Relocation of both businesses and persons is a time of opportunity to reposition yourself most advantageously. Most countries are also competing to attract talent and wealth. Osiris has years of experience in assisting clients with the planning and execution of such a move. This typically starts with an analysis of what the various possibilities are, both in terms of right to live and work, as well as with regards to lifestyle and family aspirations.
Osiris is well placed to manage both the exit out of the existing country as well as the entry into the new one. This is both with regard to immigration formalities, exchange control if applicable, as well as tax planning both on exit and entry.
Strategically located in the Indian Ocean at the crossroad of international investments, Mauritius has throughout the last decade forged a strong reputation as a premier international financial centre.
With a number of competitive advantages – such as state-of-the-art infrastructure, country-wide connectivity offered via a fibre optic cable, linguistic wealth, skilled workforce and cultural links with Africa and India– Mauritius is in an excellent position to serve an ideal gateway for cross border investment especially for Africa.
Additionally, the global business platform offers interesting fiscal and non-fiscal incentives to the international investor. Global Business Companies may be used advantageously in conjunction with Mauritian Double Tax Agreements (DTA), in view of the nil or low withholding tax rates on interest and dividends provided for in the treaties.
Additionally, Mauritius also offers the following additional benefits:
- Mauritius has also signed Investment and Promotion and Protection Agreement (IPPA) with a number of countries in Africa
- It is a member of the COMESA, SADC and the Indian Ocean Rim Association for Regional Corporation
- Mauritius also has a very conductive and politically stable atmosphere for doing business
- Mauritius has a very structured legal and regulatory framework in line with international norms
- The Mauritian economy is one of the fastest growing in sub-Saharan Africa
The Taxation System In Mauritius
Mauritius runs a self-assessment system based on the residence concept. A person resident in Mauritius is liable to tax on the worldwide income derived by that person. A non-resident is taxed on income derived from sources in Mauritius. However, all income derived from overseas by an individual resident in Mauritius is taxable to the extent it is remitted to Mauritius. Income tax is payable on income derived in the preceding year. The fiscal year runs from 1 July to 30 June. There is no capital gains tax in Mauritius.
We deal with the completion and submission of an application for Occupation Permits for yourself and Residence Permits for your dependents;
Applications for an Occupation permit can be submitted in any the following categories:
An Investor is defined as a shareholder and director in a company incorporated in Mauritius under the Companies Act 2001.
- An Investor should make an initial transfer of USD 100,000 or its equivalent in freely convertible foreign currency in the account of the company under which the application will be made.
- The business activity should generate an annual turnover of at least MUR 2 million for the first year of operation and cumulative turnover of at least MUR 10 million for the subsequent two years.
- A company may have more than one investor as defined above. However, the initial investment and annual turnover will be a multiple of the number of Investors in the company.
- Existing investor (investor already operating but not registered with BOI) with a net asset value of at least USD 100,000 or its equivalent in freely convertible foreign currency and a cumulative turnover of at least MUR 12 million during the 3 years preceding the application for Occupation Permit and with a turnover of at least MUR 2 million in any one year.
- Individual who has inherited a business (beneficiary) in case of death or incapacity of the previous investor provided that the net asset value of the business is at least USD 100,000 or its equivalent in freely convertible foreign currency and a cumulative turnover of MUR 12 million during the preceding 3 years and with a turnover of at least MUR 2 million in any one year.
- An Investor, who has made an initial investment exceeding USD 100,000 or its equivalent in freely convertible foreign currency and having been granted an Occupation Permit, is eligible to purchase only one apartment in a building of at least 2 floors above ground, as his/her personal residence.
- A Professional, as defined under the Immigration Act, is an expatriate employed by a company incorporated in Mauritius to deliver professional services.
- As a general principle, a Professional can be neither a shareholder nor a non-executive director of the company with which he/she is under contract of employment or any other company.
- A Professional should earn a basic monthly salary exceeding MUR 40,000. However, the basic monthly salary for Professionals in the ICT Sector should exceed MUR 30,000.
- A Professional, earning more than USD 3,000 per month and having been granted an Occupation Permit, is eligible to purchase only one apartment in a building of at least 2 floors above ground, as his/her personal residence.
- A Self-Employed is defined as a non-citizen engaged in a professional activity registered with the Registrar of Businesses under the Business Registration Act 2002.
- A Self-Employed operates a one-person business, working exclusively for his/her own account.
- A Self-Employed should make an initial transfer of USD 35,000 or its equivalent in freely convertible foreign currency.
- The business activity should generate an annual income exceeding MUR 600,000 in the first 2 years and MUR 1,200,000 as from the third year.
