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Vimal Damry, Managing Director, Premier Financial Services Limited

Vimal Damry, Managing Director, Premier Financial Services Limited

With different schemes in place, living on the beautiful island of Mauritius with its sound infrastructure and thriving economy is no longer just a dream

Published: Fri 4 Feb 2022, 10:14 AM

PREMIER Financial Services Limited (Premier) is an FSC licenced management and trust company operating from Mauritian IFC. Premier has offices in Mauritius, Dubai and Seychelles and offers its services to high-net-worth families, private companies, multinationals and listed entities across the globe. The company is reputed for its punctual and cost-effective services with highest ethical standards.

Our Mauritius office is a member of the INAA Group, an association of tax and accounting experts based worldwide in more than 50 countries and ranked 14th worldwide among associations and alliances. Our Seychelles office is a member of UHY, which is a network of independent accounting and consulting firms with offices in over 273 major business centres in 101 countries and is ranked 17th worldwide. Our Dubai office is licensed by the Dubai Multi Commodities Centre (DMCC) and is an approved Registered Agent of RAK ICC. We are ideally located in geographical terms to cover the EMEA region as a one-stop-shop corporate services provider.

Located in the Indian Ocean, Mauritius is well reputed for its harmonious cultural mosaic. The country also has a diversified economy based on manufacturing, tourism, financial services, real estate, ICT, energy, and green technology. Mauritius has been ranked among the first 15 countries for ease of doing business and the first in Africa. We have a modern banking system with international standards that can facilitate conversions and transfer of different currencies. There is no exchange control.

Property Ownership route

Mauritius has developed different schemes to give opportunities to acquire properties and enjoy the sun, sea and sand in Mauritius. One of the main schemes is the Property Development Scheme (PDS) whereby a foreign investor is eligible for a Residence Permit upon the purchase of a qualifying residential property of a minimum amount of $375,000 or its equivalent in any freely convertible foreign currency. The said property can be acquired through legal vehicles such as a trust, company, foundation or in an individual capacity. Premier is here to help throughout. The PDS scheme also provides permanent residence visa for dependents, comprising the spouse, common law partner of the opposite sex, and children.

There are other schemes in place such as Integrated Resort Schemes (IRS), Real Estate Scheme (RES), Property Development Scheme (PDS) and Smart Cities with other conditions attached.

Investor route and others —10 years validity

There are other options for foreigners to obtain a Resident Permit besides having to buy property. One such example is the Occupation Permit for investors who set up and own a company in Mauritius through a minimum of $50,000. Premier has helped many families in obtaining permits under the investor route.

It is good to know that permits being given are for a long term and the threshold is not high in terms of fund required:

Investor — 10 years validity and renewable — An initial transfer of $50,000

Professional — 10 years validity and renewable — Basic salary should exceed $1,430 monthly and $715 monthly for ICT, business process outsourcing, pharmaceutical manufacturing and food processing, fund accounting and compliance services

Self-employed — 10 years validity and renewable — A minimum investment of $35,000 in a professional activity and the provision of two letters of intent from potential clients

Mauritius also grants residence permit to retired non-citizens aged 50 or above. With just $1,500 monthly, a retired non-citizen can benefit from a 10-year Residence Permit and live in a peaceful environment. The Residence Permit further offers retired non-citizens the possibility to apply for a 20-year Permanent Residence Permit after three consecutive years.

Why work, live and retire in Mauritius?

Mauritius is a politically stable, democratic country and enjoys a vibrant and diverse economy. It is a popular residence destination for foreigners due to its tropical countryside, pleasant climate, well-established property rights and reasonable cost of living.

It is good to know that Mauritius is a lovely island in the Indian ocean region with a multicultural society, speaking English, French, Creole and Hindi. Mauritians are very welcoming and nice people, and this explains how Mauritius has become a very popular tourist destination. It is not only the beautiful beaches, the scenic views, the greenery, the sand, the sun but also the big smiles that have contributed to creating this incomparable hospitality which Mauritians show. People are always welcome on the island, and we mean it.

There is no need to worry about the education system and students can opt for the public system which is very good as well as the private system of English and French schools and universities. Mauritius has a very nice and efficient transport system, giving you the option of using the metro, a taxi or your own car. We have a very straightforward and fair tax system where the tax payable is not high as compared to other jurisdictions. Furthermore, personal bank accounts can also be opened very easily.

What are the options for acquiring a resident permit in Mauritius?

We have several options to acquire a resident permit in Mauritius, whether for an investor resident permit, professional and self-employed resident permit and occupation permit for innovators. Mauritius also grants resident permit to retirees.

The government has put several schemes for residence permits to attract people coming to work, live and retire on the island. The government also allows for dependents and spouses to come and live here as well with minimum formalities. The permits given are now for 10 years.

Is it easy to acquire real estate property in Mauritius?

Mauritius has developed several schemes over the past 10 years to facilitate the acquisition of properties on the Island. A foreigner can acquire property under the defined schemes or acquire as a non-citizen an apartment in a ground cluster building. A residence permit is granted to a foreigner who acquires a property having a value of a minimum of $375,000 and it can be an off-plan acquisition. The properties in Mauritius are of a very high calibre and are nicely done and spacious, compared to what you receive elsewhere. Property has always gone up in value over time. It’s easy to purchase with simple formalities and everything is done though a Notary.

What is the timeframe to process the application?

It usually takes approximately one month for the application to process, subject to receipt of all requested documents.



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