There are two private hospitals in close proximity, doctor’s Money matters
rooms in the main centres, and a number of wellness centres Mauritius is rapidly developing
for a bit of pampering. Frail care and home nursing facilities into a major financial sector with a
are being developed both at Moka City and in the rest of sophisticated banking industry, and
Mauritius, as the existing population ages, and more people an investor-friendly tax structure, so
choose to retire to the island. moving to the island can be financially
stress-free.
And there’s more good news.
• English is the official language.
• The crime rate is very low – especially the violent crime rate.
• Mauritius has excellent air travel connections to the rest of
the world, so it will be easy for family to fly in and visit. And
the beaches and all the other paradise-type attractions will
make it more likely that they will want to visit.
• There is no exchange control, and no limits
on the amount of money you may take into or
out of Mauritius.
• But be aware that you can take only R5 million per person
per year out of South Africa.
• If you have residence as a retired person, you can invest in
property in Mauritius below the US$500,000 minimum set
for residence by investment. If you rent it, you will be taxed.
Red tape • Mauritius has a flat personal tax rate of 15%.
There are a number of ways you can retire to Mauritius. • Mauritius has a tax treaty with South Africa (and 42 other
• The easiest is Residence by Investment. You would have to countries) that allows for residents to legally avoid paying
buy a property of at least US$500,000, which will get you double tax. So, if you have income from offshore investments
a residence permit that is valid for as long as you own the or enterprises, you will only be taxed once – either here or
property. If you choose this route, you can work, earn money there.
and/or start a business in Mauritius regardless of your age.
• Or, if you are over 50, you could make an initial deposit
of US$40,000, and commit to depositing an additional
• In order to be tax-domiciled in Mauritius, you need to spend
a minimum of 183 days per year on the island.
US$40,000 annually, which can be paid monthly. This will Make it happen
get you a three-year renewable residence permit for retired Yes, you can live in a tropical paradise, but why not try before
people, but you will not be able to do any paid work, or you buy. It’s not exactly a hardship to take a week or two holiday
have any income from Mauritius-based enterprises. You in Mauritius, and that way you can check out the options. And
can, however, invest in a Mauritian company as a minority if you decide to take the leap, the process can be quite stress-
shareholder, and even be a non-executive director, as long free, as the developers have done this a few times before, and
as you don’t work. there are freight companies with lots of experience in moving
to Mauritius. You can even take your pets, but they will be
If you want to earn money in Mauritius, you will need an subject to quarantine. Hey, you can even take your own horse
occupation p ermit, which is granted in three categories – for cantering down the beach, as Mauritius has world-class
investor, professional or self-employed. equine quarantine facilities that cater to the vast number of
• For investors, the business activity should generate a hyper-expensive race horses and competition mounts imported
turnover exceeding MUR 4 million annually, for each into, or exported from, Africa. Just another little surprise from
investor, with an initial investment of US$100,000 per an island that will constantly amaze you.
investor – or its equivalent in freely convertible foreign Get ready to ride into the sunset.
currency.
• Professionals would need to earn a basic salary exceeding
MUR 60,000 per month, except for ICT professionals, who
need a minimum basic monthly salary of MUR 30, 000.
• Self-employed individuals would need to make an initial
investment of US$35,000, and must generate a minimum of
MUR 600,000 annually for the first two years of activity.
Brought to you by
Estate Living and Mauritius
Sotheby’s International Realty
www.sothebysrealty.mu
www.estate-living.co.za | 57