If you’re counting the years or months to retirement, it’s never too early to start thinking about this aspect of life. Why not choose Mauritius? We’ve compiled a list of the many advantages of retiring in Mauritius.
Mauritius is one of the world’s most popular destinations for vacations in the sun, but also for a serene retirement in the tropics. Indeed, every year, the island welcomes dozens of retirees in search of a pleasant, secure living environment, tax benefits and other amenities such as a world-class healthcare system. The island has 5 public hospitals and around 40 private clinics. The medical profession is among the most highly regulated in the region, and the standard is very high. More than 8,500 highly qualified staff work in the island’s various health establishments, which are increasingly modern, with state-of-the-art equipment. The island attracts large numbers of medical tourists every year.
According to recent statistics, there are over 11,000 French retirees on the island, benefiting from numerous advantages thanks to the cordial agreements between the two countries (double taxation treaty, access to the Caisse des Français (CFE), among others). This figure is set to rise, thanks to the facilities and measures put in place by the Mauritian authorities. True to its reputation as a tropical paradise, Mauritius is undoubtedly the retirement destination par excellence. The island is renowned not only for its white sandy beaches, wide choice of leisure activities, colorful culture and unrivalled beauty, but also for its administrative structure, which is well suited to senior citizens.
Many people want to spend their retirement in a different setting. The choice is vast, but very few countries offer as many advantages as Mauritius. In addition to its year-round mild climate, Mauritius is the ideal place to retire, as the authorities have simplified the formalities for expatriation. In fact, the Mauritian government has set up an action plan to boost the Silver Economy and turn it into an economic sector in its own right. Several projects have been proposed to add value to existing schemes such as the PDS and RES.
Why retire to Mauritius?
Every year, Mauritius attracts a large number of expatriate retirees, convinced by the advantages it has to offer. If you’re planning to spend your retirement in Mauritius, here are the key points to bear in mind. First, the tax system. The Mauritian government has clearly stated its ambition to attract foreign investment. To achieve this, it offers an attractive tax system with numerous tax deductions. These include personal and corporate income tax, which is 15%, and no tax on dividends.
It’s worth mentioning that for foreign retirees, there is no wealth tax and no inheritance tax. Here in Mauritius, there is no property tax or council tax. There is no capital gains tax on the resale of your property. There are no inheritance taxes, just a 15% tax on personal income, including rental income. These tax advantages enable you to take full advantage of the standard of living for which the island is renowned. In addition, French retirees can easily collect their old-age pensions in the country. In addition to its tax advantages, the Mauritian government has introduced a number of measures to make the country more accessible to foreign investors. These include real estate programs.
The property development scheme
Since 2002, expatriates have had access to Mauritian real estate through various schemes, including the Property Development Scheme, commonly known as PDS. This program is an amalgam of the former RES, IRS and IHS schemes. With the PDS, the government, through the Economic Development Board, encourages real estate investment by foreign nationals. To make the country more attractive, the PDS offers a number of advantages. Firstly, to develop projects under this scheme, property developers must comply with its many rules. They must comply with criteria including the design of real estate projects covering a minimum of 4,200 m2 in the form of a complex of at least 6 villas and/or apartments benefiting from infrastructure, wellness activities and more or less personalized shared services, all within a complex secured by an enclosure and guard service.
These criteria guarantee retirees a completely secure investment so they can enjoy the island’s assets without worrying about the rest. In addition, PDS projects will delight the ecologically-minded, as among the government’s many requirements is the obligation to design an environmentally-friendly real estate project, designed to be in perfect harmony with nature. The construction is designed to be environmentally friendly, with natural light, solar panels and rainwater recovery, among other features.
In addition to the above advantages, the Property Development Scheme offers eligibility for a permanent residence permit with a minimum investment of 375,000 USD. This permit is issued to the purchaser and his or her partner. The permanent residence permit is valid for as long as the purchaser remains the owner of the property. As a result, the purchaser benefits not only from the advantages of a PDS acquisition, but also from the tax advantages mentioned above.
What are the conditions for retiring in Mauritius?
Mauritius is undoubtedly the retirement destination par excellence. However, there are certain criteria that apply to expatriates wishing to live in Mauritius. They will then have the status of “Retired Non-Citizen”. Here are a few points to consider:
Age is a determining factor in obtaining retired status. In Mauritius, to qualify for retirement benefits, you must be aged 50 or over.
Six months before applying for your license, it is recommended that you undergo medical examinations.
You must also make an initial transfer of at least 1500 USD or the equivalent in foreign – convertible currency into a local bank account in Mauritius.
After this initial transfer, you’ll need to transfer at least USD 1,500 per month or in instalments, for an annual total of at least USD 18,000.
Proof of transfer must be submitted to the Economic Development Board (EDB).
If the conditions are met and you have transferred at least 54,000 USD or its equivalent over a 3-year period, you will be eligible to apply for a permanent residence permit for a period of 20 years.
Real estate specially designed for seniors
The Mauritian government has optimized existing schemes, including the Property Development Scheme, to attract retirees to the island. Thanks to new regulations, property developers can now build homes specially designed for retirees. These homes, integrated into existing PDS schemes, must meet specific standards.
These senior residences must comprise at least 25 residential units specifically adapted to the needs of the elderly. They must provide personal and home care services, including facilities such as nursing stations, daily meal delivery, on-site supervision, emergency medical services and recreational facilities. It is mandatory for developers to ensure that retirees live in an environment conducive to their personal development. Among the services recommended by this new scheme are à la carte services including care services (hairdressing, spas) and maintenance (laundry, cleaning, etc.). The leisure aspect is not overlooked either, with developers required to provide retirees with restaurants, bars, swimming pools and other amenities designed to maintain residents’ cognitive abilities. The health and safety aspect is non-negligible. The residence must have a dedicated medical care center and a 24/7 security system.
Les Villas Harmony: a peaceful retirement
As a leader in the Mauritian real estate market, the Evaco Group is responding to demand from retirees by offering grand-standing villas fully adapted to the needs and daily realities of senior citizens. These are the Villas Harmony. A seniors’ residence integrated into Cap Marina, a large-scale real estate project in Cap Malheureux. The setting is already idyllic. Known for its authenticity, sublime white sandy beaches and breathtaking views of the Coin de Mire, the village is the ideal place for a sunny retreat. The villas are designed to make your life easier and more comfortable. You’ll have the chance to spend your well-earned retirement in pleasant surroundings where you can freely entertain friends and family.
Villas Harmony are perfectly adapted to the needs of senior citizens. They benefit from modern architecture that allows you to extend your living space and take advantage of the surrounding green spaces. When you choose Cap Marina for your retirement in Mauritius, you’re choosing a suitable villa, a pleasant and peaceful living environment and, above all, a friendly atmosphere. Indeed, Villas Harmony give you the opportunity to live independently, at home, in comfort, with a very active social life. The key point of the concept: a clubhouse where seniors can not only relax and enjoy the gentle Mauritian way of life. They can also meet new people and take part in recreational activities, sharing, laughing and exchanging, to the delight of all. Thanks to a wide range of facilities and benefits, retirement in Mauritius is a chance to change your daily life for the better.
