Retiring requirements for Mauritius
Mauritius is rapidly becoming a hub for foreign retirees. In order to provide for the growing interest, in addition to the existing programs (PDS, RES, etc.), the government is currently developing several projects to transform the "Silver Economy" into a full-fledged growth pole. If you are planning to spend your retirement in Mauritius, here are the essentials.
Why retire in Mauritius?
Mauritius has long built its reputation as a paradise destination. And not just because of its idyllic beaches and extraordinary climate. Indeed, this small island state has succeeded in offering excellent quality of life to locals and expats alike. Here's why:
- A favorable tax system: the Mauritian government has clearly stated its objective to attract foreign investment. To achieve this, it has set up a favorable and conducive environment for them, consisting of tax reductions and deductions. These include a 15% personal and corporate income tax rate and no tax on dividends.
- For foreign retirees, there is no wealth tax and no inheritance tax. These advantages make it possible to take full advantage of the standard of living that has contributed to the island's reputation.
- Advantageous real estate programs: since 2002, expatriates have been able to purchase property in Mauritius through various programs. One example is the PDS program. Even better, by investing a minimum of 370,000 USD in certain programs, they become eligible for the Resident Permit, which extends to their spouse and children up to the age of 24. The acquisition of an apartment in a building of at least 2 floors (Ground 2 Scheme) for a minimum amount of 6 million rupees (about € 150 000) grants the right to stay on the island 6 months per year.
- A modern healthcare system: as far as the health of retirees in Mauritius is concerned, the country has well-developed private medical facilities, supported by expatriate and local professionals often trained abroad.
- A unique culture in the world: culturally, Mauritius is the quintessence of peaceful living. Proud of its multi-ethnic personality, the country is home to the most diverse cultural mix in the Indian Ocean. A personality that is permanently expressed in all aspects of the island, including, of course, its gastronomy: Mauritius is a gourmet's paradise!
- Celebrations and leisure activities: the main religious celebrations of each community are marked by a national holiday in Mauritius. In addition to these, there are also cultural celebrations. Let's not forget leisure activities. The island is home to rich fauna and flora, a rich cultural scene, as well as a lot of history.
Being considered a retired expatriate in Mauritius
Mauritius is a popular destination for investors, including those who wish to reside there under the status of retiree. For this, the criteria to be respected are the following:
- Not being a Mauritian citizen and being 50 years old or more,
- Having completed medical examinations (hepatitis, AIDS, lung x-ray, etc.) less than 6 months before applying for the permit,
- Making an initial transfer of at least 1,500 USD or its equivalent in a freely convertible foreign currency to your bank account in Mauritius,
- Thereafter, transfer at least 1,500 USD per month or in installments for an annual total of at least 18,000 USD or its equivalent in foreign currency during the 10 years of validity of the residence permit,
- At the end of each year, submit to the EDB proof of transfer of funds to their local bank account.
If all these conditions are met, it is possible to apply for a permanent residence permit for 20 years.
As for tax benefits for foreign retirees in Mauritius:
- No real estate wealth tax;
- No property tax or housing tax;
- No capital gains tax in case of resale of a property;
- No inheritance tax;
- 15% tax on personal income, including rental income
Other visas for retirees in Mauritius
The Premium Visa also allows retirees to live in Mauritius, although they do not have the status of a retiree. Foreign retirees can also acquire properties under the PDS or Smart City Scheme to have the right to reside in Mauritius (link to this section).
Foreign non-citizens in Mauritius with a residence permit can now invest in any business provided they are not employed in the business, do not manage the business, and do not derive any salary or benefit from the business.
Coming soon: communities specially developed for retirees in Mauritius
Mauritius wants to become a leading destination for retirees, so the government has set up a new housing program with specific standards found under the existing PDS (Property Development Scheme). This senior living program allows retirees to purchase a residential unit or the life rights to a residential unit in an approved project.
There is no minimum purchase price, and the non-citizen may choose to apply for a residence permit in his or her name and in the name of his or her spouse or common-law partner until the property is no longer owned or occupied by the purchaser.
These retirement communities must contain at least 25 residential units specifically designed for seniors. They must provide personal and home care services that may include nursing, daily meal delivery, on-site supervision, emergency health services and recreational facilities.
Residences under construction offer, among others:
- Several types of accommodation (studios, penthouses, villas) with balcony, terrace or private garden;
- A la carte services (hairdressing, laundry, cleaning, etc.);
- Catering service;
- Leisure activities (gym, bar, swimming pool, etc.);
- Maintenance of cognitive abilities;
- Convalescent care;
- Relay for family caregivers;
- 24/7 security, etc.
List of upcoming communities:
Luxury Retirement Village Ltd
Luxury Retirement Village Ltd
Reduit, Moka
Project: 200 residential units, a 54-room frail care unit, a clubhouse and other amenities.
Contact person: Mr. Nundun Gopee
Address: Luxury Retirement Village Ltd.
NG Tower, Cybercity
Ebene
E-mail: [email protected]
Phone: (230) 4547374
BG Oasis Ltd
Palma, Quatre Bornes
Project of 68 residential units and related facilities
Contact person: Mr. Bhimajee Govinda
Address: BG Oasis Ltd
Puspass Avenue
Palma Road
Quatre Bornes
E-mail: [email protected]
Phone: (230) 57271090
Silver Sail Ltd
La Louise, Quatre Bornes
Project of 63 residential units and related developments
Contact Person: Mr. Bhimajee Govinda
Address: Silver Sail Ltd
2nd Floor, Goliva Court
St Jean Road
Quatre Bornes
E-mail: [email protected]
Phone: (230) 5422059
Residence De Caen Ltd
Forest Side, Curepipe
Project of 77 residential apartments, 22 care units for frail persons and related facilities
Contact Person: Mr. De Chasteigner Du Mee Pierre Arthur
Address: Residence de Caen Ltee
C/o Associated Brokers Ltd
3rd floor, Travel House
Sir William Newton Street
Port Louis
E-mail: [email protected]
Phone: (230) 52501208
Eligibility and facilities
Any foreigner aged 50 years or older can acquire a residential unit and live in it without any form of additional rent, provided that he/she buys the property on the basis of a plan, during construction or when the construction is completed.
In addition, it is provided by law that the investor is entitled to a de facto residence permit for himself and his spouse until he no longer occupies the property.
Tax incentives for foreign retirees in Mauritius
The investor with a residence permit is entitled to a 5-year tax holiday on pension and other income earned in Mauritius by him and his spouse.
As a permanent resident, he/she becomes eligible for standard duty and VAT exemption on the importation of household and personal effects, but especially on his/her real estate.
