Haven't you ever thought of leaving everything behind to relocate to a remote island? With the global health crisis and current travel restrictions in many countries, it might now be the time to make your dream come true. A couple of exotic destinations, such as Mauritius, are launching new visas to attract expats, thus trying to boost their economy.
Premium Visa in Mauritius
The Premium Visa, which is intended for foreigners looking to make a long stay in Mauritius, will be available from November 16, 2020. However, applicants have to be willing to stay for at least 180 days a year. The application can be made on the Economic Development Board (EDB) website for free. It's also worth noting that foreigners arriving in Mauritius on a tourist visa can also apply for a Premium Visa during their stay under certain conditions. First, applicants must prove that they do not intend to seek employment in Mauritius and that their main source of income is of foreign origin. They must also provide proof of their long stay, including an accommodation booking, a bank statement and health insurance. Other documents, such as a valid passport, a passport-sized ID photo, a copy of flight tickets, as well as proof of quarantine booking, are also required. The visa should be issued, via email, within 48 hours of application on working days.
Besides, Premium Visa holders are allowed to buy real estate in Mauritius. In fact, they can choose from different schemes -- the Property Development Scheme (PDS), the Integrated Resort Scheme (IRS), the Real Estate Scheme (RES) and the Smart City Scheme (SCS). They can also buy an apartment in a residential building with at least two floors. Their banking transactions, including payments made with foreign debit or credit cards, will be tax-exempt. On the other hand, by choosing to stay in Mauritius for at least 183 days, Premium Visa holders become tax residents, so they will have to pay income tax.
Other destinations that are offering similar visas
With the COVID-19 crisis, many islands around the globe are attracting foreigners with new visas in an attempt to revive their economies. Most of these visas are aimed at remote workers, including digital nomads, who can work anywhere in the world without actually having to seek a job in their expat country. Taking into account the global labour market crisis, this looks like the ideal solution for those who are looking to an escape.
Caribbean islands stand out for their extraordinary landscapes, heavenly beaches, pleasant climate and sunny weather almost all year round. Antigua and Barbuda, for example, recently launched a Nomad Digital Residence (NDR) intended for remote workers and their dependents. To qualify for this visa which is valid for two years, you must prove that you have the financial means to support yourself and your family members during your stay. NDR applicants must either work for a company based outside Antigua and Barbuda or be self-employed and earn at least $ 50,000 per year. They must also provide proof of employment, such as a work contract, and have no criminal records. Besides having health insurance, they must also provide for visa fees of $ 1,500 for one person, $ 2,000 for a couple and $ 3,000 for a family with at least three members.
You can also fly to Barbados with the new Barbados Welcome Stamp, intended for remote workers, valid for 12 months and renewable. To be eligible, you must either be an entrepreneur or work for a foreign-based company and earn at least $ 50,000 per year. Also, count $ 2,000 for visa fees. Besides, a COVID-19 test and a 48-hour quarantine are mandatory on arrival. Conditions are quite similar in Bermuda, except that no income threshold is imposed.
For a two-year stay in the Cayman Islands, you must earn at least $ 100,000 per year for a single person and at least $ 150,000 per year for a couple. Aside from the visa fee of $ 1,469, you must also produce proof of employment, a notarized bank certificate, proof of health insurance, and a clean criminal record. In Anguilla, there are visa fees of $ 2,000 per person and $ 3,000 per family. However, the fees include COVID-19 testing. It's worth noting that Anguilla had only 3 confirmed COVID-19 until now and zero fatalities.
Aruba is about to introduce a new visa called One Happy Workation which will be valid for 90 days. But this is likely to be a pilot project, so the rest of the details haven't been announced yet. Besides, applicants will have to register for national health insurance, which costs around $ 275.
Become a Maldives resident
How about escaping to the Maldives and enjoying its tropical climate and idyllic beaches? The government of Maldives has just amended its immigration law to grant residency to foreign nationals. A new Corporate Resident Visa will soon be introduced. To be eligible for this visa, you must invest at least $ 250,000 and deposit the same amount in a local bank account for five years. Note that this visa is renewable after five years.
What if you happen to meet your soul mate during your stay in the Maldives? No problem! You can not only get married to Maldives citizen but also become a resident after five years. Besides, in case one of the spouses dies, the foreign spouse will still be allowed to stay in the country with their children on a visa that has to be renewed every five years.
