This is a program whereby a non-resident who buys a property valued at $375,000 or more, in an approved scheme becomes eligible to apply for a Residence Permit.
The purchase may be entered into in an individual’s personal capacity or via a company, a trust, a foundation, an LP or a Société and allows the recipient of the residency permit the right to work in Mauritius in the same way as someone who holds an Occupation Permit.
For the purchase to proceed, the transaction will first require an approval from either the PMO or the EDB depending on exactly what is being purchased. For example, a foreigner acquiring shares into a company that owns freehold immovable property will require PMO approval whereas the purchase of a property for business purposes will require EDB approval to proceed. This will be assessed and attended to by the developer or sales agent.
Once the approval to proceed with the transaction has been received and the property successfully purchased, the processing for the Residency Permit can then commence.
The residency permit will then remain in place for as long as what the purchaser remains the owner of the property.