Mauritius attracting wealthy retirees with lifestyle and tax benefits

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