) who are unmarried and who do not engage in any gainful activity. Application is subject to approval by the Passport and Immigration Office.
If you’re looking to invest in properties or looking for properties for sale in Mauritius, contact us and we will be more than happy to help!