Budget 2018-2019: Opening up the Economy and Country further
Budget 2018-2019 lays emphasis on the opening up of the Mauritian economy and the country to the rest of the world in line with the vision of Government as regards the Transformative Journey of Mauritius to become a high income country.
To this end, the Economic Development Board (EDB) will manage two schemes to attract High Net Worth individuals who satisfy defined criteria. The first scheme will offer foreigners the opportunity to obtain Mauritian citizenship provided they make a non-refundable contribution of USD 1 million to a Mauritius Sovereign Fund. For their spouse and dependents, they will have to make an additional contribution of USD 100,000 per member of family.
The second scheme will offer the opportunity to obtain a Mauritian passport provided they make a contribution of USD 500,000 to the Mauritius Sovereign Fund. For their spouse and dependents, they will have to make an additional contribution of USD 50,000 per passport.
The Mauritius Sovereign Fund will be managed by the Mauritius National Investment Authority. Any withdrawal from the Fund will be used to meet disbursements for new capital projects and public debt repayments.
The EDB will also operate a Foreign Manpower Scheme to attract foreign talents, particularly in emerging sectors such as AI, Biotechnology, smart agriculture and the Ocean Economy, amongst others. An application for an occupation permit will be processed within 5 days by the EDB and the employer will have to contribute the equivalent of one-month salary per foreign worker recruited.
In a bid to attract foreign retirees, a new package of fiscal and non-fiscal facilities will be offered. Besides the right to acquire an apartment, they will be exempted from payment of customs duties on the import of personal effects up to a value of Rs 2 million.