Buying Property through Permanent Residence
Introduction
Strategically located in the Indian Ocean at the crossroads of Africa and Asia, Mauritius presents itself as a premier international business hub and a window of opportunity for foreigners wishing to establish viable investment projects on the island. An attractive blend of advantages is offered to international investors, including:
ELIGIBLE PERSON
Upon a minimum investment of USD$500,000, the investor will be eligible for Permanent Residence Status.
He will be exempt from work and residence permits. He can also apply for PR status for his:
* A next-of-kin or child above the age of 18 shall also make a deposit of a minimum of USD$100,000 with the Accountant General in Mauritius via bank transfer of the funds. The deposit will not bear any interests.
Business activities which qualify under the Scheme are as follows:
Procedures to obtain Permanent Resident Status
Applications for Permanent Resident Status should be made on the prescribed form which may be obtained at M.E.D.I.A. (Mauritius Export Development and Investment Authority), and the Diplomatic Missions and Consular Offices of Mauritius abroad. There are two stages to completing the application process:
The Permanent Resident Status may be withdrawn where:
Investor can acquire for residential purposes only:
The investor who becomes a permanent resident under the Permanent Residence Scheme may apply for Mauritian citizenship after meeting the provisions of the Mauritius Citizenship Act(1968).
Strategically located in the Indian Ocean at the crossroads of Africa and Asia, Mauritius presents itself as a premier international business hub and a window of opportunity for foreigners wishing to establish viable investment projects on the island. An attractive blend of advantages is offered to international investors, including:
- Political and Social Stability
- Preferential Access to Regional Markets
- Sound Macro Economic Management
- Good Governance and Efficient Public Services
- Modern Infrastructure and Telecommunications Services
- High Health Standards and Peaceful Living Conditions
- Pool of Qualified Professionals, Bilingual in English and French
- Highly Literate and Adaptable Labour Force
- Effective Private/Public Sector Partnership
ELIGIBLE PERSON
Upon a minimum investment of USD$500,000, the investor will be eligible for Permanent Residence Status.
He will be exempt from work and residence permits. He can also apply for PR status for his:
- Spouse
- Children, stepchild or his lawfully adopted child*
- Next-of-Kin*
- Wholly dependent next-of-kin of an unmarried applicant, privided the number of dependents does not exceed 3.
* A next-of-kin or child above the age of 18 shall also make a deposit of a minimum of USD$100,000 with the Accountant General in Mauritius via bank transfer of the funds. The deposit will not bear any interests.
Business activities which qualify under the Scheme are as follows:
- Manufacturing
- Operational headquarters of multinational
- companies
- Hotel, tourism and related services
- Freeport Operations
- Financial Services
- Information technology
- Agro-based industry
- Concession projects
- Fishing and marine resources
- Film production
Procedures to obtain Permanent Resident Status
Applications for Permanent Resident Status should be made on the prescribed form which may be obtained at M.E.D.I.A. (Mauritius Export Development and Investment Authority), and the Diplomatic Missions and Consular Offices of Mauritius abroad. There are two stages to completing the application process:
- Stage 1 : Approval in principle Investors should submit to the Executive Chairman of M.E.D.I.A. the following, concurrently:
- Application for approval of the investment (use prescribed forms whenever required). The Investment should be either in a qualifying business activity or in a duly approved fund.
- Application for approval of Permanent Residence Status for the investor, his spouse and His dependents (use prescribed form).
- Stage 2 : Grant of Permanent Resident Status Upon grant of approval in principle, the full amount of the investment should be effected or Alternatively an amount of US$500,000 (or equivalent amount) should be deposited with the Accountant General , pending finalisation of the investment. M.E.D.I.A. will be pleased to provide advice on how to complete the application formalities.
The Permanent Resident Status may be withdrawn where:
- any person has willfully made any false statement or misled or attempted to mislead the immigration officer with respect to an application for a Permanent Resident Permit;
- within a period of 5 years of becoming a permanent resident, any person ceases his business activities or reduces the sum invested to an amount less than US$500,000 (or equivalent amount);
- the investor has been declared bankrupt;
- the person holding a Permanent Resident Status has been convicted of a criminal offence carrying a term of imprisonment of not less than 12 months.
Investor can acquire for residential purposes only:
- A flat or portion of land or immovable property not exceeding 1.25 arpents
- Should be at least 100 metres away from sea frontage
- The investor may be issued with a multiple entry visa valid for a period of up to one year pending the grant of Permanent Resident Status.
- The investor and his dependents who are granted Permanent Resident Status under the Permanent Residence Scheme will be exempted from the requirements of a work permit under The Non-Citizens (Employment Restriction) Act.
The investor who becomes a permanent resident under the Permanent Residence Scheme may apply for Mauritian citizenship after meeting the provisions of the Mauritius Citizenship Act(1968).
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