Retire in Mauritius
Retire in Mauritius is now easier than ever before. Thanks to the June 4th, 2020 Coronavirus budget announcement by the government, foreigners will be finding it much easier to work, invest, and move to Mauritius.
The occupation permit was reversed by half, from $100,000 (R1.7 m) to $50,000 (R867,000). It also has an extended validity period from three to 10 years. These and other changes are appealing for non-citizens who have been eyeing the country as a possible retirement destination.
How to Retire in Mauritius
Mauritius is a dream destination for both work and retirement thanks to its mild tropical climate, and life quality. This makes many navigate around the question — how can I retire in Mauritius? Like other countries, every government has a set of requirements for both citizens and foreigners to retire within its jurisdiction.
If you want to get this right, you have to ask the right questions. First, what are the options to retire in Mauritius? You could be eligible for either a citizenship retirement, immigration, or through retirement schemes.
Next, how much money do you need to retire in Mauritius? Governments want to ensure that immigrants and new citizens will not be a burden to their economy, thus have income regulations to keep this in check.
Here is a useful list you can use to tick off all the retirement to Mauritius requirements:
- You should be at least 50 years old.
- Have a Mauritian bank account to transfer $2500 before application submission. The account should also have at least $40,000 annually and consistently deposited for at least three years with proof of the amount’s transfer to the Board of Investments.
- Have a transfer of at least $120,000 to a local bank over the three years.
- No repatriating the funds to the country of origin unless you are canceling the application.
Retirement options in Mauritius
- Retirement Visa
- Mauritius retirement Permit
- Retirement through Citizenship
- Retirement Scheme
- Immigration Retirement
As long as I am above the age of 50, I can apply for a Mauritius retirement visa. To do so, I will need a Mauritius retirement visa permit that remains valid for 10 years and can be renewed within this period. The permit requires I transfer of $1500 or local currency’s equivalent amount for my upkeep.
I also have to show that I regularly send money to my Mauritian bank account with a minimum of $180,000 annually for the last 10 years of retirement in Mauritius. The Mauritius foreigner retirement visa application fee is MUR 20,000.
A Mauritius retired residence visa can be a pathway to securing permanent residency.
Mauritius retirement Permit
You can apply for a naturalization permit for retirement in Mauritius as long as you meet the above requirements for retirement in Mauritius and other requirements for a naturalization permit in Mauritius.
Requirements for retirement in Mauritius, include:
- Submitting proof of transferring a minimum of $40,000 to a Mauritian bank account for the Board of Investment every year.
- You are not allowed to work in Mauritius or receive any salary from a Mauritius company during this period.
- The amounts deposited to my Mauritian bank account cannot be repatriated.
Applying for a Mauritius retirement permit has to be accompanied by other forms. These include the BOI retirement non-citizen registration form, a residence permit application form, the MUR 20,000 processing fees, and a letter for the undertaking.
Other personal documents you will need:
- Medical certificates not older than six months
- Original and copy of my birth, marriage/divorce certificates, either in English or French
- Four Current colored passport-sized pictures
- Moral/ certificates of good conduct for the last 10 years
Retirement through Citizenship
Aside from applying for a retirement visa in Mauritius or a temporary permit, you could opt to apply for retirement through a citizenship permit. A retirement citizenship Mauritius permit is eligible to anyone with a temporary 3-year permit. You can also choose to go the permanent residence route and get Mauritian citizenship as long as my country of origin allows for dual citizenship. Else you might have to denounce the former.
Anyone can choose to transfer to permanent residency from occupation residency permits if they have an investor occupation permit, professional or self-employed OPs. Investor OPs must be accompanied by proof of an annual turnover of at least MUR 45 million. Professional OP requires at least MUR 150,000 in salary and a self-employed OP, MUR 3 million in turnover for the last three years. Read more on How to get Mauritius citizenship?
To seek permanent residency from a retirement visa, you will need to have transferred at least $54,000 annually for three years to my Mauritian bank account.
