Retire in Mauritius: A Paradise for Retirees

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How to retire in Mauritius

Looking for an oasis of calm for your golden years? Consider packing your bags for Mauritius, a tranquil haven that caters to those yearning for a peaceful retirement. For individuals over 50, securing a Mauritian residence permit becomes a relatively straightforward affair. A regular monthly transfer of $1500 to a local bank can secure your stay in this tropical paradise for ten years, with the potential to extend it to a 20-year permanent residence after three years.

Settling down in Mauritius also unlocks the potential for investing in local businesses. But do note, these investments are meant to boost the local economy and not intended for personal financial gains. You won’t need to step foot in Mauritius to initiate the application process – it’s all possible online. And the sweetener? The opportunity to buy property and have your loved ones join you in this picturesque island nation, given that you comply with all the rules and provide all necessary documents.

The Mauritian government has taken steps to ensure your move is hassle-free. The National Electronic Licensing System facilitates the application process from the get-go to the point where you receive the ‘approval in principle’ letter. This digital platform lets you bypass a trip to Mauritius to set the wheels in motion. To use this system, you’ll need to register for security and verification purposes. Visit https://business.edbmauritius.org/ to get started.

Once you’ve acquired the approval in principle, establishing a bank account in Mauritius is your next step. Here, you’ll need to make the initial transfer of $1500 (or its equivalent in a freely convertible currency), a crucial step before receiving your residence permit.

Pondering property purchases in Mauritius? Foreign nationals can buy properties under various schemes such as the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS), or Smart City Scheme (SCS).

Your Mauritian journey doesn’t have to be a solo one. Mauritius’ immigration policies extend a warm welcome to families. Dependents of retirees can apply for a residence permit, enabling them to immerse in the Mauritian lifestyle alongside the main holder.

If you’re scratching your head over financial implications, you’ll be glad to know that the funds transferred to Mauritius don’t attract any tax. Plus, there are no wealth or inheritance taxes to worry about.

After a decade in Mauritius, your residence permit can be renewed with the continuous monthly transfer of $1500. Or, if you’ve held residency for three years and transferred a total of at least USD 54,000 during this time, you can apply for a 20-year Permanent Residence Permit.

Mauritius is a prime contender for serene retirement living. It blends balmy weather, tranquility, state-of-the-art infrastructure, and a cost-effective lifestyle. It’s the perfect backdrop for retirees aged 50 and above, offering a variety of recreational facilities and social opportunities.

To wrap it up, setting up your nest in Mauritius promises an idyllic, restful lifestyle for your retirement. The simplified process makes Mauritius a top choice, with numerous perks awaiting you. So why wait? Embark on your Mauritian adventure today and bask in the joys of island living.

Here is a summary of the PDS Senior Living Guideline

SECTION 1: HOME PROPERTY DEALINGS

This part concerns transactions of constructed homes, including deals under a VEFA arrangement.

1.1 KEY ASPECTS OF A HOME SALE

Under Senior Living’s PDS, a home sale can occur at any stage: pre-construction, during construction, or post-completion.
Purchasing property during the first two stages follows the terms of a “vente à terme” or “VEFA”, as per the Code Civil Mauricien.
A future delivery sale requires the seller to complete the building and the buyer to accept and pay upon delivery.
In a future state of completion sale, the buyer acquires immediate rights to the land and structures, and pays as the work continues.

1.2 Financing Residential Property for Non-Citizens

Non-citizens purchasing residential property can pay in US dollars or other freely convertible foreign currencies.

Funds for purchasing residential property must come from outside Mauritius and be transferred through a recognized bank.

If a loan is obtained in Mauritian currency, the initial payment of up to $500,000 USD or its equivalent in any freely convertible currency must be in USD. Repayment can be made using any freely convertible currency.

1.3 Applying for Property Acquisition under PDS for Senior Living

Non-citizens, companies, trusts, foundations, or limited partnerships interested in acquiring property under the scheme must apply to the Economic Development Board.

The Economic Development Board requires all necessary documents for property acquisition from non-citizens, companies, trusts, foundations, or limited partnerships.

Applicants need to include a non-refundable processing fee of 20,000 rupees paid by cheque from the smart city company or developer, made out to the Economic Development Board.

An application is considered ready for processing when all information, details, and documents are complete and submitted to the EDB.

1.4 Application Screening Process

The PDS Company for Senior Living conducts a thorough application screening process to ensure transparency and accountability. Before submitting applications to the Economic Development Board, the company performs due diligence through a trusted bank. This includes a Know Your Client (KYC) exercise and opening an “Escrow Account” for the client. In some cases, the company may sign a preliminary reservation contract for the plot. The potential buyer must deposit up to 25% of the investment amount in the bank.

Through this diligent screening process, the PDS Company for Senior Living evaluates applications and protects the interests of both the company and its clients.

