Mauritius: an Enticing Destination for Expatriates
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Mauritius: an enticing destination for expatriates
Located in the middle of the Indian Ocean at about 3,600 kilometres off the eastern coast of South Africa, Mauritius is an independent country with a population of 1.3 million. Its people of diverse ethnic origin has made this island nation into one of the most cosmopolitan destinations in the world.
A developing nation in the league of high-income countries, Mauritius enjoys a per capita Gross National Income of 12,740 USD. Since its independence in 1968, Mauritius has gradually transformed itself from a monocrop economy dependent on sugar cane as its main source of foreign earnings into a competitive, well-diversified and broad-based economy where services account for 70% of GDP.
Mauritius ranks 13th in the world and 1st in Africa for ease-of-doing-business
Today, the country offers a range of investment opportunities across a host of sectors … agro-industry, renewable energy, ICT, financial services, real estate and hospitality, healthcare to name but a few. The country’s growth strategy rests upon a combination of political stability, a strong institutional framework, and a favourable regulatory environment. The World Bank currently ranks Mauritius 13th out of 190 countries and 1st in Africa in terms of ease-of-doing-business. Mauritius also ranks 1st in Africa on the Global Competitiveness Index.
In the economic history of Mauritius, open frontiers and open trade policies have always been key in sustaining growth. This openness translates today in Mauritius being open to investors as well as foreign talent. With its extensive network of treaties, Mauritius offers investors a conducive environment for doing business that guarantees predictability, certainty, and security. Mauritius also offers privileged access to 26% of the world population given the country’s membership to various regional economic blocs.
A transparent and well-defined investment code and legal system have made the foreign investment climate in the country one of the most forward-looking in the region. A foreign investor can hold 100% of the shares in the business. Another advantage is that, with the absence of foreign exchange control, a foreign investor can open a multi-currency account to run his business. Foreign investors are also taxed like local investors, at 15% or 3%. There is no tax on capital gains and profits just like capital can be repatriated freely.
The minimum investment required to obtain an Occupation Permit has been reduced to USD 50,000
To provide increased foresight, comfort and convenience to the investor community, the minimum investment required to obtain an Occupation Permit – a combined Residence Permit and Occupation Permit – has been reduced to USD 50,000. The investor’s dependents are also eligible for a Residence Permit.
While many sectors are fast developing and are likely to attract foreign investors onshore or in the country’s freeport, Mauritius is also proving to be a competitive and efficient platform to invest in or to do business with Africa. Thanks to its hub strategy, Mauritius has developed a strong global business sector built on good governance, ethics, and transparency.
A Residence Permit can also be obtained by acquisition of property in designated schemes
With a liberal property market, Mauritius is gaining increased popularity with the internationally mobile community comprising HNWIs and influential business personalities. Mauritius offers different schemes, approved and managed by the Economic Development Board, for foreigners to acquire residential property in Mauritius: IRS, RES, PDS, Smart City Scheme, Ground + 2 Apartments. Acquisition of property in designated residential schemes for an amount exceeding USD 375,000 will also grant a Residence Permit to the acquirer as long as he/she holds the residential property. Property acquired can also be rented out freely to generate rental income.
Mauritius’ growing population of expatriates is an indication of the island’s progressive culture and attractiveness
Mauritius topped the Mercer’s Quality of Life Index as the African country with the best quality of life in 2019. Thirty-nine factors ranging from the socio-cultural environment to quality of schools and accommodation were taken into consideration in the index. Mauritius is also the highest-ranking African nation in the World Happiness report 2019.
Mauritius offers a safe and quality lifestyle that combines comfort with luxury, modernity with cultural traditions and work with leisure. A wide range of modern facilities and amenities are available at reasonable costs, comprising quality accommodation, educational facilities, healthcare and medical facilities, shopping centres, recreational and sporting facilities.
The number of foreign workers living in Mauritius is currently more than 30,000 and growing, which is an indication of the island’s progressive culture and its attractiveness. South Africans and French constitute large groups of expatriates on the island.
With its tropical climate, peaceful environment, stunning landscape, welcoming population, and expanding economy, Mauritius has a lot of assets to seduce expatriates. No wonder that with such attributes Mauritius is edging out countries like Great Britain, Australia, and New Zealand as a favoured destination amongst those who want to emigrate.
Nexus is a Corporate, Trust, Fund and Fiduciary services provider with experience in setting-up companies and assisting families to relocate to Mauritius. We provide a full suite of services whether it is about getting your new company up and running within the least time or finding yourself a house and a school for your children. We understand the hassle it is to relocate to another country. We want to take this burden off your shoulder so you can focus on enjoying your new life in Mauritius. Whether you are looking for a corporate or personal solution, please contact us on:
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