Retirement in Mauritius & why it is so appealing!

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Retirement in Mauritius

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 retirement in Mauritius? 

Retirement in Mauritius

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.

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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 $ 370,000 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.

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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:

  • Be 50 years old and above
  • Show evidence of the initial transfer of USD 2,500 into the local bank account when applying for the Residence Permit
  • Effectuate a transfer of at least USD 120,000 over three years into the local bank account
  • Not allowed to receive a salary from a Mauritian company, or work in Mauritius
  • Do not repatriate the funds to the country of origin (unless the Retired Non-Citizen Permit has been cancelled)
  • Submit proof of transfer of at least USD 40,000 into the Mauritian bank account, to the Board of Investment (BOI) at the end of each year
  • Have a Mauritian bank account
  • Transfer at least USD 2,500 or its equivalent in freely convertible foreign currency to a bank account in Mauritius – this amount must be credited to the account before submitting an application to the Board of Investment. The bank account must contain at least USD 40,000 per year, over the course of three years

The application pack must include:

  1. Forms:
  • BOI Registration form for Retired Non-Citizens
  • Application Form for Residence Permit
  • Signed Letter of Undertaking
  • Processing fee (must be an office cheque or bank draft) of Rs 20,000 addressed to the Government of Mauritius
  1. Personal documents:
  • Passport (bio-data page and last entry visa page)
  • Original and copy of the Birth Certificate (in English or French language)
  • Original and copy of the Marriage Certificate, or Divorce Certificate if applicable
  • Four recent colour identical passport-sized photos
  • Medical certificate with original medical reports (must not be older than six months)
  • Evidence of the transfer of funds from a foreign bank account to a local one
  • Morality Certificate/Certificate of Good Character for ten years preceding the date of application (but the document should not be older than six months)

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.

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What are the benefits of the Residence Permit?

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.

 

 

If you would like to start the process of setting up for your retirement in Mauritius, please click on the link below and fill out the necessary details. 

Once you have completed this, our expert concierge will reach out to you about the next steps!

Bolt Home Mauritius – Let’s Make Mauritius Home!