The visa, which requires holders to invest at least US$1 million within 12 months of arrival, was introduced following many enquiries from foreigners seeking to relocate with their families, Prime Minister Navinchandra Ramgoolam told lawmakers on Tuesday, as reported by Bloomberg.
Ramgoolam said the program is designed to maximize the economic benefits of long-term stays by encouraging participants to move funds into and invest across the economy.
He said targeted sectors include fintech, artificial intelligence, biotechnology and renewable energy.
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A person rides a bicycle in Grand Port district, Mauritius. Photo by Hemis via AFP |
The island nation is joining countries such as the U.S. in courting wealthy individuals through so-called golden visa schemes, even as global access tightens.
Several European countries have begun phasing out similar programmes amid law enforcement concerns that they may facilitate criminal activity and corruption.
Ramgoolam said safeguards are in place to mitigate risks of inequality.
“With respect to the risks of money laundering and illicit financial flows, a robust, risk-based due diligence framework is already in place,” he said.
He added that he does not expect the program to affect housing affordability, noting that golden visa holders would initially stay in hotels or rent residential properties designated for foreign investors.
Mauritius, known for its white sand beaches and coral reefs, is a high-end hub and a preferred relocation destination for wealthy individuals, with its status as an international financial center and access to beachfront villas and apartments enhancing its appeal.
The country holds Africa’s highest ranking passport, with visa-free access to 159 nations worldwide. This covers 61.9% of the world’s GDP, according to La Vida, a United Kingdom-based citizenship consultancy firm.
High-net-worth investors considering the Mauritius citizenship program may be drawn by the country’s favorable tax regime.
Resident companies benefit from significant tax advantages, with a headline corporate tax rate of 15%, while tax credits for global businesses reduce the effective rate to just 3%, La Vida said.
