Possibly retiring to Mauritius - what happens after the 10 years?

Hi Euphony,

To avoid confusion due to conflicting replies, I would recommend you contact the Board of Investment where you will get precise and up-to-date information as here in MRU, immigration laws keep changing.

http://www.investmauritius.com/Contact.aspx

Many thanks

I have sent an email to them already, but never received a response!

Thanks again

Hi,

I have a friend who has retired to Mauritius. She told me that you must transfer 40,000 USD, not just for 3 years, but every year after that. As long as you stay on Mauritius. This info is not available online and they were only made aware of it when they moved to Mauritius. They thought it was just 3 years. My friend in question uses this forum, so I'm sure if she gets a minute, she will reply to this post and give you more accurate, up to date information.

The BOI has never been a reference as regards replying to people in a timely and precise manner...like many other authorities of Mauritius.  There are so many hidden information that you will discover only after paying huge flight tickets and landing here. I wonder why the website is not 'fully documented'. If it was, we would have avoided that big scandal of fake permits and bank guarantees ... In which some BOI officers are drenched.

Anyway, in two words: don't worry Euphonie, it's normal!

Hi Chris,

We only retired here just over a year ago so I am no expert.  What I have learned so far speaking to various officials is that you are required to transfer the equivalent of $40,000 in any foreign currency every year that you intend to live here.  Once you have completed the transfer you just need to send a copy of your bank statement to the B.O.I. each year showing this transfer.  It does not have to be one transfer for the full $40,000.  You can transfer it all through the year.   I have also spoken to people that have retired here before us.  They have told me when their first three year permit ran out they just applied for another three year permit.  I have not met anyone yet that applied for a ten year permit.  As far as I know when a ten year permit runs out you just apply for another ten year permit.  The rules about the transfer appear to apply to every year.  The good news is that the $40,000 per year is for both you and your wife and not double that amount.  A single person moving here would have to transfer $40,000 per year also just to cover one person.

The bank guarantee is lodged to a different bank account and you can only withdraw it if you intend to surrender your retirement permit and leave Mauritius.  It is 100,000 Rupees for you and a further 20,000 Rupees for each dependant i.e. your wife.  This only works out at about €3,000.  It is just left in the bank gathering interest.  I think it would be used by the Government to pay your airfare home if you did anything wrong and they decided to deport you.

I hope this helps.

Regards.

Steph.