Picture this: you’re over 50, you’ve worked hard all your life, and now you’re ready to enjoy your golden years. Where should you go? Have you ever thought about the tropical island of Mauritius? For just a mere $1500 monthly transfer, you can gain a 10-year residence permit in a paradise where serenity is a given. And after three consecutive years, you can even apply for a 20-year Permanent Residence Permit.
Now, here’s something that might sweeten the deal even more. As a holder of a residence permit, you can invest in any business that piques your interest. The caveat? You can’t be employed in the business or receive any salary or employment benefits. But isn’t that the dream? You get to sit back and watch your investment grow while sipping a cold drink on a beach.
Sounds tempting? Let’s delve a little deeper into the specifics. The residency validity is ten years, and the applicable fee is $1000, a new rate that’s been in effect since July 11, 2022. To keep your permit active, you must transfer $1500 monthly or $18,000 per year during the validity period.
The application process? It’s as smooth as the Mauritius sea on a calm day. You don’t even have to travel to Mauritius to get started. The National Electronic Licensing System has got you covered. You can submit your application and receive approval all through their dedicated online platform.
Of course, security is important. You’ll need to register before you can use the platform, which you can do at this link: https://business.edbmauritius.org/. After getting your approval, you’ll then be allowed to open a bank account in Mauritius where you’ll transfer the initial $1500 or equivalent in freely convertible currency. This transfer is necessary for the issue of your Residence Permit.
And what about property? As a foreign national, you can acquire a residential property under the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS) or Smart City Scheme (SCS). And guess what? You can even acquire an apartment located in a building of at least ground plus two floors.
Family matters, and the Mauritian immigration policies understand that. Dependents of Occupation Permit holders and retired non-citizens can also apply for a residence permit, allowing them to live in Mauritius for the same duration as the main holder.
And the tax situation? You’re not taxed on the funds you transfer to Mauritius, and there’s no taxation on wealth or inheritance tax. Just remember, as a Retired Non-Citizen, you will need to provide details on any residences you might have in other jurisdictions, including tax residences, in line with the Common Reporting Standard (CRS) adopted by Mauritius.
Now, on to the application process. You will need to submit several documents, such as your birth certificate, passport biodata page, certificate of character, and a recent color passport size digital photo, to name a few. After getting Approval-In-Principle, additional documents will be required, like your bank statement and medical certificate.
If you’re renewing, you’ll follow a similar process, but will also need to provide a certificate of morality for the last three years in Mauritius and a copy of your Residence Permit.
Take note: whether you’re applying for the first time or renewing, all documents must be presented in their original form on the appointment date.
The application process through the National E-Licensing System (NELS) is free of charge, and the Economic Development Board doesn’t charge for processing applications. Only successful applicants are required to pay the statutory permit fees to the Government of Mauritius.