Mauritius attracting wealthy retirees with lifestyle and tax benefits
With an annual average of 1.3 million tourists visiting the shores of Mauritius, there is a new type of audience the country has been actively attracting - wealthy retirees. With its tropical lifestyle, positive fiscal regimes, and investment opportunities; the number of wealthy retirees is steadily increasing.
According to statistics from the EDB of Mauritius, the number of foreign retirees in Mauritius has increased by more than 150% over the past 15 years (2007 - 2022) with a total of 1,002 retirement permits issued as of June 2023.. French retirees rank number 1 with approximately 60%, South Africa with 15%, and the United Kingdom with 8%.
Non-citizen retirement permit
The Mauritian government has set up an attractive system to welcome all retirees over the age of 50 years through the ‘Non-citizen Retirement Permit’ that allows for a 10-year residency by simply transferring an annual allowance of USD 18,000 ($1,500 per month) into a local bank account to cover living requirements of the Retiree. Furthermore, after 3 consecutive years, the retiree can extend their permit to 20 years, for more information visit https://residency.mu/retire.
Residency through real estate
Real estate is an attractive drawcard for many seeking to make Mauritius home with foreign ownership allowed in designated property schemes that provide a safe and secure investment with a positive track record of appreciation and rental demand. Residency is eligible for buyers and their families from purchases of $375,000 and above.
Real estate investment options in Mauritius vary widely with extreme luxury options such as Heritage Golf Estate, Anahita Golf & Spa Resort and even mountainside villas of Legend Hill offering panoramic views of the West Coast that command well over USD 1.5 million per unit - to more affordable options in residential estates that start in price from USD 375,000 - dedicated retirement projects that allow residency from USD 200,000 (provided the acquirer is over 50 years of age) - and the more affordable options of G+2 Apartments.
Benefits of Mauritius residency
There are many advantages for foreigners seeking to make Mauritius their home for business or retirement purposes, these include:
- Favorable income tax advantages
- Property investment schemes with limited tax liabilities
- No inheritance or wealth tax or capital gains tax
- No foreign exchange controls
- Foreign ownership of property