The cost of moving to Mauritius as an entrepreneur or retiree
Businesstech – 16 August 2022
Mauritius is rapidly expanding real estate investment opportunities for South African buyers as savvy developers sink capital into smaller designer builds that offer far more privacy than traditional resort properties without sacrificing beachfront living.
And according to High Street Auctions managing director James Dall, the South African market appetite for these properties is in overdrive.
“Resorts are fantastic options for families who want to buy holiday homes in the thick of the hustle and bustle, where amenities and clubs abound to keep children entertained.
“The South African buyer demographic in Mauritius is changing, though, in large part due to the island’s economic growth, stability and exceptionally welcoming foreign residence policies – not to mention the obvious lifestyle attractions that make it a perennial tourism hotspot.
“The expanding demographic includes retirees, entrepreneurs, and commercial emigrants; a massive market segment for which long-term resort living just won’t work.”
Their ideal alternative, according to Dall, lies in developments like Flic-en-Flac’s Eight Palms; a designer building comprising just seven apartments that will be located directly opposite one of Mauritius’ most beautiful beaches.
“High Street will be auctioning all seven sectional title units on August 11, with construction expected to finish within 14 months of the sale.
Families relocating for business purposes are just a 30-minute commute from the bustling commercial centres of Vacoas/Phoenix and Curepipe, said Dall.
“Educational facilities are top-notch as well. Westcoast International Primary and Secondary schools are a mere 6km from Flic-en-Flac and offer English-medium tuition with UK-based syllabi – the International Primary Curriculum, the Cambridge Lower Secondary curriculum and the IGCSE, which are external exams set and marked by Cambridge in England.”
Dall said South Africans are flocking to Mauritius in such numbers because investor-friendly government policies make it easy to obtain long-term residence permits
“An excellent example is self-employed entrepreneurs, who are excluded from visa eligibility in more countries than not. Mauritius, on the other hand, welcomes them with open arms.
“Entrepreneurs can apply for a Self-Employed Occupation Permit by depositing $35,000 (about R595,000) into a Mauritian bank account. Their permit is valid for 10 years, with the main renewal criteria being the ability to prove an annual business income of MUR 800,000 (about R300,000) from the 3rd year of registration.
“The process is even easier for South African retirees looking to spend their golden years in paradise. Whereas previously this residence permit covered only three years, it is now a standard 10 years with the base requirement that the individual earns a recurring income of $1,500 (R25,500 at current rates) per month.
“The extension from three to 10 years gives retirees certainty about their future in the country, especially if they’ve bought property. And as an additional incentive to retirees to choose the idyllic island as their permanent home, after three years of residency on their initial visa, they can apply for it to be extended from 10 years to 20.”
Dall said an additional incentive for South Africans to purchase property in Mauritius is that visitors are allowed to stay in the country for six months a year.
He said that Mauritius has also managed to craft a strong growth-oriented developmental path that enabled the country to achieve one of the highest per capita income levels in Africa, and propelled it into the league of high-income countries with a Gross National Income per capita of $12,740 (R216,500) in 2019.
