The Mauritius residency programme is attractive to those seeking to bask in the tranquil and peaceful lifestyle that this magical island community offers, as well as thrive off the growing importance that the country is enjoying as a global financial services centre.
Taking up Mauritius residence has a number of tax and lifestyle advantages and offers SADC (Southern African Group of Countries) citizens additional benefits and incentives, such as being able to move unlimited capital into certain real estates in Mauritius without being subject to exchange control restrictions of the South African Reserve Bank (SARB).
The Property Development Scheme (PDS) allows for the development of a mix of residences and the programme is designed to facilitate the acquisition of residential property by non-citizens in Mauritius. A residential property under the PDS programme may be sold either on the basis of a plan, during the construction phase or when the construction is completed. The PDS project includes villas, apartments, penthouses and other high standard residences.
The Residency programme has just been updated to a lower minimum investment requirement in a PDS development. A non-Mauritian citizen is now eligible for a residence permit upon the purchase of a villa under the PDS programme when s/he has invested more than US $375,000, or its equivalent in any freely convertible foreign currency. Where a residential property is acquired by a non-citizen, the investment in the acquisition of that residential property must be financed by the purchaser from funds outside Mauritius, and transferred to Mauritius through any reputable bank listed in the Banking Almanac recognized by the Bank of Mauritius.
Non-citizens of Mauritius as well as their dependents (spouse or common law partner as well as children, stepchildren, lawfully adopted children under the age of 24 years, or above the age of 24 years who are pursuing full-time education and are wholly dependent on the applicant) can apply for a residence permit through the PDS programme.
The residence permit granted to the non-citizen shall remain in force for as long as the residential property under the scheme is held in the name of the non-citizen.
A PDS certificate will be issued once all the requirements have been complied with. The owner of a residential property may rent his/her property through the PDS Company holding the PDS Certificate or a service provider appointed by the PDS Company to provide property management services.