2 Indian Ocean property investment residency programs for you to consider
Have you ever wanted to relocate overseas but the process to do so was too complicated? In today's article we’ll explore 2 of the Indian...
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Mauritius
Overview
Mauritius is an island nation in the Indian Ocean that is attracting considerable foreign investment. Having experienced steady economic growth for decades, Mauritius is one of the most business-friendly countries in Africa. Residence brings many benefits including lifestyle advantages, with additional benefits for Southern African Development Community citizens.
Mauritius is known for its pleasant tropical climate, multiculturalism, and spectacular living environments, but its dynamic economy, attractive tax regimes, and competitive business landscape have bolstered the country’s global stature and are attracting high-net-worth individuals and families from around the globe.
For those who wish to reside in this island nation, the Mauritius Residence by Investment Program is the most efficient way to acquire such status. Under this program, individuals who invest into the nation’s real estate market can become Mauritian residents within two to six months. The Mauritius Residence by Investment Program is ranked 10th out of 24 programs on the Global Residence Programs Index.
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Minimum real estate investment of USD 375,000
2 – 6 months
Among the top 20 countries in the world for ease of doing business
The right to live, work and retire in Mauritius
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Investment options:
The Mauritius Residence by Investment Program requires that a foreign individual invests into one of four main real estate projects.
• The Integrated Resort Scheme (IRS): Luxury residential property with a minimum value of USD 375,000, with a land area exceeding 10 hectares. • The Real Estate Scheme (RES): Luxury residential property with a minimum value of USD 375,000, smaller than the IRS units and built on freehold land not exceeding 10 hectares. • The Property Development Scheme (PDS): Luxury residential property with a minimum value of USD 375,000, for an integrated project of social benefit to the neighboring community. The projects are subject to strict controls regarding respect for the environment and must focus on ecology. • The Smart City Scheme (SCS): Luxury residential property with a minimum value of USD 375,000. SCS projects must be environmentally friendly living, working, or leisure spaces aimed at generating their own energy and water resources, providing state-of-the-art connectivity, creating smart modern transportation, and reducing traffic congestion.
Alternatively, applicants can select one of the following other qualifying options for 20-year permanent residence. These options are geared towards:
• General investors (shareholders or directors of a company in Mauritius): Initial transfer of USD 50,000 for a business activity that generates cumulative turnover, for a 10-year initial residence period. • High-technology investors (shareholders or directors of a company in Mauritius): Initial investment of USD 50,000 in high-tech machinery and equipment for a business activity that generates cumulative turnover, for a 10-year initial residence period. • Innovative start-up investors: Initial investment of USD 40,000 and a minimum expenditure of 20% on research and development, or register with a Mauritian-accredited incubator with a minimum operation expenditure of 20%, for a 10-year initial residence period. • Professional investors (expatriates employed in Mauritius by contract): Monthly basic salary with a minimum value of approximately USD 1,400 (approximately USD 700 in the ICT sector), for a 10-year initial residence period. • Self-employed investors (in the services sector and registered under the Business Registration Act 2002): Initial transfer of USD 35,000 to a local bank account in Mauritius, for a 10-year initial residence period. • Retired non-citizen investors (50 years or over): Initial transfer of at least USD 1,500 monthly to a local bank account in Mauritius, for a 10-year initial residence period (or USD 54,000 over the three-year residence period).
The Mauritius digital nomad visa, also known as the Premium Visa, allows remote workers to live in the country for one year, with the option to renew for another year.
The application is free to file, and you will receive an answer within 48 hours of approval or denial.
You may bring family members and dependents with you as well. If you hold the visa, you will become a tax resident if you spend more than 183 days in the country.
Requirements
- Valid Passport: Your passport must be valid when applying for the visa.
- Work Remotely: You must work for a company, own a business, or freelance with clients outside of Mauritius.
- Earn $1,500/month: You must meet the income requirement, this increases by $500 per dependent/family member you bring under the age of 24.
- Earn $3,000/month if applying as a couple.
- Travel and Health Insurance: You must have insurance coverage in Mauritius for the duration of your stay.
Digital Nomad Visa
Steps to follow
Step 1 - Preliminary Check:
Our specialized team will review the documentation submitted to verify that the immigration requirements are met. In addition, we will verify the transparency of investment funds. As a result, we will have a background check report and signed contract.
Step 2 - Choose of Investment:
You must select the investment option that most convinces and suits you, so that later we can start the process. If you decide to obtain residency through real estate investment, we will help you choose your property based on your needs and desires.
Step 3 - Preparation of documents and sending to the corresponding agency:
We take care of everything: we obtain the criminal record certificates, we fill out and complete the government forms, we certify the documents before a notary, we do the translation and apostille everything (this service has a separate cost), and then we send it to the residence. We present your documents independently and with strict compliance with the requirements, as well as monitoring the progress of the application. As a result, we will confirm the receipt of the documents by the government.
Step 4 - Due Diligence check:
Once the residency agency receives all the documents, the applicant's background check begins. In the event that additional documents are required during verification, we will handle those requests.
Step 5 - Case Investigation:
We look forward to a positive resolution and receive the new documents together with you. If necessary, we can also help you with other operational, commercial and even domestic matters (including the arrangements of additional documents).
Step 6 - Receiving residency:
When the investment and all fees are paid, you receive the certificate of residence. Then, these documents are sent to you, so that after the wait, you can start enjoying them.
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FAQ
Does this residency allow me to obtain citizenship?
Yes, after seven years of continuous residency (five years for nationals of Commonwealth countries), applicants are eligible for citizenship in Mauritius.
How is taxation in Mauritius?
This country has a dynamic economy, attractive tax regimes, and competitive business landscape that have bolstered the country’s global stature.
What documents are required?
• A completed application form with a photograph. • A copy of your passport. • Documents that prove your income is legal. For example a employment contract. • Certificates of no criminal records. • Health insurance policy. • Payment documents confirming the payment of state duties and fees. • Documents confirming the fulfillment of the investment conditions stipulated in the application.
How long does it take to get residency in Mauritius?
2 – 6 months.
What language is spoken in Mauritius?
English.
Is dual citizenship accepted in Mauritius?
Yes, dual citizenship is legally recognized in Mauritius.
With what currency must the residency programs be paid?
This residency program should be paid in Mauritian rupee.
How strong is the Mauritius visa?
The Mauritian passport currently ranks on the 33rd place according to the Guide Passport Ranking Index. It provides visa-free access to 146 countries.
Can I bring my family in this experience?
Yes, the residence is applicable to the whole family (including spouse or common law partner, unmarried financially dependent children of any age, and parents of the permit holder).
Can the residence be purchased with an investment in Real Estate?
Yes, there is a very stable real estate market that offers significant opportunities to investors as well as resident property dealers.
In what cases can my application be rejected?
Most of the applications are authorized, however there are some reasons why you may have difficulty with this residency. Such us: • Having criminal records. • Lack of documentation. • Do not meet the minimum time in the country.
The main applicant must go to Mauritius?
The whole process can be arranged without being present in the country.
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