#1-SAB&T International Financial Consulting Ltd - Residence in Mauritius..... the options#2Thinking about living in Mauritius Strategic Location - 1 200km off the African East Coast Convenient time zone • Amazing subtropical climate · Nice people • Good connectivity Business friendly Solid infrastructure Good legal framework Well regulated banking sector Socio-economic stability Political stability SAB&T International Financial Consulting Ltd 2#3OCCUPATION PERMITS (OP) The Occupation Permit (OP) is a combined work and residence permit which allows foreign nationals to work and reside in Mauritius under 3 specific categories namely: 1. Investor 2. Self-Employed 3. Professional Foreign nationals, above the age of 50 years, may also choose to retire in Mauritius under a Residence Permit (RP). An Occupation Permit (Investor and Self-employed) and a Retired Residence Permit shall be issued for a maximum period of ten years, renewable thereafter as per established criteria. Dependents of an OP or RP holders may also apply for residence permit for a duration not exceeding that of the main holder. SAB&T International Financial Consulting Ltd 3#4-SAB&T International Financial Consulting Ltd - Investment as your route#5INVESTOR OP An Investor, as defined under the Immigration Act, is a shareholder and director in a company incorporated in Mauritius under the Companies Act 2001. An investor is eligible to apply for an Investor Permit under the following options: Option 1: • An initial transfer of USD 50,000 or its equivalent in freely convertible currency in the bank account of the company under which the application will be made. Option 2: • Owning a Mauritius business through acquisition or inheritance, with a Net asset value of at least USD 50,000 or its equivalent its equivalent in freely convertible foreign currency inherited and a cumulative turnover of at least 12 million rupees during the 3 years preceding the application. For renewal of an Investor OP, the company should generate a minimum gross income of 4 million rupees per year as from the third year of registration. Period: 10 years renewable Eligibility to apply for 20 year residence permit after 3 years on certain conditions SAB&T International Financial Consulting Ltd 5#6• . SELF EMPLOYED OP A Self-Employed is defined as a non-citizen engaged in a professional activity under the services sector only and registered with the Registrar of Businesses under the Business Registration Act A Self-Employed should operate a one-person business activity, working exclusively for his/her own account A Self-Employed should make an initial transfer of USD 35,000 or its equivalent in freely convertible foreign currency to his/her local bank account in Mauritius. For renewal of an Investor OP, the company should generate a minimum gross income of 4 million rupees per year as from the third year of registration. Period: 10 years renewable Eligibility to apply for 20 year residence permit after 3 years on certain conditions SAB&T International Financial Consulting Ltd 6#7-SAB&T International Financial Consulting Ltd - Using your skill#8PROFESSIONAL • • • · . A Professional, as defined under the Immigration Act, is an expatriate employed in Mauritius by virtue of a contract of employment. A Professional should earn a monthly basic salary of at least MUR 60,000. For Professionals in the sector of information and communication technologies (ICT), business process outsourcing (BPO), pharmaceutical manufacturing and food processing, the monthly basic salary should be at least MUR 30,000. • Professionals may also apply for a Short-term Occupation Permit for a period not exceeding 9 months. The OP may be extended only once for a period not exceeding 3 months. Right to Invest by Professional A holder of an Occupation Permit as Professional may invest in any business provided that: . he/she is not employed in the business . he/she does not manage the business Notwithstanding the above, a Professional may hold shares in a business where he is employed provided that the Occupation Permit holder is not a majority shareholder. Note: • . • An application for a Professional should be submitted by the Employer (either Director or HR representative) on behalf of the Professional. The contract of employment, duly signed by both parties, should clearly mention the following: applicant's full name as per the birth certificate, company's name, Job Title, Duration of the contract of employment and Monthly basic salary. The Employer is also required to sign the Undertaking form as per section 5 of the Occupation Permit application form. The Professional should