Permanent Residency Back on Track – Updated 13 Oct 2011

Expatriates who have lived in Mauritius for three years can apply for ten year Permanent Residence permits, and buy a home like this:

This 4 bedroom penthouse apartment could be purchased by a foreigner for under Rs20 million. Click the image to get more information

Below in blue is an extract from an email just sent by Ken Poonoosamy, Managing Director of the Board of Investment.  The BOI is in charge of coordinating applications for all expat visas.  Read on…

We are finalizing the guidelines and these will be available as from next week on BOI’s web site.

Persons that will be eligible for permanent residency for 10 years with the  right to acquire an apartment within a building of a minimum of 3 stories are as follows:

  1.  An investor deriving a minimum annual turnover of Rs 15 million rupees for the past 3 consecutive years, or 
  2. A professional drawing a minimum monthly salary of Rs 150,000 or,
  3. A self employed with a minimum annual turnover of Rs 3 million for the past 3 consecutive years, or
  4. A retired non citizen having transferred a minimum of USD 40,000 annually to Mauritius for 3 consecutive years.

The first step for eligible non citizens meeting the above criteria is to apply for PR and once the PR is granted, they may apply for acquisition of the immovable property. The forms, procedures etc will be available very soon.

Do not hesitate to contact us for any supplementary information that you may require on the above.

Many tks

Ken

This is a good start.  It removes the insecurity of having to apply for a permit every three years.  It will also revive a number of stalled developments on the island.   Finally, it will bring some capital into the country, both financial and intellectual.   Well done, BOI.

UPDATE:

New measure to allow a non-citizen to buy residential apartment in Mauritius. 7th Oct 2011

On Friday 07th October 2011, the Cabinet of Ministers of the Republic of Mauritius has agreed to a non-citizen, who has been granted a Permanent Residence Permit under the Immigration Act, being allowed to purchase an apartment in a block of residential dwelling of not less than three storeys as his personal residence, instead of as in the past. With a view to giving a boost to the construction sector, the construction works for the three-storeyed building in which the apartment is located, need to have started after 1 January 2010. Applications should be made at the Board of Investment.

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