The Government of Mauritius has introduced a Permanent Residence Scheme aimed at attracting high-net-worth individuals to invest in the country, thereby fostering economic growth and development. Under this scheme, foreigners who invest more than half a million dollars in Mauritius are eligible for permanent residence, along with their spouse and children under 18 years of age. For children above 18, an additional deposit of USD 100,000 is required.
The initial investment is channeled into the Permanent Residence Investment Fund (PRIF), managed by the Accountant General of the Ministry of Finance. Returns generated from this investment are payable annually to the investor. To maintain eligibility, the deposited amount in the PRIF, or a portion thereof, can be reinvested in qualifying activities approved by the Board of Investment, securities listed on the Stock Exchange, or equity funds.
If the investment is not reinvested in one of these approved avenues, a minimum of USD 500,000 must remain locked in the PRIF for a period of 10 years. This provision ensures a sustained economic benefit to Mauritius while providing flexibility for investors to participate in the country’s growth sectors.
One of the significant advantages of this scheme is the exemption from the work permit requirement for investors. Additionally, participants can acquire up to 0.5276 hectares of immovable property for personal use, facilitating settlement and integration into Mauritian life.
The Permanent Residence Scheme not only attracts financial capital but also encourages knowledge transfer and skill development, as investors engage with local businesses and industries. This interaction contributes to the diversification and modernization of Mauritius’ economy, enhancing its global competitiveness.
Moreover, the scheme underscores Mauritius’ commitment to openness and transparency in its investment policies, offering a secure and attractive environment for foreign investors seeking a stable residence option in Africa.
In conclusion, the Permanent Residence Scheme of Mauritius is strategically designed to leverage foreign direct investment for sustainable economic growth. By offering permanent residency privileges to eligible investors and their families, Mauritius not only enhances its global appeal but also enriches its cultural and social fabric through increased international engagement and integration.
