In Mauritius, one of the main advantages is that it is easy to obtain a permanent resident visa. The latter is based on the amount of its annual investment to develop the country, constituting one of the economic resources that the Mauritian authorities want to attract. In addition to a one-time tax that preserves your capital, real estate is less expensive compared to other countries with similar economic potential. So that both can live on one of the most beautiful islands in the world while growing their capital with their pension.
There are two types of resident status in Mauritius. The former is suitable for retirees who wish to settle here, however the authorities require a transfer of at least US $ 40,000 or € 32,000 each year to a bank or financial institution in Mauritius. The second category is suitable for investors who can be contractors, employees or independent. They obtain a work visa based on an amount of income defined by the authorities. The best solution is for retirees to reside on the island for a minimum period of three years, after which they can obtain a permanent resident visa. However, the authorities face greater conditions for the transfer of an amount of $ 40,000 for each of these three years, in order to qualify for permanent residence.
Mauritius tax advantages
The Mauritian authorities plan to essentially diversify the sources of income that affect the economic development of the island. Thus, they introduced a single tax of 15% for temporary or permanent residents. Therefore, it does not pay capital taxes, nor does the inheritance law apply in European countries. In addition, only six months of living on the island will benefit from this tax. This is also the most used by retirees. If you cannot wait three years to get all these advantages, it is also possible to buy a property worth at least 383,000 euros. This amount gives you access to the IRS (Integrated Resort Scheme) and you automatically obtain permanent resident status. However, since this solution is for wealthy people in particular, the RES (Real State Scheme) system can also appeal to all those who are on a more limited budget. There is no minimum value for any real estate investment, but that may not be enough to help you obtain permanent resident status. However, it is a good solution to compare prices of more expensive rental homes.
How to take the necessary steps to live your retirement in Mauritius?
You can get your visa upon arrival at the airport because it is issued by the Investment Board, which controls your income and verifies the amount of your annual transfers. With your temporary resident status, you get immediate tax benefits. Most retirees visit the island twice; the first to visit and explore real estate opportunities and the second to settle there permanently. However, another solution is to hire the services of an intermediary who will take care of all the administrative tasks for you. But it may not be safe because no one knows if dishonest people could scam your money without giving anything in return. You can also get in touch with a rental home that will facilitate your approach and that is generally trustworthy. These solutions are suitable for people who are still working or do not have time to make the round trip required for the administrative records investigation. On the other hand, if you are already retired, the best thing you can do is let all these procedures be delivered to you at the airport to avoid unpleasant surprises. Thus, thanks to the ingenious plan available in Mauritius, it is now possible to retire on an island known as a paradise on earth; all this with a minimal investment.
