Why the island has sparked interest for foreign investment – Mauritius.
Dentons Mauritius have recently highlighted that the island has become a privileged destination for foreign nationals to invest, work, live and retire. Mauritius has definitely seen the rise in foreign nationals seeking investment and work opportunities, a true result of change and transformation.
With one of the fastest growing economies in Sub-Saharan Africa, the Mauritius economy has evolved into a multifaceted, sophisticated one in which to invest. The pandemic presented many challenges to an economy which relied heavily on tourism, and being in multiple lockdowns whereby the borders had been closed off to international travel meant that innovation and transformation needed to be prioritized. With that, Mauritius transitioned and matured with the emergence of new sectors thus giving rise to even more opportunities!
Mauritius holds political and social stability, an open economy with a reputation of being a business and financial hub. The island is a melting pot consisting of an array of cultures and diversity in its population. The conducive labour laws to which the island holds gives rise to investment opportunities – and with that the island of Mauritius has seen a need for foreign talent and scarce skills in its workforce.
Dentons Mauritius prides itself on its multi-disciplinary team of lawyers with qualifications from the UK, South Africa, Australia, France, the US and Mauritius. The team is supported by highly experienced litigators, transactional lawyers and paralegals, and is equipped to help you in a wide range of areas, in both English and French.
“With a view to expanding the talent pool of the country, and enhancing the reputation of Mauritius as a knowledge hub, several positive changes were recently announced in the Mauritius Budget (June 2021), to be implemented in the immigration and relocation sector”. Dentons Mauritius Foreign Desk.
Should the announcements of the Mauritius Budget speech be passed, the following will be applicable to foreign investors seeking opportunities in Mauritius:
Occupation permit (OP) for professionals:
- Increase of the Occupation Permit validity period from 3 years to 10 years;
- Spouses of OP holders who wish to work and invest in Mauritius will be exempted from the occupation or work permit requirement;
- The 24-years age limit for dependents will be waived;
- New category of OP: A 10 year family OP for those contributing 250,000 USD in the Covid-19 Projects Development Fund;
- The Economic Development Board (EDB) will set up a concierge service to enhance investor and retiree experience; and
- A privilege club scheme providing a range of incentives to OP holders and retirees.
International students undertaking further education in Mauritius will be granted:
- A work permit of 20 hours per week during studies; and
- A 10 year renewable Young Professional Occupation Permit after graduation.
- A special desk at the EDB aiming to attract at least 50,000 foreign retirees in Mauritius during the next financial year; and
- The launch of a dedicated portal for foreign retirees.
Invest Hotel Scheme:
- Sale of up to 80% of units with the owner of the room being able to stay for a maximum of 6 months; and
- Minimum selling price of a standalone villa decreased from USD 500,000 to USD 375,000.
Bolt Home Mauritius, in partnership with Dentons, will best assist and advise you on all your relocation and immigration needs across permit options and routes, as well as providing advice on all Governmental Schemes provided for foreigners to purchase land or property in Mauritius.