It has now become a lot more affordable to own property and live in Mauritius. The tropical island of Mauritius has always been a favourite destination for South Africans wanting to emigrate or experience a better, safer, and more relaxed lifestyle. Based on the recent changes implemented by the Mauritian government - it has now become even cheaper to do so.
New legislation introduced by the government in response to the global COVID-19 pandemic is extremely valuable to those looking to these tropical shores. Changes made included:
- The minimum investment required for an occupation permit (OP) also known as the ‘investor permit’ to live/work in Mauritius as a non-citizen reduced from USD 100,000 to USD 50,000. With the validity being extended from 3 years to 10 years.
- The second visa option is the USD 35,000 self-employed permit, which allows an individual to work in Mauritius under a sole proprietorship, and has also been extended from 3 years to 10 years. The requirements include transferring USD 35,000 into a local bank account which is then yours free to use after the permit has been granted.
- The biggest change and improvement was to the traditional investment-for-residency, which has now become more affordable for South Africans to acquire Permanent Residency. The purchase threshold has been reduced from USD 500,000 to USD 375,000 and allows a foreigner to invest in designated PDS, RES, or IRS schemes. The real enticement here is that the holder of the investor permit will now be able to bring his/her parents to Mauritius as dependents, including that of his/her spouse which is also eligible to reside and work in Mauritius without having to apply for a separate permit.
In addition, the government announced that the residence and work permits will now be combined into one document. And those who have held a Residence permit for 3 years will be allowed to apply for Permanent residency which has been extended to 20 years.