Mauritius has announced a new “Golden Visa” that requires a $1 million investment, promises a five‑working‑day processing time and targets businesses in fintech, artificial intelligence, biotechnology, renewable energy and global treasury. The programme is intended to attract capital and entrepreneurs displaced by instability in the Middle East, but as of now no application forms, fee schedule or implementing regulations have been published, meaning the visa cannot yet be applied for.
What the government has announced
- Investment requirement – A written commitment of $1 million to be deployed within 12 months of arrival. The Economic Development Board (EDB) will monitor the investment; it is not a non‑refundable contribution paid at the time of application.
- Eligible sectors – Fintech, artificial intelligence, biotechnology, renewable energy, and global treasury.
- Processing timeline – Target of five working days, based on a two‑stage check: an initial EDB screening (including international watch‑list verification) followed by review by the Passport and Immigration Office.
- Quota – An EDB estimate of 100 visas per year; this is a planning figure, not a statutory cap.
- Support – A dedicated EDB concierge service will assist relocating businesses.
Visa, not a residence permit
Mauritius already offers several investment‑linked residence options:
| Programme | Minimum investment | Duration / renewal |
|---|---|---|
| Permanent Residency Permit | $375,000 in approved real estate | 20 years, renewable |
| Occupation Permit (investor) | $50,000 in a Mauritian business | 10 years |
| Premium Visa (digital nomads) | – | Up to 1 year |
The new Golden Visa is a multiple‑entry visa valid for up to two years and renewable through a fresh application. It does not confer residence rights, nor does it lead directly to citizenship (which requires seven years of continuous residence, or five years for Commonwealth nationals). Holders may need to convert to an Occupation Permit or another residence product to remain in Mauritius long‑term.
Programme not yet operational
- No implementing regulations, application form, or fee schedule have been gazetted.
- The Immigration Act 1970 and the EDB Act 2017 allow the executive to bring the visa into force by ministerial regulation, so the framework could be activated quickly once the government decides.
- A similar $500,000–$1 million citizenship‑by‑investment programme announced in 2018 never materialised, suggesting caution until the rules are published.
Strategic rationale
The cabinet approved the visa two days after a crisis‑committee meeting convened to formulate Mauritius’s response to the Middle East conflict. The package also includes VAT exemptions for international sporting events and accelerated clearance for Middle‑East free‑zone operators in the Mauritius Freeport. The Prime Minister described the visa as a response to “multiple enquiries” from foreigners seeking to relocate with their families, indicating a deliberate effort to capture displaced capital and talent.
Tax implications
- Visa holders who spend more than 183 days in Mauritius become tax residents, subject to the standard 15 % flat personal income tax.
- Exemptions:
- Expenditure made in Mauritius via foreign credit or debit cards is tax‑free.
- Foreign income remitted to a Mauritian bank account is exempt provided tax has already been paid abroad.
- The visa does not grant automatic access to the local labour market; holders are expected to work only within the qualifying investment sectors.
Real‑estate restrictions
To avoid the housing‑affordability issues seen in other golden‑visa jurisdictions, the new visa limits property acquisition to existing EDB‑approved schemes:
- Property Development Scheme
- Invest Hotel Scheme
- Smart City Scheme
These are the same schemes used for the current $375,000 Permanent Residency Permit. Initial accommodation must be a hotel or rental within those schemes, preventing competition with the local housing market.
Practical considerations for prospective applicants
- Wait for the rules – Until the EDB publishes detailed regulations, fee schedules and application forms, committing capital would be premature.
- Assess existing options – Mauritius already offers a Permanent Residency Permit and an investor Occupation Permit that are operational and may meet many investors’ objectives.
- Sector focus – If the business aligns with one of the five eligible sectors, the Golden Visa could become a useful entry tool once launched.
- Tax planning – The remittance‑based tax system can be advantageous, but residency thresholds and sector‑specific work restrictions must be factored into any financial model.
The announcement signals Mauritius’s strategic move to attract displaced Middle‑East capital, but the programme remains in the pre‑implementation stage. Interested parties should monitor official EDB communications for the forthcoming regulations before making investment decisions.
Source article: knightsbridge.ae
