We have learned that the Mauritius government is about to change specific conditions on the Occupational Permit, mainly related to minimum salary for expattiates which is going to be reviewed to +Rs75,000. This is because the FDI figures for 2009 were not as good as expected and also because some people took advantage of the Rs 30,000 low limit to obtain residence permits.
The new proposal also include changes on residence permits for retirees. These new regulations amendments will be made to the Investment Promotion Act and have been proposed and approved in the Cabinet Ministers meeting on the 5th March, 2010. There will, hereafter be the process of parliament vote and government gazette publication for any final changes to the law. The final changes will be applicable to new permits and renewals.
For businessmen, the initial capital investment required will be raised to 100 000 dollars (about Rs 3 millions). This will furthermore include a guarantee of a turnover annually of Rs 4 millions.
Those individuals who wish to work for themselves ie investor status or one employee companies; these conditions have also changed. Over and above the annual revenue of Rs600,000, professionals will be required to bring in foreign exchange of investment of around US$ 35 000 (about Rs 1 million ).
Retirees will be required to make a transfer of 40 000 dollars (about Rs 1,2 million) into a local account.