Mauritius is reporting a dramatic increase in the number of expats moving to the country after the Mauritian government relaxed the rules over property and residency. The new laws include a lower threshold of $500 000 for obtaining residency and buying property and the government is reporting a large rise in the number of SA expats looking to buy property in Mauritius.

Mauritius is a new “hot spot” for South Africans emigrating

Despite being a small country of just 1.2 million people, Mauritius is increasingly being regarded as one of the leading African markets for foreign investors, with the highest GDP per capita of $25 700 according to a New World Wealth report. The World Economic Forum has also ranked Mauritius as the most competitive market in Africa and the country ranks an impressive 25^th internationally in the World Bank’s Ease of Doing Business table. The new laws are directly aimed at encouraging aggressive economic growth and investment.

Residency upon purchase of property

Non-Mauritian citizens are now eligible for residency permits on the purchase of property under the government’s Property Development Scheme (PDS) with a minimum investment of $500 000. A further attraction for expats investing in property is that Mauritius has no Capital Gains Tax dividends or inheritance tax and a universal tax rate of 15%.

Buoyant economy

Mauritius has a robust economy and has performed well in the recent years. The sugarcane industry makes up 25% of total income from exports and the textile industry is another significant contributor to the local economy as is tourism. The government is encouraging the growth of other sectors and financial services is one of these areas. Mauritius has also become a popular base for foreign businesses that have established bases in the country in order to take advantage of the favourable tax incentives.

Working in Mauritius

Mauritius offers many opportunities for expats in the areas of banking, accounting, marketing, IT, architecture and business consulting. Residents in Mauritius pay income tax starting from 10%, rising to a maximum of 30%. You are classified as a resident if you spend a minimum of 183 days in the country in any tax year.

Education in Mauritius

Expats with families will be pleased to know that education in Mauritius is of a high standard and there is a wide choice of international schools that are ideal for children moving from abroad to Mauritius. Children at these schools can study for international academic qualifications including international GCSEs, A levels and the International Baccalaureate Diploma.

Healthcare in Mauritius

Expats living in Mauritius will need to have their own medical insurance in place before they move to the country. There is publicly funded healthcare in place for local residents and many public hospitals on the island, but expats tend to make use of the private hospitals where a broader range of services is offered. For some complex medical procedures you may have to be transferred to a hospital in South Africa or Reunion.

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If you are a South African currently living or working abroad, and would like to know more about the process of financial emigration from South Africa, let one of our financial emigration specialists contact you for a free and no obligation quote.