Permanent residence in Mauritius is becoming popular with retirees and foreign investors alike, thanks to the island’s low tax rate.
A residency permit is available on the tropical island in return for a minimum investment of $500,000, with tax rates of 15 per cent a major draw for those wishing to set up businesses.
Provided the investor retains a property on the island, they can apply for a Mauritian passport after five years as a resident.
The lack of property tax, inheritance tax or capital gains tax is making Mauritius a highly attractive destination for investors, according to experts on the island.
The World Economic Forum’s Global Competitiveness Index ranks the island’s economy as the most competitive in Sub-Saharan Africa, beating South Africa.
Indeed, South Africans are key candidates for the investor program, as well as wealthy individuals from all over the world.
The highly sought-after lifestyle the island has the offer means investors are flocking there, meaning the economy is thriving. Properties have been sold for anywhere up to $5 million.
Key developments are now springing up on the island, driven by these investment dollars.
These include business centres, plus multiple hotels and five star resorts.
As Mauritius develops, it will only become a more and more attractive option for the world’s high net worth individuals.
It is another example of how an investment immigration program is helping an economy to thrive, to the benefit of local people and investors alike.
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