Why Mauritius is so good
The island of Mauritius is a well-known, first-tier resort destination; the perfect combination of sea, sand and sun has attracted tourists to its beaches and resorts since independence from Britain in 1968 began the transformation from a low-income, agriculture-based economy to a high-income
, diversified economy, based on tourism
, textiles, sugar, and financial services. The economic history of Mauritius since independence is often referred to as "the Mauritian Miracle" and, the "success of Africa".
Moving beyond its reputation as a resort destination, the paradise island of Mauritius has supported development activities designed to attract foreign investment, and as a result, this Indian Ocean gem is positioned to offer an impressive list of reasons to consider investment, residence and repatriation to its beautiful shores.
Let's take a look at some of the economic, social and lifestyle-based rationale for considering an investment in, or move to, beautiful Mauritius:
- Always at the fore of any consideration of foreign investment in these hyper-covid-aware times is the feasibility and ease of traveling to and from any international destination. Mauritius is now open to vaccinated travelers, so for those with proper documentation travel to and from Mauritius should be as convenient as travel to any resort destination.
- For travelers from Russia, the Mauritius proposition has, as of late, become even more simple and convenient. Direct flights from Moscow on Aeroflot will soon be implemented.
- The US Embassy in Mauritius is making non-immigration visas to the USA available to Russian citizens which is remarkable given the limited number of locations Russians can get these visas.
- Foreigners investment in residential properties, like villas, townhouses, penthouses, apartments, duplexes and serviced plots of land is made possible and, indeed, desirable through existing projects like the Integrated Resort Scheme (IRS), offering investors world-class amenities; golf courses, marinas, beach clubs and wellness centres, for example.
- Under IRS, Mauritius residence permits are automatically bestowed on non-citizens that acquire a property with a minimum price of USD 375,000. Upon receipt of the residence permit, owners may then rent the property and will face no restriction on the repatriation of revenue raised from its sale or rental.
- Non-citizens with a residence permit under IRS are also exempted from an Occupation or Work permit to invest and work in Mauritius. This easing of Occupational Permit acquisition is a further indication of the liberalization of foreign investment regulations, which have been codified in the Mauritius 2021-2022 budget.
- Another initiative designed to foster and encourage non-citizen investment is known as The Real Estate Scheme (RES). Similar to IRS incentives, this project offers a variety of residence options including villas, penthouses, duplexes and apartments all located in exclusive residential developments. Again, with a minimum investment of USD 375,000, foreign owners are eligible for a residence permit for themselves and their dependents.
- Non-citizens who prefer to not live within a planned development may purchase apartments in developments outside the aforementioned projects. The acquisition of such a residential property over USD 375,000 imparts similar benefits to the investor, with residence permits for the owner, his or her spouse and children below 24 years of age along with exemptions for Occupational or Work Permits.
- The Smart Cities concept, revolving around balanced work, life and play concepts, are large-scale mixed-use developments in cosmopolitan conurbations utilizing smart technology to optimize existing and planned infrastructures like transportation, construction, governance and environment. The residential estates are embedded within an integrated master plan designed to foster and assist a sustainable and happier lifestyle for residents. As with all of these initiatives, a residence permit is automatically obtained with the acquisition of a residential unit at a minimum price of USD 375,000.
Mauritius is clearly entering a new, exiting phase in its history. The liberalization of non-citizen investment opportunities, along with the residence and permit benefits that accompany investment, presents a unique opportunity for the savvy foreigner. Not only does participation in these opportunities accrue value, but it also comes with the uncontested geographical advantage of being located in one of the most beautiful places on the planet.