For South Africans seeking a fresh start abroad or considering starting a business in another country, the culmination of their quest might be closer to home than they thought. Mauritius is rapidly transforming into one of Africa’s shining economic stars and with its wealth growth rate expected to soar by 75% in the next decade, it’s no surprise that this tropical paradise is increasingly catching the eye of those looking to explore alternative permanent residency and business jurisdictions.
Mauritius: a tailor-made immigration destination for South Africans
Mauritius, a diverse and multicultural nation, offers an almost perfect match for South Africans seeking permanent residence elsewhere. But what makes this idyllic island so appealing? Let’s dive into the various immigration and residency programmes in store for different income groups, highlighting the top reasons why people are flocking to immigrate to the thriving island nation of Mauritius from South Africa.
Simple taxation system and financial incentives
One significant attraction for foreign investors has always been the straightforward taxation system in Mauritius. Corporate and personal income tax in Mauritius stand at a rate of 15%, with additional tax concessions available. Mauritian tax residents are only taxed on Mauritius-sourced income, and there is no capital gains tax or inheritance tax which bodes well for South Africans. Moreover, the absence of foreign exchange controls makes this island the ideal gateway for international business expansion.
Destination Mauritius: occupation and residence permits
South Africans immigrating to Mauritius can choose from several residency programmes with requirements tailored to their specific needs and financial status, including:
- Residency by property investment
- Residency by occupation
- Residency by retirement
Mauritian residency by property investment
Mauritius offers permanent residency to those who meet the requirements to invest a minimum of USD 375,000 in a qualifying real estate project under the Property Development Scheme (PDS).
Mauritian residency by occupation
Qualified professionals can obtain residency permits through occupational permits by meeting specific skills requirements and income thresholds. Residency can also be obtained by establishing or investing in a business in Mauritius, the minimum investment capital required is significantly lower starting at USD 35,000.
Mauritian residency by retirement
To retire in Mauritius from South Africa, individuals must be 50 years or older to meet the retirement residency permit requirements, provided they earn a minimum monthly income of USD 1,500 and commit to transferring this amount to a local bank account every month to fund their golden years.
With Mauritius welcoming immigration for both business and leisure, it’s clear that this scenic island nation is the perfect destination for South Africans seeking new opportunities and a fresh start.
Make your dream of living and working in Mauritius a reality with FinGlobal and Sovereign Trust
If you’re a South African considering immigrating to Mauritius or relocating to set up a business there, you’re in good hands with FinGlobal and our partner Sovereign Trust. We can guide you through the complexities of moving through the South African exchange control and tax emigration processes and assist you in setting up a new life for yourself, your business, and your family in this tropical haven.
Are you ready to take the leap and immigrate to Mauritius from South Africa? Share your thoughts and experiences in the comments below or get in touch with our expert team to learn more about the exciting opportunities that await you on this enchanting island.