Mauritius – playing the long game in attracting wealth

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Beach in Mauritius

Technology and professional services sectors are pegged to be Africa’s most significant growth areas, according to the Africa Wealth Report 2022, with Mauritius expected to be one of the strongest-performing markets over the next decade. The authors predict a healthy 38% rise in private wealth held on the continent during that period (in US dollar terms), which is “very healthy compared to most other regions globally…. We expect Mauritius, Rwanda and Uganda to be the strongest-performing wealth markets during this period (60%+ growth rates).”

The Mauritius government has consistently promoted investment in the island, offering attractive incentives through its Residence-by-Investment programme, low tax regime, and support for new business. According to the Economic Development Board (EDB), Mauritius has “the most enabling and appealing business environment in the sub-Saharan African region.”

Tax incentives include a five-year tax holiday under the E-commerce scheme, fiscal incentives for R&D expenditure, an eight-year tax holiday under the Investment Certificate and negotiable, tailormade incentives under the Premium Certificate.

The island is the regional leader in the digital resonance ranking per the Kearney Global Services Index 2021 and hosts four of the world’s leading ICT/ BPO companies. It is an ITU Centre of Excellence for Cybersecurity. Mauritius is also the first country in Africa with 100% fibre coverage.

mauritius on the map of the worldTop 30 reasons to invest in Mauritius

  1. Mauritius is the “Star of the Indian Ocean”, strategically located on the Asia-Africa Growth Corridor.
  2. The island has a favourable time zone (GMT +4 hours).
  3. It has an exclusive economic zone (2.3 million square kilometres).
  4. Mauritius has an international airport with a modern terminal receiving over 20 airlines and connecting more than 150 destinations worldwide. It directly serves Paris, London, Singapore, Dubai, Johannesburg, Nairobi, New Delhi, Mumbai, and Perth.
  5. An island container terminal is being developed to cater for container traffic beyond 2025. Moreover, the government is investing Rs 47 billion (USD 1.3 billion) into developing the blue economy and transforming the Port Louis Harbour into a regional maritime hub.
  6. The Mauritius-China Free Trade Agreement (FTA) was enacted on 1 January 2021, marking the first comprising a text on Trade in Services signed by Mauritius.
  7. It is the only African country ranked among 21 considered as “Full Democracy” by the Economist Intelligence Unit in 2022.
  8. The island is politically, socially and economically stable.
  9. It has a free press.
  10. Mauritius has a secure judicial system and legislative format.
  11. The island offers a diversified economy with many business opportunities in a competitive environment.
  12. The World Bank now lists Mauritius as a high-income economy thanks to the government’s efforts to attract foreign talent, know-how and investment.
  13. Mauritius is a magnet for high-net-worth individuals. They numbered 4,800 in 2022 compared to 2,700 in 2012. That figure reflects 78% growth.
  14. The real GDP growth rate is +7.8% (2022).
  15. The island ranks first in Africa in the World Bank Ease of Doing Business report.
  16. English and French are the official languages spoken by a qualified and multi-skilled workforce within a population of 1.3 million.
  17. Foreign nationals who want to work, live or retire in Mauritius may apply for the Occupation Permit, the Residence Permit or the Permanent Residence Permit.
  18. Mauritius is a regional and international business hub.
  19. It is a trusted international financial centre offering a full range of services.
  20. It is a low-tax jurisdiction with low corporate tax. The tax on real estate, capital gains, wealth and inheritance is zero. Value-added tax and income tax are 15% and rental income is taxed at the same rate.
  21. A robust institutional framework, favourable regulatory environment, and open trade policies have provided the foundation for economic development and encouraged growth. From being a mono-crop economy dependent on sugar cane in the 1960s, the island now boasts a competitive, well-diversified and broad-based economy open for investment in over 15 sectors.
  22. Total exports of goods and services equal MUR 314 billion (2022).
  23. Mauritius has a future-ready infrastructure and global connectivity.
  24. Residents love the lifestyle, which combines comfort with luxury, modernity and cultural traditions, and works with leisure.
  25. Mauritius attracts world-class talent.
  26. Its sociocultural environment, quality of schools and education are among 39 factors used to determine Mercer’s Quality of Life Index. Mauritius was voted best in Africa in 2019.
  27. The adult literacy rate is 91.33%.
  28. French, Creole and Asian languages are widely spoken.
  29. Mauritius remains the highest-ranking African nation in the World Happiness Report 2022.
  30. The island is consistently voted the most peaceful country in Africa.

Residential property investment remains a significant drawcard for global HNWIs, who consider this the safest asset class. Lifestyle, safety, career opportunities and education are also motivating factors for investment in Mauritius.

Click here to check out the top three investment properties on the island.

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