Mauritius
- Emerald seas, Golden sand beaches
- Superb golf courses ranked among top 100 globally
- Ease of doing business, favorable tax laws
- Introduction of new premium visa
- Permanent residence available through investment
- Combined work and residence permit available
Mauritius has always been known as a luxury destination, with many leading, world-class and award wining resorts around this island found in the Indian Ocean, so tiny it is almost invisible, located close to Madagascar and to South Africa, which appear as giants in comparison.
The country boasting of emerald seas, golden sand beaches and luxurious resorts, is a destination visited time and time again by paradise get-away seekers, families and honeymooners alike. The incredible inland landscape has the perfect setting for superb golf courses featuring amongst the world’s top 100 and offers once in a lifetime golf trip experiences against spectacular sunset backgrounds.
Mauritius is also a well-known business destination, with an open economy and a thriving International Financial Centre served by solid and renowned national and international banks and financial institutions. The island is known for its ease of doing business, favorable tax laws including the absence of capital gains tax and withholding taxes, all of which renders Mauritius very attractive to foreign investors. The country is a gateway for investment into countries with which it has very interesting tax treaties and investment promotion agreements. Interesting wealth and succession planning possibilities and tax holiday incentives are given to those investors and wealthy individuals or families deciding to use the jurisdiction for business and / or investment migration. Family Offices set up in Mauritius can benefit from a tax holiday of 10 years. Mauritius has interesting work and residency by investment programs in special real estate schemes designed to facilitate ownership by non-citizens in the tiny but highly coveted island, well known for its political stability, multi-cultural aspects, ease of access by air and above all, its quality of life. One of the rare countries being a Covid 19 safe destination, Mauritius has recently announced the introduction of a Premium Visa for a period of one year, renewable, to allow eligible foreigners to come for a long stay in Mauritius.
The new visa targets, amongst others, the following categories of foreigners :-
- repeating tourists who had planned to retire and migrate in Mauritius before the COVID-19 pandemic;
- retirees from COVID-19 countries;
- investors/professionals who are able carry out their businesses or work remotely from Mauritius and wishing to get away from Covid 19 countries, together with their families;
- parents of foreign children studying in Mauritius.
In order to qualify for the Premium Visa, the visitors must have proof of their long stay plans and sufficient travel and health insurance for the initial period of stay.
Applicants should not seek employment in Mauritius; the main place of business and source of income and profits should be from outside Mauritius. Documentary evidence in support of the application and of immigration procedures must be satisfied.
Whether considering a second residence or a vacation /retirement home or simply an investment opportunity, the various residence schemes allow non-citizens to buy high end, luxury, free-hold residences with the possibility to have recourse to rental management services and thus derive interesting ROI from such investments.
Permanent residence by investment is possible by way of investment of an amount of USD 375,000 (recently reduced from USD 500,000). The permanent residence permit is issued for an extended period of 20 years. Rental income can be transferred out of Mauritius without any restrictions. A combined work and residence permit, called an Occupation Permit (OP) can be applied for. Issued for an initial period of 10 years on a renewable basis, the minimum investment amount for obtaining an OP has recently been reduced from USD 100,000 to USD 50,000. Spouses of OP holders do not need permits to invest or work in Mauritius; OP holders are now allowed to bring their parents to live with them.
To attract and retain foreign talents and businesses, non-citizen OP holders are allowed to acquire one plot of serviced land not exceeding 2,100 m2 for residential purposes, within Smart Cities. Where the OP is held for 3 consecutive years, it entitles the holder to apply for Permanent Residence.
Residence in Mauritius
Enjoy the benefits of a Privilege Club membership scheme, ranging from privilege access to hotels, golf courses, restaurants, private medical institutions, amongst others.
- Purchase a villa, townhouse or penthouse in an existing Integrated Resort Scheme (IRS) development and exclusive, enjoy world class leisure amenities such as golf courses, marinas, beachclub, clubhouses and wellness; rent the property under a rental management scheme, enjoy tax residency in Mauritius, repatriate your funds or revenue without any restriction or exchange control.
