Retirement visa

Nothing has been specified in the guidelines, therefore I'm not sure if there's a minimum length of time that you have to spend here.

I would suggest you contact the Economic Development Board of Mauritius to get an answer.
https://www.edbmauritius.org/contact-us … ad-office/

Resurrecting an old post, sorry. I have been looking at this too, and cannot find a definite answer. I did enquire at the edb office, and the official was also uncertain. Her answer was that it was hoped the retiree would spend maximal time in Mauritius, but nothing was certain.  Therefore, I was hoping to apply for the visa, send $1500 per month to a Mauritian bank account, and then move freely whenever I wanted. The financial outlay is not too much at the moment but may increase later.

@Tookays I think that is the right visa and the right amount. That's what I will be doing once I have visited the island upcoming May and I like it. What could be wrong then? I do not completely understand the issue? Did the government change the rules or so?

@oshudofsky the government changed rules regarding the money and length of visa with/after the pandemic to help the economy. It may change them again once things are better economically.

@Tookays what do you think, for the good of for the worse then once that the country is doing well again economically? Because my pension is not so huge.

Like everywhere else, prices are going up. For a single retiree, $1500 per month should be fine for quite a while; even for a couple it will be OK, I think. Obviously, the more you can bring in, the more comfortable you will be. I am sure the govt has its own calculations as to what it thinks will be the right amount for retirement visa. I would suggest that you apply as soon as you become eligible.

Like everywhere else, prices are going up.
-@Tookays

Just curious about the global cost of living... As per https://www.expatistan.com/cost-of-livi … y/ranking, Mauritius living costs are now higher than South Africa.  When I was living in Mauritius before, the opposite was true.  Since there are so many South African expats in Mauritius, are there more benefits in Mauritius than in South Africa to justify going from a lower to a slightly higher cost of living?

PS: I understand that it may be a personal choice (and I am obviously biased in favor of Mauritius here), but when considering retirement on a fixed income it is important to know the pros and cons of paying for more.

@prospectorland I found another website -- numbeo.com

In addition, shopping as a local is different from shopping as an expat. Local markets can be cheaper than supermarkets, well I hope so!

@Tookays My first time visit in May of 2,5 weeks will not be too short a time to apply?

@prospectorland South Africans who are fortunate enough to be able to move to Mauritius do so mostly for a better quality of life rather than worry about the cost of living .

Crime,fraud,corruption, violence , hijacking , robberies , rape , murder are daily occurrences in South Africa.

In addition there is loadshedding which means that electricity gets cut daily  for anything between 4 to 12 hours . Water is also becoming a challenge. Government education and health is challenging to say the least.

@oshudofsky Make your application from abroad and get the agreement in principle. Make a list of all the things you need to do in the right order -- there are quite a bit, and it is easy to miss the steps and hence lose time. I think most of the work wil be in Port Louis, and the big banks are also in the area. Probably best to rent in the area to begin with so that you have an address and can get to the offices/medical centres quickly. There might be multiple visits to the Visa and Immigration offices, so factor that in.

Once you have the visa (after paying the fee, after transferring money to a local bank account, which in itself can take a couple of weeks) you can then rent where you want. I think if you let your bank know you will be setting up another acount in Mauritius and sending a large amount of money there it might help. Many banks do not like large amounts of cash sent abroad without warning, unless you are a multi-millionaire to begin with! I would suggest transferring the equivalent of $3000 to begin with. Visa fees, medicals, incidentals, etc.

@prospectorland South Africans who are fortunate enough to be able to move to Mauritius do so mostly for a better quality of life rather than worry about the cost of living .
-@bernardwiehe

Thank you for the information.  Would love to connect with SA expats in Mauritius in June 2023 to learn more.  I have a few friends from Cape Town and Johannesburg that I would love to reconnect.  Since we are all connected by six degrees of separation, I am hoping to find out about where those friends are now.

Hope to meet more SA expats at the next event.

Many banks do not like large amounts of cash sent abroad without warning, unless you are a multi-millionaire to begin with! I would suggest transferring the equivalent of $3000 to begin with. Visa fees, medicals, incidentals, etc.
-@Tookays

@oshudofsky, as @Tookays is mentioning overseas bank transfers can be very tricky as there are typically bank transfer controls established to detect fraud. For instance in the US, the maximum bank transfer amount is US$10k. If you exceed this, there are typically bank controls applied and in addition to you getting your funds frozen, the transfer will typically take anytime between 5 to 20 business days to clear. You may want to check your bank for the authorized limit and make sure that you are at least $1 worth below that limit in order to avoid delays and complications.

Re: multi-millionaire - in the US, the same rules apply for rich and poor people in the same way and although richer people can carry loads of cash in suitcases in private jets, the US customs requires declaration of more than $10k when leaving the country. If anyone has met any of those multi-millionaires boasting about large money transfers, you may want to stay clear of them.

@prospectorland I am so far from being a miljoniar haha. and the $ 3000,- will do fine with me. Also I thought that the amount of having in the Mauritius bank has to be a minimum of $ 1500,- to start with. As I would relocate there on my retirement visa, that then as time passes my pension money would come in gradually and the amount will then get higher so I can live properly.

