Mauritius as a relocation destination offers the ideal package with its political stability, cultural diversity, low tax rates and sustained economic growth.
Foreign nationals who wish to relocate to Mauritius may select from various options such as the Occupation Permit, the Residence Permit, Permanent Residence permit, Investor Permit and Retirement Permit. Further, the family accompanying the main client is also offered a residence option as a dependent.
In addition to the above options, there is an increasing number of investors coming to Mauritius, where various schemes are on offer in which one may invest. For instance, one of the schemes available is the Integrated Resort Scheme (IRS) which is a program designed to facilitate the acquisition of residential property by non-citizens in Mauritius. The highlights about the IRS scheme are as follow:
- The amount of investment in the acquisition of a residential property is not to be less than US$500,000 (excluding taxes)
- A residence permit is granted to the non-citizen upon acquisition of a residential property and is valid until such time the noncitizen shall no longer hold the residential property
The advantages of investing in such a scheme are:
- Permanent residence for the whole family
- Flat tax rate fixed at 15% on personal income
- No capital gains tax
- No direct inheritance tax provided that the deceased and his or her beneficiaries (heirs or legatees) are tax resident in Mauritius
- No tax on dividends paid by companies which are resident in Mauritius
- No exchange control and free repatriation of dividends and capital
- Corporate income tax rate of 3% – 15% tax and a Corporate Social Responsibility (CSR) charge equivalent to 2% of the chargeable income
- Benefits of double taxation agreements signed between Mauritius and a number of countries including France, South Africa, UK and numerous others.
- Provided that you meet the applicable conditions, you may be considered as being a tax resident in Mauritius.
Our Relocation Team has had a high level of expertise through the years and through the various changes in the local legislation.