For many years, Retirement in Mauritius has been appealing to many. Not only does it offer the relaxing lifestyle you seek, the beautiful beaches and translucent waters you desire and views of mountainous ranges as far as the eye can see – it also offers an array of advantages to best support the quality of life you seek.
What is so appealing about Mauritius retirement?
Mauritius offers a tax system that backs you up.
The Mauritian government has made a point of attracting foreign investment by placing a favourable and conducive environment for these foreign investments.
This is done by reducing or eliminating certain taxes.
In this tax system, residents benefit from a lower tax rate. Personal and corporate income tax are set at 15% and there are no dividend taxes.
But what really makes it worth the while for a retiree, is the absence of taxation on wealth and the absence of inheritance tax.
Retirees can enjoy a magnificent standard of living in Mauritius. Moreover, it is easy to receive French retirement pensions in Mauritius.
Undeniably, it will present you with amazing living conditions
Since 2002, foreigners can become owners of real estate in Mauritius through different schemes.
With an investment of at least $ 375,000 in one of these real estate programs, you will be granted a Permanent Residence Permit. This will be for you, your spouse and children until they reach the age of 24.
The acquisition of an apartment in a Ground + 2 residence of a minimum of 6 million Mauritian rupees (€ 150,000) is also possible. This will only grant you the right to stay on the island 6 months a year.
What about Health for those who are interested in Retirement in Mauritius?
Accompanying its economic development came the modernization of infrastructures in the health sector. It is also home to many experienced local and expatriate doctors. The proximity to Reunion Island (French department) allows a quick evacuation for critical health care. Reunion Island has a similar level of healthcare to that of France. It is important, however, for expatriates to make sure that they have sufficient health cover as the private health sector can be pricey.
Retirement in Mauritius exposes you to a cultural kaleidoscope
Mauritius has the most diversified cultural mix of the Indian Ocean. Multi-ethnic, it brings together a number of exotic cultures and traditions that attract many foreigners.
Mauritius is known as the “Melting Pot”. This is reflected in particular by the diversity of Mauritian cuisine as well
The island of Mauritius “Comes to life” in many ways by the local and diverse festivals that are celebrated.
The island has excellent restaurants and supermarkets. There is also a wide variety of sports and leisure activities to keep you busy. To add, the climate and quality of life in Mauritius is like no other.
Residence Permit for Retirement in Mauritius
Foreign pensioners are able to come to Mauritius and spend more than three months per year, and obtain a Retired Non-Citizen status. This is valid for three years.
In order to get the Residence Permit as Retired Non-Citizen, applicants must meet the following criteria:
- A Retired Non-Citizen is defined as a person who is not a citizen of Mauritius and aged 50 years or above.
- A Retired Non-Citizen should make an initial transfer of at least USD 1,500 or its equivalent in freely convertible foreign currency to his/her local bank account in Mauritius.
- Thereafter, the Retired Non-Citizen should transfer at least USD 1,500 monthly or the aggregate of at least USD 18,000 per year or its equivalent in freely convertible foreign currency during the 10 years’ validity of the residence permit.
- At the end of each year, the Retired Non-Citizen should submit to the Economic Development Board, the evidence of transfer of funds into his/her local bank account.
Right to Invest by Retired Non-Citizen
A holder of Residence Permit as Retired Non-Citizen may invest in any business provided that they are not employed in that business or manage that business in any way. They must also not earn a salary from that business.
Dependents of an RP holder may also apply for a Residence Permit for a duration not exceeding that of the main holder.
Dependents are defined as spouse (including Common Law Partner of the opposite sex) and children, including stepchildren or lawfully adopted children, under 24 years of age.
A holder of a Residence Permit is eligible to apply for a 10-year Residence Permit.
How does renewal work?
A Residence Permit on the basis of Retirement is renewable in country and the holder should submit the renewal application at least one month prior to expiry.
Our Concierge team is standing by to answer all your questions about retirement in Mauritius. Contact us today for a free needs analysis.