be accompanied by the Employer (either Director or HR representative) on the appointment date • he/she does not derive any salary or employment benefits from the business. SAB&T International Financial Consulting Ltd 8#9PREMIUM VISA Premium Visa To qualify for the Premium Visa, interested visitors should produce proof of their long stay plans and sufficient travel and health insurance for the initial period of stay while meeting the following criteria: • the applicants should not enter the Mauritius Labour market; • the main place of business and source of income and profits should be outside Mauritius; • documentary evidence to support application such as purpose of visit, accommodation etc.; and • other basic immigration requirements. The premium visa is valid for 1 year and is renewable. SAB&T International Financial Consulting Ltd 9#10-SAB&T International Financial Consulting Ltd - Enjoy Retirement#11• A Retired Non-Citizen is defined as a person who is not a citizen of Mauritius and aged 50 years or above. • ● A Retired Non-Citizen should make an initial transfer of at least USD 1,500 or its equivalent in freely convertible foreign currency to his/her local bank account in Mauritius. Thereafter, the Retired Non-Citizen should transfer at least USD 1,500 monthly or the aggregate of at least USD 18,000 per year or its equivalent in freely convertible foreign currency during the 10 years' validity of the residence permit. At the end of each year, the Retired Non-Citizen should submit to the Economic Development Board, the evidence of transfer of funds into his/her local bank account. • RETIRED NON – CITIZEN Right to Invest by Retired Non-Citizen A holder of Residence Permit as Retired Non- Citizen may invest in any business provided that: . • • Note: he/she is not employed in the business he/she does not manage the business he/she does not derive any salary or employment benefits from the business The Retired Non-Citizen should also provide information on other residences that he/she may have in other jurisdictions, including tax residences. This information will be shared with the Mauritian Tax Authority to be in line with the prevailing Common Reporting Standard (CRS) adopted by the Republic of Mauritius. SAB&T International Financial Consulting Ltd 11#12-SAB&T International Financial Consulting Ltd - Investing in Property#13LIVING IN MAURITIUS Non-citizens and expats are allowed to acquire residential property in Mauritius under schemes approved and managed by the Economic Development Board such as: • • The Integrated Resort Scheme (IRS) The Real Estate Scheme (RES) • The Property Development Scheme (PDS) . • The Smart City Scheme Ground +2 apartments SAB&T International Financial Consulting Ltd 13#14LIVING IN MAURITIUS... Integrated Resort Scheme (IRS) and Real Estate Scheme (RES) Residential estates developed under the IRS & RES Schemes offer a wide variety of world class amenities for leisure, entertainment and wellness such as golf courses, marinas, beach clubs, clubhouses and wellness centres that surrounds the residences and provide an exclusive experience. RES Schemes are generally smaller developments than the large IRS Schemes and may not include all amenities. A foreigner can acquire a residential property in existing RES projects and will be eligible for a residence permit for himself and his dependents if he has invested a minimum amount of USD 375,000 to acquire the property. The owners may rent the property, become tax resident in Mauritius and face no restriction on the repatriation of funds or revenue raised from the sale or renting of the property. Non-citizens who have a residence permit under RES will be exempted from an Occupation or Work permit to invest and work in Mauritius. SAB&T International Financial Consulting Ltd 14#15LIVING IN MAURITIUS... Property Development Scheme (PDS) The Property Development Scheme (PDS) is one of the approved schemes, which has been designed to facilitate the development and subsequent purchase of luxurious properties by non-citizens in Mauritius. Projects developed under this scheme provide outstanding luxury residential properties of high international standards together with high quality open spaces, high-class leisure and recreational facilities as well as day-to-day management services. On acquisition of residential property for a price exceeding USD 375,000, a non-citizen is granted a residence permit for so long as he/she holds the residential property. The spouse and children below the age of 24 are also granted a residence permit. Non-citizens who have a residence permit under PDS will be exempted from