Government has announced, in the 2020-2021 Budget Speech, a new strategy to open the Mauritian economy to the world using a four-pronged approach, the Prime Minister, Mr Pravind Kumar Jugnauth, highlighted on Tuesday at the National Assembly.
As a matter of fact, this strategy will: provide more certainty to existing investors and their families who chose to relocate to Mauritius despite the Covid-19 situation and take business risks; retain successful investors and professionals and encourage them to further invest in Mauritius as well as boost the economy; attract new talents and investment to the country; and encourage non-citizens who have already acquired property in Mauritius to contribute to the economy by exempting them from the requirement to apply for a work permit or an occupation permit to work in the country.
The Prime Minister said that accordingly the following measures will be implemented:
The validity period of an Occupation Permit and Residence Permit in respect of a retired non-citizen will be increased from three years to 10 years;
- Occupation Permits for Investors and Self Employed and Residence Permits as Retired non-citizen which are valid as of 1 September 2020 will be extended from three years to 10 years;
- The validity period of a Permanent Residence Permit will be extended from 10 years to 20 years;
- The minimum investment criteria to be eligible for a Permanent Residence Permit for Investors will be reviewed from USD 500,000 to USD 375,000; and
- The minimum purchase price for non-citizens to acquire an immovable property under the Integrated Resort Scheme, Real Estate Scheme, Invest Hotel Scheme, Property Development Scheme or Smart City Scheme will be reviewed from USD 500,000 to USD 375,000.
These measures will be implemented by the Economic Development Board. The relevant legislations are being reviewed, through the Finance (Miscellaneous Provisions) Bill, in order to give effect to the measures.