4 Points About Mauritius Residence By Investment Program

One of the most popular countries in the world is Mauritius. Known for its touristic appeal, it attracts attention for its picturesque natural giveaways, diverse cultural, linguistic, and ethnic communities, and friendly local lifestyle. Moreover, the country is highly developed in the region, ranks high on the Human Development Index, and is rated as a high-income economy by the World Bank. In 2019, it was ranked the most peaceful among the African countries.

The country has proven its potential to ensure profits for developmental activities. So, it should not surprise anyone that it is a recipient of handsome investments from time to time. There are numerous avenues of growth, and this is what the country wants to use through its Residence by Investment Program. A few pointers about the same have been enumerated below.

1. What Options Are Available
   Presently, there are more than 20 programs under which high-net-worth individuals can invest and reside in the country. The options generally available in these programs are as follows:
   The investor has the option to invest in real estate, including the purchase of an apartment. The schemes falling under this category include the Integrated Resort Scheme (IRS), which involves investment in villas and townhouses; Invest Hotel Scheme, which allows investors to invest in a hotel in the country; and the Smart City Scheme, which requires the investor to invest in particular innovative regions.
   Alternatively, the investors can acquire a residence permit upon an investment in a business. Under the said scheme, the investors can establish a new business, invest in select industries, or bring along a family business to the country. The permit’s nature and investment amount may vary depending on what you opt for.
2. What are the target industries under the program?
   There are only specified sectors where the applicants under these programs can invest. These areas include agriculture, audiovisual technology, banking, cinema, construction, green goods manufacturing, education, information technology, infrastructure development, fisheries and marine resources, entertainment services, marine, tourism, initial public offerings, and insurance. The minimum investment to be made in any of these sectors is USD 375,000. 
3. What about citizenship
   There is no direct route to citizenship in Mauritius. To become a citizen, you will first need a permanent residence permit. A residence permit by investment must be held for three years before a permanent residence permit can be issued. Conditions for the same may vary depending on the kind of permit by investment issued to you. New rules were brought into force in August 2021 through amendments to the Nationality Act 1970. Under these rules, a permanent residence permit is issued for a period of 20 years and is renewable. It is only after having spent another two years that the resident can apply for citizenship. 
4. What benefits should you accrue under the program?
   There are plenty of benefits provided under the program. Some of them have been provided below: 

• • Mauritius ranks very high on the Ease of Doing Business Index. This means the entire procedural business requirements are streamlined and fast-tracked. 
  • With a Mauritian passport, one can have visa-free access to as many as 146 countries and regions; these countries include Singapore, Japan, Britain, Hong Kong, and the Schengen Area. 
  • Mauritius maintains a favorable tax regime, including no inheritance tax, low corporate and personal income taxes, no capital gains taxes, and tax-free dividends. 
  • Political stability is essential for establishing and running a business in any country. Mauritius offers just that. It is known for its political freedom and operates as a democracy. 
  • If you bring along your family members, there are many perks to be taken advantage of, such as free universal healthcare and public transportation. 

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