The Mauritian retirement scheme is an incentive guaranteed by the government to its citizens and some foreigners also known as the old-age pension. You have to be over 65 years to be eligible with at least 150 pension points. For a foreigner, you should have been a resident for at least 15 years.
People immigrate to Mauritius using a work or resident permit. Therefore, you have to first meet either of the two requirements to be eligible for Mauritius immigration retirement. You can get an occupation permit as long as you have a former investor’s letter proving cancellation for self-employed individuals. Else, you will need a former employer’s letter with no objection to a change of occupation if formerly employed.
If your residence or occupation permits have been valid as per stipulated periods, you can then transfer to a permanent residence permit.
Who can Retire in Mauritius?
All Mauritian citizens can retire in their country, although they have to be at least 65 years old to receive contributory retirement pension, national pension scheme, or social insurance. Pension points also contribute significantly to who is eligible for such supports.
But what if you are a non-citizen, can you retire in Mauritius?
Yes, you can, as long as you meet the different outlined specifications above. When it comes to Mauritius residency retirement nationality, the country is very social and open to receive residence from most foreign lands. However, one might want to check what their country outlines when it comes to sensitive matters such as dual citizenship.
For example, Indian citizens have no dual-citizenship allowances, so they might have to be more thorough in considering Mauritius residency retirement nationality preference. If your main concern is can I retire to Mauritius, then you need to be at least 50 years of age and have transferred at least $18,000 annually for three years.
Retirement as a non-citizen in Mauritius
With the new laws announced on the 4th of June 2020, it is even easier to move to Mauritius for non-citizens. Anyone can consider foreigner retirement in Mauritius and ensure they sign up for either the temporary three-year plan or a ten-year permanent residency permit.
As a retired non-citizen Mauritius resident, you may consider ensuring permanent citizenship in the long-run. Transferring from occupation permits and retirement visas to a Mauritius retirement non-citizen permit for permanent residency is quite easy as long as you have proof of economic commitment.
Retiring to Mauritius from South Africa
In terms of both safety and tax advantages, living in Mauritius is a better option compared to South Africa. This is a significant reason why people from South Africa are also opting to retire in Mauritius. However, is it easy for SA to retire in Mauritius? Given the number of South Africans retired in Mauritius, you can tell that there is a clear motivation for retirement immigration to Mauritius from SA.
The easiest route has been through occupation permits since the country is very friendly to COMESA countries. One can easily get an Occupation Permit by depositing $35,000 to their Mauritian bank account and following other occupation requirements. The OP is valid for ten years.
Property investment is another easy way for people who keep asking; can I retire to Mauritius from South Africa? A while back, foreigners had to pay $500,000 for property investment, today, the rates are down to $375,000. Mauritius retirement SA citizens don’t have to denounce their citizenship, since their SA allows dual citizenship.
So, can you retire in Mauritius South Africa? Yes, you can. You will experience amazing advantages such as easy connectivity, better tax advantages, beautiful sceneries, and an amazing cultural heritage.
Where to Retire in Mauritius
Once you have made up your mind to retire to Mauritius, you will need to find the best place to retire in Mauritius. One of the popular places to look is retirement villages in Mauritius for sale. Through property investment in Mauritius, you can find a safe way to balance business and leisure.
The country has a thriving economy, making betting on options such as gated retirement complex Mauritius worth the investment. Retirement villages in Mauritius also have amazing modern designs with upscale facilities. Cultural diversity makes living in a Mauritius retirement village even more interesting. If you are into more modern settings, then Mauritius retirement complexes will serve your preferences.
Retire in Mauritius Summary
Many advantages provide answers to questions as to why retire in Mauritius in the first place. From a thriving economy to a peaceful country, you would look for places that serve the needs of a person who is advancing in age and prefers more rest.
Retirement benefits Mauritius included the offer of good health, pleasant living conditions, and strong economic potential. It’s a win that no one wants to pass. Plus, all the above details are handy to offer assistance to enable me to retire in Mauritius, which lifts off the burden through the thought process.