- Purchase a luxury residential property with high quality open spaces, high-class leisure and recreational facilities as well as day-to-day management services under an approved Property Development Scheme (PDS) and hold a residence permit for so long as you hold the property. Your spouse and dependent children are also granted residence permits. No need for Occupation or Work permit for them to invest and work in Mauritius.
- Enjoy a lifestyle revolving around the work, life and play concept by investing in a townhouse, villa, apartment, penthouse, or a duplex within one of the new large-scale mixed-use Smart Cities developments, with smart technology and pioneering innovation at their core.
- Acquire a plot of serviced land of an extent of 2,100 m2 and build your own residence, in an approved Smart City development not later than 30 June 2022
- Contribute USD 250,000 to the COVID-19 Projects Development Fund and benefit from a 10 year 10-Year Family Occupation Permit
- Purchase an apartment in condominium developments of at least two levels above ground (G+2) for MUR 6 million or its equivalent in any convertible foreign currency (US$ 150,000).
- Retired citizens – benefit from 10-year Residence Permit with just USD 1500 monthly and apply for a 20-year Permanent Residence Permit after 3 consecutive years of residence.
Work and live in Mauritius – Occupation Permit
- Investors and to professionals – work, live and enjoy quality of life in Mauritius with your families on a longterm basis. The combined work and residence permit Occupation Permit for a period of 10 years is available for you.
- Foreign students who have attended higher educational institutions and Universities in Mauritius, you can avail of the Young Professional Occupation Permit, for a period of 10 years.
Investors
Owners of Multinational investors – take advantage of the five preferential trade agreements that Mauritius has recently signed namely the CECPA with India, the China FTA, the UK-ESA Agreement, the FTA with Turkey and the African Continental FTA. Be the first to benefit from the Premium Investor Certificate scheme by investing more than MUR 500 million (approximately USD 12.5 m) in Mauritius and negotiate your incentive requirements. Operators in the Biotechnological and Pharmaceutical Industry, you can benefit from a reduced tax rate of 3% alongside other attractive fiscal incentives.
Portugal
- Top 3 of the Global Peace Index, ranking of the safest countries globally
- Beautiful beaches
- Good infrastructure – especially highway networks and airports making it a great base to explore Europe
- English is widely spoken
- Recognised as top golfing destination in continental Europe
- Many investment options
- Dependents included after residence permit is issued
A qualifying investment entitles non-EU investors for residence in Portugal under the Golden Visa program or the Start Up Visa program.
Applicant’s family members i.e
- Spouse or life partner;
- Minor children and dependent children, including legally adopted children;
- Children over 18, who are dependent on both parents or on one only, provided they are single and studying in a recognized teaching establishment;
- Parents of the Applicant or of the Applicant’s spouse, over 66 years of age, or if under 66 provided they are economically dependent;
- Minor siblings under the custody of the main Applicant or Applicant’s spouse
can also benefit from the programs and from subsequent renewals, PROVIDED THAT the initial requirements are maintained.
The Golden Visa is initially issued and valid for 1 year, then followed by a 2-year Residence Permit which may thereafter be renewed every two years as long as the investment and the other requirements are maintained.
Under the Start Up Visa (SUV) program, a residence permit valid for 2 years is initially issued, and will be subsequently renewed for a period of 3 years until the 5-year mark for the Permanent Residence or Citizenship is achieved.
INVESTMENT OPTIONS
Depending on their particular objectives, Applicants can choose to:
- Make a capital transfer of at least €350,000 for R&D in science or technology by either public or private research institutions
- Make a capital transfer of at least €250,000 to support the arts or reconstruction of the country’s national heritage
- Invest a minimum of EUR 350,000 into a Portuguese Investment Fund or Venture Capital Fund
- having maturity term of at least 5 years
- at least 60% of the investments should be realized in commercial companies headquartered in Portugal
- Invest in Real Estate
- Invest €350,000 in a property in a qualifying urban regeneration area.
