New provisions have been unveiled in the Budget 2020 – 2021 regarding the obtention a residence and occupational permit in Mauritius. A key element of the post-covid-19 economic reform has been announced by the Minister of Finance, Economic Planning and Development, Renganaden Padayachy.
Beyond the spread of the disease, the Covid-19 pandemic had far-reaching consequences bringing the global economy to a near-standstill. To sustain economic growth despite the crisis, the Mauritian government is relying on foreign investment. To achieve this goal, new policies will be implemented for the obtention of occupational and residence permit. Below are some changes that were undertaken within the framework of the 2020-2021 Budget:
- The Work Permit and Residence Permit will be combined into one single permit.
- The validity of an Occupation Permit (OP) and a Residence Permit for retirees had been extended for a renewable period of ten years.
- The minimum investment amount for obtaining an Occupational Permit will be reduced from USD 100,000 to USD 50,000.
- No minimum turnover and investment required for an Innovator Occupation Permit.
Retire in Mauritius by investing in a high-end property.
- An Occupational Permit holder spouse will not need a permit to invest or work in Mauritius.
- The Economic Development Board (EDB) is the sole agency tasked for establishing and approving Occupation Permit applications.
- Professionals with an Occupational Permit and foreign retirees with a Residence Permit will be able to invest in other ventures without any shareholding restrictions.
- Non-citizens who have a residence permit under the various real estate schemes such as PDS will no longer require an Occupation Permit to invest and work in Mauritius.
- The Permanent Residence Permit will be extended from 10 to 20 years.
- Holders of an Occupation Permit and a Residence Permit may apply for a Permanent Residence Permit if they have held that permit for three consecutive years.
According to figures collected by the EDB, Mauritius has 851 foreign investors with Occupation Permit, 349 considered “self-employed” and 687 senior citizens. These new policies serve first and foremost to increase the investment in Mauritius.