Mauritius continues to impress Europeans considering a move abroad, especially for work and investment. Indeed, Renganaden Padayachy, Minister of Finance, recently revealed that Mauritius was among the top 10 most favorite destinations for Europeans looking to settle overseas. He announced these encouraging figures during the launch of an investment guide aimed at promoting Mauritius as a potential destination for investment during Europe Day on Friday, May 12, at Pointe aux Piments.
The Minister also pointed out that Mauritius' largely owes its growing popularity to its strong legal, administrative and incentive framework, which provides stability to foreign nationals wishing to settle on the island.
Attractive policies for expats
Finance Minister Renganaden Padayachy also highlighted initiatives put in place by the Mauritian government to provide a conducive environment for global citizens and attract more foreign direct investment (FDI). These include extending the duration of the occupation and residence permits from 3 to 10 years, increasing the duration of the permanent residence permit from 10 to 20 years, allowing the spouse of an occupation permit holder to work in Mauritius, and allowing parents to join their family in Mauritius. In addition, the minimum investment required to obtain an occupation permit in Mauritius has been reduced from USD 100,000 to USD 50,000.
It's worth noting that these initiatives have already started to bear fruit, with the country's GDP growing significantly and estimated to reach 8.7% by 2022 (Statistics Mauritius). In addition, impressive FDI growth has been recorded, from 18.5 billion rupees in 2021 to 27.7 billion rupees in 2022. Europe and France are the leading contributors to these FDI flows, with Rs. 9.8 billion and Rs. 5.4 billion invested in 2022, respectively.
A prosperous, sustainable and more inclusive Mauritius
Finance Minister reaffirmed the government's commitment to consolidate Mauritius' position as a land of opportunity and development, in line with the government's 2020-2024 vision. According to him, the ultimate goal would be to "build a prosperous, sustainable and inclusive Mauritius". He seized the opportunity to express his profound gratitude to European expatriates actively contributing to the country's socio-economic development by creating new businesses and generating employment.