- purchase property worth at least EUR 500,000
- Invest an amount of at least EUR 175,000 including EUR 25,000 of share capitalization in a Start- up venture
- Transfer capital of at least €1 million in a Portuguese bank account
- Purchase shares in a company worth at least €1 million
- Invest at least €500,000 in a small/medium business
- Create jobs for at least ten Portuguese nationals
To be eligible , an Applicant must
- Be over 18 years of age and a Non-EU/EEA Citizen
- Show that he/ beneficially owns the funds used for the investment and the funds must be transferred from abroad with proof of source
- The investment must be held for a minimum of 5 years
- Have no debt to Portuguese authorities
- Have a clean criminal record
- Have private health insurance
- Not have entered or stayed illegally in Portugal
- Open a bank account in Portugal
- Meet residency requirements in Portugal of:
- 7 days during the first year, and
- 14 days in each subsequent two-year period
- Where capital is invested in Start Ups, the Applicant must work together with a Business Incubator supported by Portugal immigration authorities for a period of 3 years. The Business Incubator will provide operational, legal and accounting support in Portugal for selected projects. The Applicant must secure a Term Sheet from the Incubator after submitting all documentation requirements and transferring the incubation fee into a secured Escrow Account. Within 90 days of submission of the application to the relevant Portuguese authority the Applicant must visit Portugal to meet the local authorities, the Business Incubator and visit the R&D facilities for the incorporation and strategic planning regarding the Start Up./li>
Applications for Permanent Residency must be submitted to Portugal’s border agency (SEF) with proof that Applicant :
- Has held a residence permit under Golden/Start Up visa program for at least 5 years
- Has met the minimum residency requirements;
- Has not been convicted of a crime punishable by a prison sentence of more than one year during the last five years;
- Has sufficient means to support themselves and his/her dependents;
- Has a place of abode in Portugal;
- Has basic knowledge of Portuguese language.
For Citizenship, in addition to the above, Applicants must show that he/she:
- Has during the past five years, complied with the minimum stay requirements of 7 days in the first years and at least 14 days in each subsequent two-year period;
- Has sufficient knowledge of the Portuguese language;
- Has not been convicted of a crime punishable by a prison sentence of more than three years under Portuguese law.
The Portuguese government announced changes to the Golden Visa for 2021, specifically through the real estate route. The new rules were aimed at driving investment to more rural and low-density areas but it has yet to be implemented.
ADVANTAGES
- Fast track for foreign investors from non-EU countries to obtain a Residence Permit in Portugal
- Dependents included after residence permit is issued:
- Spouse
- Dependent children
- Parents
- Holder can work in Portugal
- Holder can travel freely in the Schengen area
- No language or long term residency requirement
- No business performance requirement
- Eligibility to apply for PR/Citizenship after 5 years
CHANGES
The Portuguese Government has approved a new law No. 14/2021 making important changes effective as from Jan 1, 2022, with the aim of bridging regional differences, promoting quality of life and sustainable development in rural and inner regions of Portugal. There will no change to the current regime and the Golden visa investment in real estate will be allowed in Lisbon/Porto/Algarve and other coastal areas until Dec 31, 2021. Investing in properties worth 280,000 € with 20% discount will be possible until the end of 2021. Salient aspects of the changes brought by the new law are as follows:
- Real Estate: The acquisition of property with a value equal to or over 500,000€ will only be allowed when the dwellings are located in the Autonomous Regions of the Azores and Madeira or in inland territories. This is increased from €280K/350K minimum.
- Bank deposit / Govt bonds: Investments in Bank deposits or Govt bonds : increase from €1 million to €1.5 million euros
- Research activities: Increase from 350,000€ to 500,000€;
- Investment funds: Acquisition of investment units in investment funds : increase in capital transfers from 350,000€ to 500,000€
- Commercial Companies: incorporation of a commercial company with registered office in national territory – increase from 350,000€ to 500,000€ .
