TIME TO RETIRE IN MAURITIUS
Le Figaro ranks Mauritius 4th among the best destinations for foreign retirees! The news is pretty good for Mauritius. Especially since the country has reopened its borders to foreign nationals since July 15, 2021, under certain conditions. The island is currently, in several rankings, among the best destinations to retire abroad. We explain why.
The latest ranking by Le Figaro newspaper reports Mauritius as the 4th best destination in the world for French retirees. Mauritius is ahead of several countries in Europe and elsewhere, including Poland, Belgium, Switzerland, placing just after Spain, Greece, and Morocco. And Le Figaro is not the only media to talk about it! The Capita also places Mauritius in 5th position among the best destinations to retire abroad, and this is not without reason!
Pleasant climate and cultural diversity
Certainly, Mauritius is world-famous for its pleasant climate practically all year round, despite the recent bad weather. Ideal for those looking for a change of scenery, Mauritius presents itself as a destination that is both safe and remote for those who come from the metropolis. As the island has only two seasons, summer from November to April and winter from May to October, you can enjoy an average of 6.5 hours of sunshine every day. In some coastal areas, you can even enjoy up to 7.5 to 8 hours of sunshine per day while the sunshine period is generally shorter in the heights.
But that's not all! The island is also known for its great cultural wealth, one of its main assets. The island is home to a warm population from all over the world, as well as a sizable expatriate community. Apart from the French, the British, the South Africans, or even the Indians, among many others, are very present across the island. If you do not yet know Mauritius very well, know that although English is the official language, several languages, including French, Creole, Hindi, among others, are spoken there. In other words, a good part of the population is multilingual, which should help facilitate your integration as a foreign retiree.
Low cost of living
Another advantage of Mauritius is the low cost of living compared to many countries in Europe or America, for example, despite a recent rise in prices. Indeed, the current economic situation, driven by the decline in activities in several sectors since the start of the COVID-19 pandemic, is one of the causes of this increase. However, the cost of living in Mauritius depends above all on the lifestyle you intend to lead there. For example, if you feel ready to change your ways and live like a local, you will quickly find that everything becomes much more affordable. But if you persist in consuming mainly imported products, taking into account the recent rise in the cost of freight, not to mention the depreciation of the Mauritian rupee, you risk going broke quickly.
An attractive real estate offer
In this period of health crisis, Mauritius particularly recognizes the important contribution of expatriates to its economy. This is also the reason why the 2021-2022 budget contains attractive measures for foreign nationals, including foreign retirees. It is interesting to note that Le Figaro ranks Mauritius among the cheapest countries in the world in terms of accommodation. Indeed, the offer is as vast as it is attractive since you will find everything there, from small inexpensive apartments to large luxury villas where you can even have the chance to wake up every morning with your feet in the water.
Today, foreign nationals wishing to acquire real estate are required to invest an amount of US $ 375,000. An amount revised downwards, according to the new budgetary provisions. In recent years, the minimum investment required was US $ 500,000, which also allowed the new buyer to benefit from permanent resident status. Namely that any foreign national residing for at least 6 months in the country can establish his tax domicile there. On the other hand, foreign nationals are exempt from taxes on capital gains and on inheritance when they acquire real estate. The Mauritian government also allows foreign nationals to acquire land within a Smart City under certain conditions.
In addition, the Mauritian government recently announced the extension of the duration of the residence permit for retirees from 3 to 10 years, renewable. What's more, owners of real estate under IRS ( Integrated Resorts Scheme ), RES ( Real Estate Scheme ), PDS ( Property Development Scheme ), or Smart City do not need to apply for additional permits if they wish to practice. any activity in Mauritius. The duration of the permanent residence permit has also been extended from 10 to 20 years.
Mauritius, therefore, appears to be determined to become the destination of choice for foreign retirees in the coming years. Measures that will allow it to boost its economy in addition to economic stimulus measures are deemed essential in the pandemic context.
RE/MAX 24 has qualified staff that can assist you in relocating to Mauritius from your dream home to your permits (you could qualify for a retirement permit if you're over 50). Contact us today!
17 Jul 2021
Author Expat.com