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Mauritius is widening its doors for expats and foreign investors via several new incentives that the country is adopting to help its economy rebound from the looming downtrend because of the Covid-19 pandemic. One of these incentives lowers the price threshold of properties foreigners can buy to qualify for a Mauritius permanent residence permit.
The Minister of Finance, Economic Planning and Development, Dr Renganaden Padayachy, disclosed the new measures on June 4, 2020, in his speech on Mauritius’s 2020-2021 Budget before the National Assembly.
Amongst other incentives for foreign investors, the minimum investment amount that a non-citizen needs to shell out in an existing real estate scheme to qualify for permanent residency will be reduced to USD375,000 from USD500,000.
To encourage foreign talents to help the country’s local growth, non-citizens with Residence Permit, Occupation Permit, or Permanent Residence Permit will be allowed up to June 30, 2022 to acquire in smart cities one land parcel not exceeding 2,100 m2 for residential use. The residential construction has to be completed within a 5-year period.
Investors, professionals, and retirees are further encouraged to stay in Mauritius and contribute to its growth through several other measures that include:
Investors, professionals, and retirees are further encouraged to stay in Mauritius and contribute to its growth through several other measures that include:
In a related development to mitigate the economic downturn because of Covid-19, the Bank of Mauritius (BoM) is establishing the Mauritius Investment Corporation Ltd. It will operate directly under the BoM to support the country’s banking sector and thus limit financial and macro-economic risks.
The MIC is coming up with a range of equity/quasi-equity instruments which may draw the interest of those holding a permanent residence permit and other foreign investors. The BoM hopes that these financial instruments will help keep local economic operators afloat and contribute to shoring up employment in Mauritius.