an Occupation or Work permit to invest and work in Mauritius. SAB&T International Financial Consulting Ltd 15#16LIVING IN MAURITIUS... Smart City Scheme The Smart Cities, revolving around the work, life and play concept, are large-scale mixed-use developments in cosmopolitan conurbations with smart technology and pioneering innovation at their core. residential estates are embedded within an integrated masterplan fostering a sustainable and happier lifestyle with ample space and opportunities for innovation driven businesses and multiple leisure amenities, while living next door. A non-citizen can acquire a residential unit, being a townhouse, villa, apartment, penthouse, or a duplex within any of the smart cities. Also, non-citizen holders of residence permits, occupation permits or permanent residence permits can acquire a plot of serviced land of an extent of 2,100sqm for the purpose of building a residence, in a residential development located in a smart city, approved by the EDB. The acquisition has to be made not later than 30 June 2022. If the acquisition of the residential property is made at a minimum of USD 375,000, the non-citizen is eligible for a residence permit. Ground +2 Apartments The Non-Citizens are allowed to purchase apartments in condominium developments of at least two levels above ground (G+2) with the prior approval of the Economic Development Board, provided the purchase price of an apartment is not less than MUR 6 million or its equivalent in any other hard convertible foreign currency. SAB&T International Financial Consulting Ltd 16#17-SAB&T International Financial Consulting Ltd - Making Mauritius Home#18PERMANENT RESIDENCE PERMIT - 20 YEARS A holder of an Occupation or Residence Permit is eligible to apply for a 20-year Residence Permit provided the following specific conditions are met: 1. Investor: Holds an OP for at least 3 years with: • • a minimum annual gross income of at least MUR 15M; or an aggregate turnover MUR 45M, • for any consecutive period of 3 years. 2. Professional: Holds an OP for at least 3 years with a basic monthly salary of at least MUR 150,000 for 3 consecutive years. 3. Self-Employed: Holds an OP for at least 3 years with an annual business income of at least MUR 3 million for the 3 consecutive years. 4. Retired Non-Citizen: Holds an RP for at least 3 years with transfer of at least USD 54,000 or its equivalent in freely convertible foreign currency for the period of 3 years. 5. An investor who invests at least USD 375,000 in a qualifying business activity is also eligible to apply for the 20-year residence permit. Qualifying activities: Agro-based industry, Audio- visual, Cinema and Communication, Banking, Construction, Education, Environment-friendly and green energy products, Financial Services, Fisheries and Marine Resources, Freeport, Information Technology, Infrastructure, Insurance, Leisure, Manufacturing, Marina development, Tourism and Warehousing, Initial Public Offerings. SAB&T International Financial Consulting Ltd 18#19Eligibility for Permanent Residence Permit PERMANENT RESIDENCE PERMIT The following categories of persons are eligible for Permanent Residence Permit: 1. An investor having held an Occupation Permit for three years preceding the date of application for Permanent Residence Permit and whose company's turnover exceeded Rs 15 million annually during each of these three years or the aggregate turnover exceeding Rs 45 million for the three years period in respect of each shareholder of the company. 2. A self-employed having held an Occupation Permit for three years preceding the date of application for Permanent Residence Permit and whose income exceeded Rs 3 million every year during each of these three years 3. A professional having held an Occupation or a Work Permit for three years immediately preceding the date of application for Permanent Residence Permit, and who has drawn a basic monthly salary of at least Rs 150,000 during the entire three year period. 4. A non-citizen who is a member of the Mauritian Diaspora under the Mauritian Diaspora under the Mauritian Diaspora scheme and is registered with the Board of Investment. 