@Tookays that is again very good advise. Strange that I cannot come up with such simple things. Indeed I will then first check out Port Louis. Could I bring the $ 3000 to $ 4000 also in cash and then open the necessary bank account? Also I was convinced that to apply for a retirement visa for Mauritius, that it would not be that overly difficult from what I saw in the different steps.

Half a year ago I first tried getting a visa for Mexico which failed due to the lack of big money that I could show, if you see those steps with documents officially needed to be translated, and introduction letter etc, it cost me lots of money for, in the end, nothing.

Am I right that it will not be the case for the island? I thought we do not need to write a motivation letter, am I right?

@oshudofsky I think the banks would prefer a bank transfer from an account abroad; that way the risk of money laundering is less for them. I am sure you can bring in some money for personal use (rental, food, medical tests etc) but the requirements are for money to be transferred in from abroad. Documents have to be in English or French, according to the EDB site. As I said, start application from abroad and upload your documents. That is free of charge, and wait till you get the agreement in principle. You then have 3 months in which to come to Mauritius -- I would make it as soon as possible - with all original documents.

@Tookays oh yes, I forgot of course all documents have to be in English (or French). But before starting the process, I will visit in May. Otherwise I don't know if I can pictuer myself living there. I also want to visit the other 2 possible countries that make retirement "relatively" easy. Maybe silly question, but do you think starting the Mauritius visa process the beginning of next year, will be okay though ?

@oshudofsky I don't have a Mauritius bank account but if I were to have one, I would prefer to have this account in US$ or Euro as the MAU Rupee tends to depreciate faster than the more stable reserve currencies.  Exchanging currency to the local rate only when you will need it will help compensate for higher prices caused by inflation. I apologize for the economic gobbledygook worthy of a federal reserve board governor.  In summary, if you can keep most of your hard earned money in the more stable currency form and exchange to MAU Rupee only when you need to, then your retirement funds will last longer in Mauritius.

My retired parents (now in Canada) have paid into the pension system in Mauritius and are receiving pension payments in a Mauritian bank.  This fixed payment is getting to be worth less and less in value and they drain the account (rather than exchange and bring back) whenever they visit the country.

@prospectorland that is excellent advice. Do all the banks in Mauritius allow foreign currency accounts? Which ones would you recommend?

@prospectorland I join the comment of TOOkays. Thank you for the excellent info.

@prospectorland that is excellent advice. Do all the banks in Mauritius allow foreign currency accounts? Which ones would you recommend?
-@Tookays

@Tookays, I have attached a link to the commercial banks in Mauritius ->https://en.wikipedia.org/wiki/List_of_banks_in_Mauritius.  I have also attached the links to foreign currency accounts for the 2 main local banks a) Mauritius Commercial Bank -> https://www.mcb.mu/en/personal/banking/ … counts/fcy and b) State Bank -> https://banking.sbmgroup.mu/individual/ … m-deposit.  Those 2 banks appear to serve most of the locals.

Re: recommend - as a local dealing only with the local currency I would recommend either one of MCB or SBM.  I believe my parents have an SBM account.  However, as an expat with foreign currency, you will need to check that the conditions for keeping a foreign currency account will suit your financial needs - i.e. read the fine prints.  Also there is the issue of how to transfer funds from abroad. It may be easier to use a branch of a foreign bank and then transfer whatever you need to the local currency account when you do the exchange - i.e. separate accounts in different banks.

Here is a blog / advertisement about the issue that I found interesting -> https://2futures.com/what-noncitizens-s … auritius/.  I believe this advert was targeting a SA audience but you can extrapolate for a UK audience.

Hope that this helps.

@prospectorland Wow thank you again for all the links and excellent info for us as possible newbies

@prospectorland thank you. 2 accounts seems to be the way forward in th eway you suggest.

@oshudofsky I don't have a Mauritius bank account but if I were to have one, I would prefer to have this account in US$ or Euro as the MAU Rupee tends to depreciate faster than the more stable reserve currencies.
-@prospectorland

Hello

As a US resident  and/or citizen, please be aware of  FATCA. These banks will ask a lot of questions and AFAIK will require that you fill in some forms   for the IRS.

@oshudofsky I don't have a Mauritius bank account but if I were to have one, I would prefer to have this account in US$ or Euro as the MAU Rupee tends to depreciate faster than the more stable reserve currencies.
-@prospectorland

Hello

As a US resident and/or citizen, please be aware of FATCA. These banks will ask a lot of questions and AFAIK will require that you fill in some forms  for the IRS.
-@External

Thank you @External.  Yes, I am aware of the long arms of the IRS and yes, all foreign accounts need to be declared.

Another something that will detract from retirement life on a warm sunny beach.😩

@External I assume that taxes are a bit of a different set up because I am coming from the Netherlands?  I sadly have to admit that IRS things are, even here in Holland, are never very clear to mean. I never bothered looking in that kind of thing deeper. And I am wondering how much money I will lose from my already small pension if I would be taxed by the Mauritius government.  I am afraid that living on the island will not be for me because of the expenses. But I will keep a positive attitude, come and visit in May, keep a close look of what I spend those 2,5 weeks and see from there. I am so excited already.

@oshudofsky if you have paid tax in Holland, you may not have to pay tax in Mauritius. Please look up the 'double taxation' agreements. Also, the edb says that the money you transfer from your foreign account into a Mauritius account is tax free. In any case, the top income tax slab in Mauritius is only 15%, unlike many other countries.