The Golden Visa scheme was introduced by the government in 2002. It gives foreigners the opportunity to obtain a residency permit by investing $500,000 or more into a property. The property owner, spouse and any dependent children, therefore, have the right to live in Mauritius so long as they own the property. The owner has the right to rent out the property and subsequently become a tax resident. They will also face no restrictions on the funds raised from the sale or rent. One of the main drawcards is that Mauritius has a universal tax rate of 15% and no capital gains tax, dividends or inheritance tax.
The application process will go something like this;
- Visit and view properties in Mauritius
- Open a bank account
- Meet with lawyers and then arrange Power of Attorney
- Transfer deposit to secure property
- Sign purchase agreement
On completion of the property purchase, you can process your visa application. The following is necessary for this next step.
- €500,000 investment
- No criminal record
- Bank statements proving sufficient income
- Necessary identity documentation and medical certificates for investors and family members
- Visa processing fees to be taken into account
- Visa application form to be completed
Investors should budget for around 10 - 15% on top of the property purchase price. This will cover any legal fees, stamp duty, conveyancing fees, VAT and visa processing fees.