5. A retired non-citizen having held a Residence Permit for three years and who has transferred to Mauritius 40,000 USD or its equivalent in convertible currency annually during each of these three years, or having transferred an aggregate of 120,000 USD during a period of three years. SAB&T International Financial Consulting Ltd 19#20-SAB&T International Financial Consulting Ltd - Cost of Living#21Accomodation No matter where one decides to live on the island, finding the place to call home is pretty easy. From the apartment close to your workplace that brings back the homey feeling to the villa close to the beach that provides maximum comfort, the accommodation options are multiple! Leasing a residential property is the easiest choice while acquiring a residential unit in an approved residential scheme offers significant advantages. Prices for apartments, houses, villas and penthouses are likely to vary according to location, size, number of bedrooms and amenities provided. Food & Groceries There are multiple options a resident can choose from as far as monthly grocery shopping is concerned. Traditionally, markets have been weekly rendezvous where residents purchase vegetables, fruits, and meat. The rise in prominence of malls and supermarket chains now offer easily accessible alternatives. INDICATIVE RATES The rent for houses with 2 to 4 bedrooms over a surface area of 100-200 m 2 will on average range between USD 250-USD 500 per month. The rent for luxurious villas and spacious houses with 3 to 6 bedrooms, over a surface area of 200- 400m 2,inclusive of a garden and a swimming pool, will on average range between USD 900-1,800 per month. It is important to note that some offers also require separate deposits and agency fees. Transportation INDICATIVE PRICES. Loaf of Bread USD 0.15 Dozen eggs USD 1.8 Beer 330ml USD 0.95 (local): USD 1.7 (imported) Coca- Cola/Pepsi 1L USD 1.4 Moving across the island is easy with a developed and modern road infrastructure and continuously expanding road links. The resident has a wide choice of transport options: bus, metro, taxi or rent a car. 目 INDICATIVE FEES 00 Bus Metro Taxi Rent a car USD 0.85 (one-way bus ticket) USD 1 (one-way metro ticket) USD 2.5-USD 3 per as from USD 20 km (sedan car) One litre of gasoline USD 1.25 @ SAB&T International Financial Consulting Ltd Water IL Milk 1L USD 0.5 USD 1.25 Potatoes 1Kg USD 2 Onions 1Kg USD 2 Cheese 250g USD 2.2 Banana Apple USD 0.125 USD 0.25 INDICATIVE COST OF LIVING Education Monthly Utilities Schooling at government-run pre-primary, primary and secondary is free while fees charged by international private institutions tend to vary for the different educational cycles. It is also important to consider that beyond monthly fees, other fees such as application fees, enrolment fees, examination fees and capital levy may apply. Electricity, water, and internet are likely to be the core components of one's utility bills for the month. The supply of electricity and water is ensured by Government agencies while the resident has the possibility to choose from few internet service providers. INDICATIVE RATES Q Pre-primary around USD 200 Primary around USD 400 Secondary USD 500-900 Entertainment INDICATIVE FEES B Electricity USD 15 USD 20 (indicative fees of a normal household consumption but might vary according to number and types of appliances connected and hours of usage) Water USD 3-6 (normal household. use for a family of 3 to 4 members) Internet USD 30 (20 Mbps Download speed and unlimited/1 TB volume Supply) Living on a tropical island opens the door to experience the various natural and public attractions: public beaches, mountains, waterfalls and gorgeous sceneries. There are also numerous ways to be entertained in Mauritius such as kitesurf, golf, horse riding, outdoor amusement parks and pubs amongst others. Eating Out INDICATIVE RATES Surf, kite surf, windsurf and Stand Up Paddle (SUP) on average rates for lessons start as from USD 90 and USD 190 Other water activities Rates usually differ according to competency level and the need to initiation lessons Golf Membership vary among clubs or are complimentary to guests of resort hotels Amusement Parks Cinema as from USD 7 as from USD 10 Horse Riding as from USD 40/hour The Mauritian cuisine is the result of cultural and historical influences the country has known. From fine dining restaurants to a variety of street foods, the local cuisine gives one innumerable reason to delight the palate. INDICATIVE RATES Concerts and music festivals as from USD 12 Street Foods as from 0.25 USD (Indian style pancakes with masala veggies, Chinese dumpling and fried noodles are among popular choices to experience the Mauritian cuisine) Moderately priced restaurant as from USD 30 (for two persons) High-end restaurant as from USD 50 (for two persons) 21#22CONTACT US SAB&T IFC Level 6 Green Cross Building, Royal Road, Belle Rose, Quatre Bornes Bashier Adam Managing Director T: +230 454 1133 M: +2782 333 3381 E: [email protected] Jessen Maroothanaden Executive Director T: +230 454 1133 M: +230 5797 5899 E: [email protected]