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The Mauritian government has made changes to investment thresholds, length of work, residency, retirement permits and attractive property acquisition options.
This has sparked renewed interest in the country from South Africans who see Mauritius as a permanent destination, says Marisa Jacobs, director of Xpatweb’s advisory service.
“Qualified professionals and business owners with families in South Africa are taking note of Finance Minister Renganaden Padayachy’s changes and adjustments for foreigners.
“It is now easier to buy property, work and retire on the island, which is attractive to many, including South African business owners, businesses and families looking for a new place to call home,” he said.
Changes in requirements
In the past, South African retirees could only get a three-year permit for Mauritius. This has been extended to 10 years, with the requirement that the person earn a recurring income of $ 1,500 (R25,263) per month, Jacobs said.
The amount can be paid annually, quarterly or monthly as long as it is $ 1,500 per month.
“The extension from three to 10 years gives retirees more certainty about their future in the country. The Mauritius permanent residence and work permits have been combined into one permit and have been extended from ten to twenty years. “
Jacobs said the minimum investment to obtain an Occupational Permit (OP) was also cut in half from $ 100,000 to $ 50,000 (R842,115).
Parents of a PO holder can now obtain a dependent permit to live in Mauritius. Professionals who work as independent contractors may qualify for the self-employment permit, he said.
The requirement for this permit is a deposit of $ 35,000 (R589,480) in your Mauritian bank account, and this permit is also valid for 10 years.
“Working professionals and the self-employed who want to move their spouse and elderly parents find these concessions favorable, especially if their dependents are no longer working.”
Property
Jacobs said that buying property is also a popular entry route for those looking to relocate to Mauritius. In the past, foreigners had to invest $ 500,000 in the property. This number has now dropped to $ 375,000, he said.
“The waiver for owning a property in Mauritius is much more flexible than in most other African countries. In Mauritius, a South African can purchase a property as a freehold or through a 99-year lease with the option to renew. “
Jacobs said the island has excellent private schools, accredited banking systems, regulatory certainty, technology-driven government systems, as well as an efficient and linear tax system.
“The effective tax rate of 15% for individuals is well below those applicable to South Africa and other countries. One significant difference is that Mauritian residents only pay taxes to the extent of the money they bring into the country.
“These financial incentives, combined with the proximity to South Africa, will likely cause more people to move to Mauritius in the future. “
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