Looking to establish a Plan B for your family in Mauritius? Find out more about how you can obtain Mauritian permanent residency or citizenship by investment in 2019 below, or contact us now for a free consultation to discuss your Mauritius investment immigration plans.
As a second residency or investment citizenship destination, Mauritius has a lot to offer:
FINANCIAL STABILITY: Mauritius is a stable democracy with deeply established policy frameworks, strong economic growth, and a respected banking industry. In addition, it is renowned as one of the most progressive investment environments in Africa. The total wealth held in Mauritius is in excess of $44 billion, while the average per capita income in Mauritius is $33,000, making the country the richest in Africa.
The financial services sector is a key contributor to the economy of Mauritius, and the country has steadily grown the number of financial services on offer. The country boasts an absence of exchange controls, as well as foreign asset protection and OCDE double-taxation treaties.
BUSINESS FRIENDLY: Mauritius is rated as the top most competitive country in Africa, and ranked 28th globally in terms of the ease of doing business during 2015. In addition, the ready availability of a highly qualified, affordable and bilingual workforce makes it an excellent destination for companies seeking to establish a satellite or head office in an offshore tax haven.
TAX OPTIMISATION: Taxation is a key draw card, especially for South African business owners wishing to establish a satellite office offshore.
UNPARALELLED LIFESTYLE: Mauritius offers world class beaches, rich bio-diversity and unparalleled watersports a mere 4 hours from South Africa.
ULTIMATE PLAN B: Under the Mauritian Property Development Scheme (PDS), third country investors can obtain obtain residency by purchasing a qualifying property valued at $500,000 or more – and South Africans are flocking there.
Emigrating to Mauritius by investment in 2020: what are my options?
Foreign High Net Worth Individuals will have two options of obtaining citizenship or a second passport by investment:
Mauritian Citizenship By Investment 2020: By making a non-refundable donation of $1 million to a Mauritian sovereign development fund. Their spouse and dependent children can be included for an additional non-refundable contribution of $100,000 per person.
Mauritian Passport By Investment 2020: Foreign investors can obtain a second passport by making a non-refundable contribution of $500,000 to the Mauritian Sovereign Fund. Their spouse and dependent children can also obtain a Mauritius passport for an additional contribution of $50,000 per person.
Mauritius Residency By Investment 2020: Foreigners who purchase a residential property to the value of $500,00 or more under the Property Development Scheme (Mauritius PDS), the Integrated Resorts Scheme (Mauritius IRS), or the Residential Estate Scheme (Mauritius RES) can qualify to apply for residency in Mauritius. The primary applicant’s spouse and dependent family can be included in the Mauritian residency application.
The Mauritius IRS (2002): Purchasing an Integrated Resorts Scheme (IRS) property qualifies the purchaser for Mauritian residency. The residency permit will remain valid for as long as the property investment is maintained, and the primary applicant’s spouse and unmarried children under the age of 24 are eligible to apply for residency as well.
The Mauritius RES (2007): The Residential Estate Scheme was a streamlined version of the RES. The programme was launched with a view to enable smaller land owners to get in on the property development action in Mauritius.
The Mauritius PDS: The Property Development Scheme was created by merging the IRS and RES programmes. As of the 2016/2017 budget, there are no longer any restrictions on the maximum land area which can be used for property developments, and developers are no longer obligated to sell 25% of the total units within a project to members of the Mauritian Diaspora or Mauritian citizens. The PDS is essentially an integrated project with a social impact dimension, with benefit to the communities of Mauritius being a key objective. In addition, environmental impact is a key consideration for PDS projects.
You may rent out your second homes, and you are eligible to become Mauritian tax residents should you so choose. In addition, you face no restrictions in terms of the repatriation of funds or from the income generated from selling or renting out your Mauritian property. From a tax point of view, Mauritius is a compelling Plan B destination – it has no capital gains tax, inheritance tax or capital gains tax, and the universal rate of taxation is only 15%.
A summary of the regulations pertaining to obtaining Mauritian residency can be found here.
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