Mauritius is open to foreign investment and already offers attractive residency permit schemes, with the aim to bring foreign direct investment and expertise to the country. The Government of Mauritius has recently updated and brought changes to the Mauritius residency schemes, aiming to further increase the attractiveness of these schemes, and to encourage investment in innovative projects, in line with the government’s objective to transition to an innovation-driven economy. These updates and changes are summarized below.

1) The Innovator Occupation Permit

The Government of Mauritius has introduced a new category of Occupation Permit, the Innovator Occupation Permit (Innovator OP), thus enlarging the eligibility criteria for an Occupation Permit (OP).

The Innovator OP aims to attract businesses and start-ups that offer innovative products or services. Thus, the application for an Innovator OP may be made by foreign nationals intending to invest in Mauritius through projects comprising Research and Development in innovative sectors.

The application is made through the Board of Investment and the eligibility criteria include that:

• Investors will be required to make an initial investment of at least USD 40,000.
• The R&D expense component should constitute at least 20% of total operational expenditure during the research phase.

2) OP for ‘Investor’ importing high-tech machinery and equipment

Also to encourage investment in innovative projects, the eligibility criteria for investors applying for an Occupation Permit with a minimum investment of USD 100,000 have been widened to allow the importation of high-tech machinery and equipment to be considered under the required USD 100,000. The minimum cash investment shall be USD 25,000 and the remaining balance can be brought in kind i.e. through the importation of high-tech machinery and equipment.

3) Residence Permit for Retired non-citizen

Regarding the criteria for retired non-citizens to apply for a residence permit, the initial investment transfer of funds into foreign national’s bank account has been reduced from USD 40,000 to USD 2,500. Thereafter, the foreign national should make a transfer of at least USD 2,500 monthly, aggregating at least USD 30,000 annually.

ITL has a dedicated relocation services team which can assist you with various aspects of relocation including the application for Occupation Permits, Residence Permit for dependents; assistance in finding/renting accommodation; with the relocation of dependents, domestic animals and personal effects; providing tax advice etc. For more, please liaise with your usual contact person at ITL or write to us on info@intercontinentaltrust.com.