Lynn Mackenzie, J.D., LLM.
There has been a recent buzz regarding the recent budget announcement made June 4th, 2020, which detailed the Mauritian government’s intent to reduce the minimum investment required to attain an Occupational (OP) as a non-citizen, from $100,000 to $50,000. In addition, the OP’s validity would be extended from 3 to 10 years. These new measures may make allowances for OP holders to do the following;
- OP holders can bring their parents as dependents
- An additional work permit for a spouse who wishes to work may not be required.
- OP holders may no longer be limited to buying residential property within the integrated resort schemes, real estate schemes and property development schemes, which are specific to foreign buyers, or previously owned apartments of three storeys high.
Furthermore, it may cost less for foreigners to attain Permanent Residence in Mauritius by investing in the aforementioned schemes, as the purchase price required would be reduced from $500, 000 to $375, 000.
Moreover, the Mauritian government announced that the work and residence permits would be combined into one document; therefore those who possess a residence permit for 3 years may be allowed to apply for Permanent Residence. Thereupon, the validity of the permit could be extended to 20 years, as opposed to 10 years.
We have been advised that when a Budget proposal such as the aforementioned is announced, it has yet to be enacted into law. Following an announcement, the proposal is debated at the level of Parliament. Should the proposal be approved, the budget is enacted into Mauritian Law. The approval process takes 2-3 months. We have been cautioned by local Mauritian Relocation experts that such announcement, rarely receive parliamentary approval and therefore its is imperative to seek professional assistance prior to making the decision to relocate within these proposed parameters.
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