1.5 Required Documents for Application Submission

Submit these required documents with your application.

PART 2: Renting & Leasing Residential Units

2.1 Rental of Residential Units

Owners of residential properties in the PDS for Senior Living can exclusively rent to retired individuals through:

Retired non-citizens interested in renting under the PDS for Senior Living must submit:

No authorization needed for Mauritian citizens and Mauritian Diaspora.

PART 3: SALE OF LIFE RIGHT

3.1 ACQUISITION OF LIFE RIGHT

When acquiring a life right for a residential property, you can live there rent-free for life. Ownership remains with the PDS Company for Senior Living.

The life right ends upon your death or if you choose to terminate the agreement. You cannot pass the property to someone in your will.

You are not allowed to sell the life right, whether through exchange, donation, testamentary disposition, or intestate succession. (Refer to article 1717 of the code civil – Le preneur a le droit de sous-louer, et même de céder son bail à un autre, si cette faculté ne lui a pas été interdite.(translated: “The lessee has the right to sublet, and even to assign his lease to another lessee, unless he has been prohibited from doing so.”))

3.2 DOCUMENTS REQUIRED FOR THE ACQUISITION OF A LIFE RIGHT

To acquire the life right, retired non-citizens need to submit the following documents:

No authorization is needed for Mauritian citizens and members of the Mauritian Diaspora.

3.3 Termination of Life Right

When a life right unit ends or the occupant passes away, the outgoing occupant or their heir will receive an agreed-upon amount as the initial investment. If the developer chooses to re-grant the right, they will strive to obtain the highest possible new Occupation Consideration. The developer’s decision on the new Occupation Consideration is final, and no claims can be made against the PDS Company regarding the amount. Within 60 days of the Termination Date, the developer will determine the value of the Life Right. If the right is re-granted, the occupant or their heirs will be paid the lesser of two amounts: the original Occupation Consideration minus any dues to the developer, or the new Occupation Consideration minus any dues to the developer. This process ensures fair compensation and protects the occupant’s rights.

3.4 MAINTENANCE REQUIREMENTS

Occupants may need to pay monthly fees for maintenance, frail care, or management services as part of the scheme. These payments are made to the Syndic or a designated management company appointed by the PDS Company for Senior Living.

Part 4: Residency in Mauritius

4.1 Residency in Mauritius

According to the Economic Development Board (Property Development Scheme) Regulations of 2015, non-citizens can acquire a residence permit in Mauritius. This permit allows them, along with their spouse or common law partner, to live rent-free in a senior living residential unit for life. No minimum investment is required for obtaining the Residence Permit.

4.2 Essential Documents for Your Residence Permit Application

1. Here are the documents that need to be provided when applying for a Residence Permit: (seebelow)
   
2. If the applicant is accompanied by their spouse or partner, they must submit proof of their relationship, such as a marriage certificate or certificate of concubinage, copies of the first 5 pages of each dependent’s passport, medical certificates for each dependent, and a morality certificate for the spouse. These documents must be included with the application.

PART 5: SELLING RESIDENTIAL PROPERTIES

Property owners can resell or transfer their residential properties and related shares, rights, or interests.

Before selling, owners must notify the Chief Executive Officer of the Economic Development Board (EDB) and provide a copy to the PDS Company for Senior Living at least 30 days in advance.

How to retire in Mauritius?

You have these two options that Mauritius promotes:

1. Through Property Development Scheme (PDS)
2. Or Retired Non-Citizen +50 years

These are two offers that the state is offering right now, but there are several more possibilities that might be exciting for you.

1. Like Residency Through Investing in Real Estate
2. The Smart City Scheme
3. Residence Permit in Mauritius
4. Investing in the Hotel Scheme
5. Ground Plus Two Apartments
6. Relatives’ Permit
   

What is the Smart City Scheme Residence Permit in Mauritius?

The Smart City Scheme Residence Permit in Mauritius allows noncitizen retirees to apply for residency through the purchase of property. They can opt for one of several property schemes or filing for a residence permit as a retiree by paying more than USD 375,000 for a single residence.

What are the benefits of retiring in Mauritius?

Retiring in Mauritius offers security and safety, fair taxation compared to other nations, easy connectivity, excellent medical centers, a variety of outdoor activities and historical landmarks.

What are the requirements to obtain a Retired Noncitizen Residence Permit in Mauritius?

The requirements to obtain a Retired Noncitizen Residence Permit in Mauritius include being over the age of 50, providing a 6-month-old Certificate of Morality or Criminal Record Check, having a local bank account with an initial deposit of $1500, and wiring $1,500 per month or $18,000 per year to the local bank account.

Have Mauritius retirement homes?

Yes, Mauritius has retirement homes. Retirement homes in Mauritius are known as Senior Residences, or elderly homes. They are a safe and comfortable living environment for elderly people. Many of these homes offer round-the-clock medical care, social activities, and other services for their residents.