RESIDENCY AND REAL ESTATE SEARCH
Whether you are looking to move to Mauritius for business or to enjoy your retirement, you will need to apply for a renewable permit that will allow you to reside in Mauritius. AAMIL Consultants Ltd will assist you to determine which permit is the most appropriate to your situation and will accompany you all the way until the permit is issued by the Economic Development Board (EDB), which is the local authority giving such approval.
The different categories of work and residence permits are granted by the EDB:
• Investor Permit:
◦ The business activity must generate an annual turnover of at least MUR 2 million for the first year and cumulative turnover of at least MUR 10 million for the subsequent two years, with an initial investment of USD 100,000;
◦ Existing investor with a net asset value of at least USD 100,000 and a cumulative turnover of MUR 12 million during the preceding 3 years with a turnover of at least MUR 2 million in any one year;
◦ Individual who has inherited a business 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 and a cumulative turnover of MUR 12 million with a turnover of at least MUR 2 million in any one year.
◦ Basic salary should exceed MUR 60,000 monthly. However, the basic salary for professionals in the ICT Sector should exceed MUR 30, 000 monthly.
◦ Income from the business activity should exceed MUR 600,000 annually for the first two years of activity with an initial investment of USD 35,000;
◦ The annual income has been increased from MUR 600,000 to MUR 1,200,000 as from the third year of activity.
◦ A Retired Non-Citizen should make an initial transfer of at least USD 2,500 to his/her local bank account in Mauritius. Thereafter, the Retired Non-Citizen should transfer at least USD 2,500 monthly or by installments amounting to at least USD 30,000 annually, during a period of 3 years.
The Occupational Permit/Residence Permit is granted for a maximum period of three years, renewable thereafter subject to established criteria.
Dependents of Occupation/ Residence Permit holders, namely spouse, children up to the age of 24 and common-law partner, are also eligible to apply for a residence permit in Mauritius.
• Permanent Residence Permit:The Permanent Residence Permit allows a non-citizen to work and live in Mauritius for a period of ten years. The following categories are eligible for the Permanent Residence Permit.
• An investor who holds a valid Occupation Permit and the aggregate turnover of his company has exceeded 45 million rupees for any consecutive period of 3 years.
• An investor who invests at least USD 500,000 in a qualifying business activity as per list below:
Agro-based industry, Audio-visual, Cinema and Communication, Banking, Construction, Education, Environment-friendly and green energy products, Financial Services, Fisheries and Marine Resources, Freeport, Information Technology, Infrastructure, Insurance, Leisure, Manufacturing, Marina development, Tourism and Warehousing, Initial Public Offerings.
• A self-employed who holds an Occupation Permit and where the annual income exceeded MUR 3 million for three consecutive years.
• A professional having a valid Occupation or a Work Permit and whose monthly basic salary exceeded MUR 150,000 for three consecutive years immediately preceding the application.
• A retired non-citizen who has held a Residence Permit for three years and has transferred USD 30,000 annually to his account in a local bank during each of these three years.
Extract from the Economic Development Board Website.
REAL ESTATE DEVELOPMENT
Mauritius has opened up its real-estate market to foreigners since 2006 to allow non-residents to acquire luxury properties under special designed schemes. At AAMIL, we have the know-how and expertise in the existing schemes and market. We guide you through all the processes from day one. We only work with genuine and reputable promoters and intermediaries to introduce you to AAMIL advises foreigners on the best structures to put in place regarding the purchase of their real estate in Mauritius.
Our Real-Estate Services include:
- Professional guidance on investment in Mauritius through the approved Schemes:
- Property Development Scheme (PDS);
- Integrated Resort Scheme (IRS);
- Real Estate Scheme (RES).
- Structuring of real-estate purchases;
- Provision of power-of-attorney;
- Handling applications for residency under the relevant schemes;
- Facilitation Services;
- Management of rental income;
- Accounting Services.
The good news today is that the Non-Citizens (Property Restriction) Act has been amended in December 2016 to allow foreigners to purchase apartments in condominium developments of at least two levels above ground, with the prior approval of the Economic Development Board. The price of such an acquisition must not be less than MUR 6,000,000. Any non-citizen, with or without an occupation permit, residence permit, permanent residence permit, may acquire apartments.
REAL ESTATE SEARCH
Anahita is one of the first IRS approved project in 2007 and the resort was opened in June 2008.
Luxury concept lying between land and sea, this IRS project is the perfect gateway to an all encompassing marina, sea and sun experience.
Azuri is the pearl of the North East coast of Mauritius. It is the largest residential IRS development in Mauritius providing 3-4 bedroom apartments, penthouse, townhouses, golf villas in the very heart of a village.
These prestigious RES villas can be found in the Grand Bay area. Le Clos du Littoral is an oasis of well-being to foreign investors, of which the Phase 1 opened its gates to unveil a high-end RES village and its 63-luxury villas of various types, all offering a private pool and a large garden.
Next to the vibrant seaside of Grand Bay, a gated residential estate with an 18 hole-course is becoming a reality.
AAMIL’s Family Office is a one-stop shop designed to address all of the clients’ needs. As AAMIL understands that people are the priority, we offer dedicated services to help you, your staff and your family to feel at home. AAMIL offers a full service of family relocation for those international professionals moving with spouses and children. We facilitate a smooth transition with services including immigration assistance, housing facilitation, required permits and school admission. We also handle your Occupation/ Work Permit applications for foreign directors of Category 1 Global Business Licence vehicles who wish to work and live in Mauritius, expatriate staff, investors of Global Business, domestic companies or others. AAMIL ensures total confidentiality of all the client’s data.
Our main services to non-resident clients:
- Processing applications for residency under the relevant schemes, including the new scheme PDS, existing IRS and RES in Mauritius;
- Processing applications for work permits;
- Processing applications for non- citizens wishing to carry out business assignments;
- Giving administration support to the expatriate;
- Introducing clients to leading banks in Mauritius for opening of and operating bank accounts;
- Securing reputable insurance companies for all your assets;
- Issuing employment contracts for all your employees and processing the monthly payroll;
- Finalising all your annual accounts and filing the same with the relevant authorities.