Strategically located in the Indian Ocean at the crossroads of Africa and Asia, Mauritius presents itself as a premier international business hub and a window of opportunity for foreigners wishing to establish viable investment projects on the island. An attractive blend of advantages is offered to international investors, including:
- Political and Social Stability
- Preferential Access to Regional Markets
- Sound Macro Economic Management
- Good Governance and Efficient Public Services
- Modern Infrastructure and Telecommunications Services
- High Health Standards and Peaceful Living Conditions
- Pool of Qualified Professionals, Bilingual in English and French
- Highly Literate and Adaptable Labour Force
- Effective Private/Public Sector Partnership
Attracting foreign capital has always been a major objective in the country's economic development strategy. Numerous advantages, including tax incentives are already offered to foreign investors. As a means to further encourage investors to seize business and investment opportunities in Mauritius, Government has introduced a Permanent Residence Scheme for eligible foreign businessmen. This leaflet provides details on the Permanent Residence Scheme.
Integrated
Resort Scheme (IRS)
Scheme
to Attract Professionals for Emerging Sectors (SAPES)
Upon a minimum investment of USD$500,000, the investor will be eligible
for Permanent Residence Status.
He will be exempt from work and residence permits. He can also apply for
PR status for his:
(a) Spouse
(b) Children, stepchild or his lawfully adopted child*
(c) Next-of-Kin*
(d) Wholly dependent next-of-kin of an unmarried applicant, privided the number of dependents does not exceed 3.
Each of the above person shall separately fill an Application Form for PRS
* A next-of-kin or child above the age of 18 shall also make a deposit of a minimum of USD$100,000 with the Accountant General in Mauritius via bank transfer of the funds. The deposit will not bear any interests.
Business activities which qualify under the Scheme are as follows:
- Manufacturing
- Operational headquarters of multinational
- companies
- Hotel, tourism and related services
- Freeport Operations
- Financial Services
- Information technology
- Agro-based industry
- Concession projects
- Fishing and marine resources
- Film production
Alternatively, investment of the same amount (USD 500,000) in the Permanent Resident Investment Fund is also regarded as an investment in a qualifying business activity. This Fund has been established by the Minister of Finance and is operated and managed by the Accountant General.
Applications for Permanent Resident Status should be made on the prescribed form which may be obtained at M.E.D.I.A. (Mauritius Export Development and Investment Authority), and the Diplomatic Missions and Consular Offices of Mauritius abroad.
There are two stages to completing the application process:
Stage 1 : Approval in principle Investors should submit
to the Executive Chairman of M.E.D.I.A. the following, concurrently:
(a) Application for approval of the investment (use prescribed forms whenever required). The Investment should be either in a qualifying business activity or in a duly approved fund.
(b) Application for approval of Permanent Residence Status for the investor, his spouse and His dependents (use prescribed form).
Stage 2 : Grant of Permanent Resident Status Upon grant of approval in principle, the full amount of the investment should be effected or Alternatively an amount of US$500,000 (or equivalent amount) should be deposited with the Accountant General , pending finalisation of the investment. M.E.D.I.A. will be pleased to provide advice on how to complete the application formalities.
The Permanent Resident Status may be withdrawn where:
(a) any person has willfully made any false statement or misled or attempted to mislead the immigration officer with respect to an application for a Permanent Resident Permit;
(b) within a period of 5 years of becoming a permanent resident, any person ceases his business activities or reduces the sum invested to an amount less than US$500,000 (or equivalent amount);
(c) the investor has been declared bankrupt;
(d) the person holding a Permanent Resident Status has been convicted of a criminal offence carrying a term of imprisonment of not less than 12 months.
Investor can acquire for residential purposes only:
(a) A flat or portion of land or immovable property not exceeding 1.25 arpents
(b) Should be at least 100 metres away from sea frontage
- The investor may be issued with a multiple entry visa valid for a period of up to one year pending the grant of Permanent Resident Status.
- The investor and his dependents who are granted Permanent Resident Status under the Permanent Residence Scheme will be exempted from the requirements of a work permit under The Non-Citizens (Employment Restriction) Act.
The investor who becomes a permanent resident under the Permanent Residence Scheme may apply for Mauritian citizenship after meeting the provisions of the Mauritius Citizenship Act(1968).
INTEGRATED RESORT SCHEME (IRS)
What is the Integrated Resort Scheme (IRS)?
The IRS is basically a project for the construction and sale of luxury villas to foreigners in an idyllic setting near th beautiful coastal region of Mauritius. The acquisition of a villa for residential purposes only by a foreigner under the Scheme will allow the foreigner and his family to reside in Mauritius as long as he holds the property.
The luxury villas
Villas sold under the scheme form part of a complex of luxury villas of international standard and high-class facilities and amenities such as: golf course, marina and individual swimming pool, nautical and other sport facilities, health and beauty centres, high class restaurants amongst others. Maintenance, waste disposal, gardening, security and other household services are also included.
The extend of land in respect of each villa shall not exceed 1.25 arpents (0.5276 hectares). The villa can be acquired on the basis of a plan or during the construction phase.
Residence Permit under IRS
The acquisition of a villa under the Scheme shall grant resident status to the investor, his spouse and dependents. A residence permit granted under the IRS shall remain in force until such time as the non-citizen holds immovable property in Mauritius under the scheme. Application for Residence Permit shall be made at the time of applying for IRS.
Who can apply to buy a villa under IRS?
Any one of the following can apply under the Scheme:
- Non- citizen of Mauritius (including his spouse and dependants);
- A foreign company under the Companies Act (of Mauritius) 2001;
- A citizen of Mauritius;
- A company incorporated under the Companies Act 2001.
Selling back of immovable property
Possible provided written notice is given to the Board of Investment 30 days prior to the sale. Resident Status will be lost on selling back the villa.
SCHEME TO ATTRACT PROFESSIONALS FOR EMERGING SECTORS (SAPES)
Mauritius has become a safe and major financial hub of the southern hemisphere over the last decade. SAPES is a new Scheme to attract non-citizens professionals with talent, expertise and skills in emerging sectors to come, work and live in Mauritius with the aim to provide professional services of the highest standard to investors.
The sectors covered under SAPES are:
- Information & Communication Technology
- Financial Services and
- Any other sector as may be approved by the Board of Investment.
Incentives under SAPES
- 3 year contract or may set-up an office or practice in Mauritius
- 3 years work & residence permit to both the professional and his spouse
- possibility for permanent residence in Mauritius
- exempt from payment of duties and taxes on household & personal effects imported;
- can acquire an immovable property for his personal residence
