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Mauritius Budget 2020/2021: It’s time to move in Mauritius!

Ever wanted to live on a tropical island? Mauritius is the perfect setting! Kilometers of pristine white sandy beaches, turquoise lagoons and beautiful landscapes are some good reasons to settle down in an island which has been called the star and key of the Indian Ocean. It is not only a popular island getaway, but the island is also fast becoming an attractive destination for expatriates and people working abroad.

Moving to another country can be quite a hassle and discouraging. However, Mauritius, on the other hand, opens its doors to the world and makes it easy to work, live and build a family here. The 2020/21 budget continues on it objective of building an innovative environment favorable to both local and foreign investment, with the overall objective of transforming Mauritius into a high-income economy. It’s time to settle in Mauritius; get a glimpse of the advantage from the last 2020/21 budget.

Occupation Permit

  • The minimum monthly salary criteria of MUR 30,000 will now be extended to other sectors. Indeed, this criterion was initially applicable to ICT professional to obtain an Occupational Permit
  • The validity of the Occupational Permit will now be increased to 10 years and will be renewable
  • The minimum investment requirement for an OP as Investor will be reduced to USD 50,000 instead of USD 100, 000
  • The minimum turnover and investment required for Innovator Occupation permit will be waived
  • Holders of an OP will not have any shareholding restrictions to invest in other ventures.

Dependents of Occupation Permit holders

  • OP holders will be allowed to bring their parents as their dependents
  • No restriction for spouses of OP holders to work in Mauritius

Residence Permit (RP)

  • Foreign nationals, above the age of 50 years, may also choose to retire in Mauritius under a Residence Permit (RP). The validity of same will be increased from 3 to 10 years.
  • Residence Permit holders who have held the permit for three consecutive years will be eligible to apply for the PRP (20 years).
  • Retired non-citizens holding a RP will not have any shareholding restrictions to invest in other ventures.
  • Non-citizens who have a residence permit under IRS, RES, PDS or Smart City Schemes, will be exempted from an OP or Work Permit to invest and work in Mauritius.
  • For a holder of an immovable property to obtain a residence permit, the minimum investment amount will be reduced to USD 375,000, from USD 500,000.

Permanent Residence Permit (PRP)

  • PRP validity extended from 10 to 20 years, in addition to the existing turnover and salary criteria have been waived.
  • Existing OP holders, who have held the permit for three consecutive years, will be eligible to apply for the PRP.
  • For an investor to directly obtain a PRP, the minimum investment amount will be reduced from USD 500,000 to USD 375,000.

Work Permit

Work Permit and Residence Permit will now be issued as one permit instead of two separate documents.

 Acquisition of Property

Non-citizens, who hold a RP, an OP, or a PRP, will be authorised to acquire one plot of serviced land not exceeding 2,100m², for residential purposes, in Smart Cities.

This measure will be valid for a period of 2 years ending 30th June 2022.

 

Looking to call Mauritius your home? Take a look at our different projects and let’s have a chat to help you settle on our paradise island and enjoy the perfect islander lifestyle.