The Finance (Miscellaneous Provisions) Act 2021, gazetted on 5 August 2021, has brought some changes to the immigration laws of Mauritius and enables easier and broader access to Mauritius by non- citizens, which would, in turn, promote investment and facilitate business in Mauritius as well as bring more foreign currency to the country.
A) INTRODUCTION OF THE PREMIUM INVESTOR SCHEME:
Projects eligible under the Premium Investor Scheme are those:
- having a minimum investment of MUR 500 million (approx. US$ 11,550,000) in the following sectors:
- emerging sectors;
- pioneering industries and first movers;
- innovative technologies and industries; and
- such targeted economic activities as the Minister of Finance, Economic Planning and Development may approve; or
- those in relation to the manufacture of pharmaceutical or medical devices.
Holders of the Premium Investor Certificate may benefit from:
- rebates, exemptions and preferential rates, in relation to taxes, duties, fees, charges and levies under any enactment;
- facilities, grants and exemptions in relation to
- land and buildings;
- infrastructure and public facilities;
- utilities; and
- labour requirements, including foreign labour, as the Minister of Finance, Economic Planning and Development may approve.
B) EXTENSION OF OCCUPATION AND RESIDENCE PERMITS
Family Occupation Permit:
A non-citizen may, through the Economic Development Board, now apply for a family occupation permit authorising:
- the applicant, his spouse, dependent child, parent, other dependent or such other person working exclusively for the family unit, as may be approved by the immigration officer, to become a resident in Mauritius for a period of 10 years provided that there has been a contribution of USD 250,000 or its equivalent in freely convertible foreign currency to the COVID-19 Projects Development Fund;
- the applicant or his spouse, to carry out any occupation in Mauritius for reward or profit or take up employment in Mauritius; and
- such persons working for the family unit, as may be approved by the immigration officer to take up employment with the applicant for the purpose of attending to the needs of the family.
Fund accounting and compliance services sectors:
Occupation permits may now be obtained for professionals working in the fund accounting and compliance services sectors provided the following criteria are met:
- the employee will earn a monthly basic salary of at least MUR 30,000 (approx. US$ 693);
- the employee has at least 3 years relevant work experience; and
- the employer is a licensee of the Financial Service Commission.
Purchase of property:
Subject to the requirements of the law, a non-citizen will be granted a residence permit where he purchases or otherwise acquires an apartment used as residence, in a building of at least 2 floors above ground floor, provided the purchase price is not less than US$ 375,000.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.