Mauritius has been dubbed by its Economic Development Board (“EDB”) (the statutory body responsible for the promotion of investment in Mauritius) as the preferred African jurisdiction to invest in by virtue of its strategic location, stable government, highly-skilled workforce, business-friendly environment and modern infrastructure.
In line with the ideal ‘work, live, play’, both individual investors and businesses are guaranteed a host of preferential policies and incentives under the purview of the EDB that has set up a myriad of investment schemes that attract foreigners to Mauritius. The main investment schemes are as follows:
- Property Development Scheme: specifically designed to facilitate the development and subsequent purchase of luxurious properties by non-citizens in Mauritius.
- Smart City Scheme: provides the opportunity to invest in companies engaged in smart cities development or to acquire residential property within available smart cities either individually or through a Global Business Company.
- Integrated Resort Scheme: also referred to as the real estate scheme under which non-citizens may acquire existing residential real estate and enjoy the same advantages offered under the Property Development Scheme.
- Invest Hotel Scheme: enables new hotel developers and existing hotel companies to sell individual hotel rooms to non-citizens wishing to become the exclusive owner of hotel units.
In addition to the existing schemes, Mauritius is introducing new schemes aimed to assist non-citizens and foreign property development companies to invest in Mauritius. One such scheme is the Senior Living Residences Scheme which allows non-citizens to stay in, buy or rent purpose-built retirement residences.
For non-citizens, determining the best route for investment depends on whether the investor is an individual investor or a business investor. An individual investor would be required to follow individual processes to invest in these schemes. For example, obtaining a residential permit, a work permit and/or an investor permit amongst others. However, for a business investor, it is advisable to incorporate a Global Business Company (“GBC”) in Mauritius. A GBC is the preferred company set-up for non-citizens where business is conducted in other currencies.
Both individuals and businesses benefit from tax incentives when investing in any of the above-mentioned schemes. Additionally, as highlighted by CNN, “Mauritius offers medical care in the midst of pleasure” resulting in an increase in medical tourism. Thus, individual investors and businesses can thrive on the ‘work, live, play’ ideal that Mauritius boasts of.
With Centurion Law Group’s legal advisory services and tax and investment desk, we offer a one-stop-shop for launching your investment in Mauritius. Contact us today to find out more about these investment opportunities.
Feel free to contact Keseena Chengadu, Head of Africa Investment Desk, Centurion Law Group with questions: firstname.lastname@example.org