The Minister of Finance for Mauritius, Dr Renganaden Padayachy, delivered a tough “Our New Normal” budget speech earlier this month in Mauritius. The crux of the speech was the need to boost the suffering economy through increased foreign investment as well as sustainable and inclusive development through various business sectors.
Part of the changes proposed sees several incentives introduced, including relaxing of immigration requirements and providing more flexibility in terms of investment. Some notable changes are:
1. Combining the Work and Residence Permits into one;
2. Lengthening the Occupation Permit (OP) for retirees to 10 years;
3. Reducing the investment needed to obtain an OP from USD 100,000 to USD 50,000;
4. Extending the Permanent Residence Permit (PRP) from 10 to 20 years.
These changes, among many, provide a unique opportunity for one to invest in and become a part of the “new” gateway to Africa.
MAIN TOPIC AREAS
1. Mauritius COVID-19 and international travel update;
2. Mauritian immigration regime;
3. Taxation and Fiscal regime; and
4. Business sectors overview.
OTHER AREAS OF DISCUSSION
1. Settling in Mauritius without purchasing property;
2. Setting up your company in Mauritius;
3. Mauritius tax residency certificate;
4. Wealth and tax status protection strategies; and
5. Benefits of Mauritius: South African perspective.