The New law does not prohibit commercial investments which will continue to be allowed in Lisbon/Porto and Algarve regions
Spain
- Culturally rich and vibrant
- Stunning and diverse geographical scenery with breathtaking mountains and lush green regions
- Warm sandy mediterranean beaches
- Relaxed lifestyle
- Preferred by expats
Spain, the perfect destination for your second home, with its stunning and diverse geographical scenery from breathtaking cool mountainside to warm sandy mediterranean beaches. Enjoy life to the fullest the Spanish way, spend quality time with your loved ones in culturally rich and vibrant Spain, with its unique art, architecture, literature, cuisine, history.
SPAIN GOLDEN VISA PROGRAM entitles non-EU investors who make a qualifying investment to live in Spain.
The following relatives of the Applicant may be included in the application:
- Spouse, or life partner,
- Children who are under 18 years old (including adopted children) that are financially dependent on the Investor may be included.
- Children over 18 years old provided they are financially dependent on the investor and single.
- Parents provided they are financially dependent and do not have the financial resources to support themselves.
An initial Golden Visa is issued under the program for 1 year. Thereafter, a 2-year residence permit will be issued followed by a 5-year residence permit which may be renewed every 5 years as long as the investment and the other requirements are maintained. Applicant and family members are allowed to reside and work in Spain with the residence permit.
Golden Visa holders (including dependents) must maintain the investment and fulfill all the requirements for as long as they are in the country. They can apply for Permanent Residence if they have lived in Spain for 5 consecutive years within which they have not absented themselves at any one time for more than 6 months and in aggregate for more than 10 months.
INVESTMENT OPTIONS
Real Estate:
- a minimum of EUR 500,000 in a single property or several ones
- Mix of residential or commercial allowed
- Joint buyers can invest their EUR 500,000 in combined investments with others
- At least EUR 500,000 of the investment must be from the investor’s own funds (free of all charges, e.g. mortgage)
- The investment can be made through a majority owned company
The property must be purchased before the submission of the Golden visa application.
Invest capital
- Invest at least €2,000,000 in the Spanish public debt
- Buy shares in a company or make a deposit in a Spanish bank of at least €1,000,000.
- Invest in a new business or start up venture that will offer employment opportunities, contribute to scientific and/or technological innovation and have a relevant socio-economic impact in the area where the business will be undertaken.
REQUIREMENTS
To qualify for a Golden Visa, an Applicant must
- Be over 18 years of age and a Non-EU/EEA Citizen
- Make a qualifying investment in Spain and hold the investment for a minimum of 5 years
- Have no debt towards Spanish authorities
- Have a clean criminal record
- Have entered or stayed legally in Spain
- Open a bank account and obtain a tax identification number in Spain
- Not have been refused a Schengen Visa in the past.
- have health insurance in Spain.
The Initial visa is issued upon completion of the qualifying investment and presentation of all legal required documentation together with police confirmation of eligibility. The application is submitted to the authorities in Spain or at a Spanish Consulate and the processing time can take between 1-3 months.
Citizenship
Golden Visa holders having resided in Spain for a period of 10 years become eligible for Spanish citizenship provided they complete the following additional requirements
- language – Applicant must have a knowledge of Spanish language
- Financial stability – Applicant must have sufficient means to support themselves and his/her dependents;
- Applicant must not have any criminal record
- Show a certain level of integration into the Spanish society
It is to be noted that citizens from Latin-American countries, Andorra, Equatorial Guinea, Philippines, Portugal and of Sephardi origin can apply for Spanish citizenship only after a two-year residence period.
ADVANTAGES
- Fast track for foreign investors from non-EU countries to obtain a Residence Permit in Spain
- Dependents included after residence permit is issued:
- Spouse
- Dependent children
- parents
- Holder can work in Spain
- Holder can travel freely in the Schengen area
- No language or long term residency requirement under the Golden visas
- No business performance requirement
- Eligibility to apply for PR/Citizenship after 10 years