Residence Permit As Retired Non-Citizen
The criteria for applying for a Residence Permit as a Retired Non-Citizen is as follows:
- A Retired Non-Citizen is defined as a person who is not a citizen of Mauritius and aged 50 years or above.
- A Retired Non-Citizen should make an initial transfer of at least USD 40,000 or its equivalent in freely convertible foreign currency when first settling in Mauritius.
- A Retired Non-Citizen must transfer to his/her local bank account in Mauritius, at least USD 40,000 annually, or its equivalent in freely convertible foreign currency.
- A Retired Non-Citizen having effected an initial transfer of USD 120,000 at time of application is eligible to purchase one apartment in a building of at least 2 floors above ground, as his/her personal residence.
Residence Permit As Part Of A Property Purchase Resident Schemes
Osiris has relationships with property agents in Mauritius and can assist in arranging both temporary and permanent accommodation;
- The Permanent Resident Scheme (PRS) – foreigners investing more than $500,000 into the Permanent Residency Investment Fund (PRIF) for a 10-year period are eligible for permanent residence along with their spouse and children under 18 years of age. Children over 18 years require and additional deposit of $100,000 each. The initial investment can also be reinvested in a qualifying activity approved by the BOI, in securities listed in the Mauritius Stock Exchange or in an equity fund in Mauritius for a minimum period of only five years. In either case, profits will be returned to the investor.
- Pursuant to Regulation 15 of the Investment Promotion (PDS) Regulations 2015, a residence permit under the Immigration Act is granted to the non-citizen upon acquisition of a residential property not less than USD 500,000 or its equivalent in any other freely convertible foreign or Mauritian currencies. The residential property is deemed to be acquired on its registration and payment of the fixed duty of 5% the value of property to the registrar general.
- Notwithstanding the above, a non-citizen who acquires a plot of serviced land shall not be eligible to apply for a residence permit unless the construction of a residential property has been completed on that plot.
- The PDS Company must inform BOI by way of a letter addressed to the Managing Director on registration of the immovable property and submit a certificate from the Notary to the effect that the deed drawn has been duly registered and transcribed.
- The residence permit granted to the non-citizen remains in force until such time the non-citizen shall hold the residential property under the scheme or where the person nominated by the company’s secretary, director, grant or qualified trustee, of the entity, as the case may be, informs the Board of Investment to terminate the residency.
- The Integrated Restore Scheme (IRS) requires a $500,000 investment in residential property and land. Foreign investors under the scheme may apply for a residence permit from themselves and their spouse and dependents.
- Immigration Investor Program’s (IIP’s) – An individual’s passport dictates where they are entitled to live, work or travel. Some passports open doors for you worldwide, and others limit your freedom, and may even compromise your wealth and security. Whether it is for travel, protection of your assets or to retire to an exotic location, you should consider securing alternative citizenship or residency. IIP’s allow foreign citizens to invest in return for formal immigration status.
Osiris offers assistance in:
- Introduction to various schools and offers assistance with enrolment procedures and advice as to which ones to choose;
- Import and customs clearance of personal belongings and vehicles;
- Arranging the importation of pets and quarantine requirements;
- Bank account opening;
- Tax registration and advice on status;
- Mauritius has a worldwide system of tax but only on income remitted to Mauritius. This is effectively a resident not domiciled scheme and with some planning in advance a very advantageous result can be achieved;
- Arranging for Medical cover and personal insurance;
- Tax return submission;
Personal Expense Budget
- Home Rental – $3,500 to $4,500 per month for a family home well located.
- Living Expenses
- Car Rental $500/month
- Utilities $200/month
- Sport and Leisure $200/month (2 rounds of Golf or Gym membership
- Insurance $150/month
- Medical Insurance $280/month)on an expat Global package (not local)
- Restaurants $100 medium expense dinner for 2
- Schools $600 per month for a child in Private Junior school
- Petrol $75 to fill up a 60ltr tank
- Groceries $150 per week
- Wine Overpriced (3 to 4 times South Africa prices)
We would be very happy to introduce you to our preferred service providers.
Business Services and Substance
If you are going to be setting up an office in Mauritius we can also offer the following:
- Assistance in registering with all relevant Government departments;
- Company Registration
- VAT Registration
- Offer your business a dedicated office and shared use of boardrooms, internet & conferencing equipment;
- Ensure and set up board meetings to be held in Mauritius.
- Assistance with recruitment of suitable staff and managing them;
- Provide your business with a dedicated telephone, fax line and server. We have just bought a further 700 m office to enable us to have a greater serviced office capability
- Setting up and running payroll;
Office Rental – Fully Serviced Office: $1,200 per month
Place of Effective Management out of Mauritius