Here is some great news not only for Mauritius but also for foreign retirees who are considering international relocation. According to various media reports, the island currently ranks among the world's most favourite destinations for foreign retirees. Since Mauritius is reopening its borders from July 15, 2021, here are some of the perks of moving there.
Mauritius is in the top 10 most popular destinations for retiring overseas. The island is ahead of several countries, including Poland, Belgium, Switzerland, even though it lags behind Spain, Greece and Morocco. And there are many reasons why people would rather relocate here than anywhere else.
The pleasant climate and cultural diversity
Mauritius is world-famous for its pleasant climate almost all year round, despite the recent weather conditions. It's the ideal place for those looking for a change of scenery and a safe and peaceful environment. As the island has only two seasons, summer from November to April and winter from May to October, you will 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 high lands.
But that's not all! Mauritius is also known for its unique cultural diversity, which one of its main assets. The island is home to a warm and welcoming population of diverse origins and a significant expatriate community from all over the world. The French, British, South Africans, and even the Indians are very present across the island. If you do not yet know Mauritius very well, it's worth noting that English is the official language here. But several languages, including French, Creole, Hindi, etc., are widely spoken. In other words, a large proportion of the population is multilingual, so as a foreign retiree, you should not find it hard to adapt there.
Low cost of living
Another perk of living in Mauritius is that almost everything is more affordable than many countries in Europe or America, for example, despite recent price rises due to the economic downturn since the beginning of the COVID-19 pandemic. However, the cost of living in Mauritius depends above all on your lifestyle. For example, if you feel ready to live like a local, everything becomes cheaper. But if you prefer consuming mainly imported products, considering the recent rise in freight cost and the depreciation of the Mauritian rupee, you could go broke real quick.
Attractive property on offer
In the COVID-19 era, Mauritius recognises the vital contribution of expats to its economy. This is one of the reasons why the Budget 2021-2022 budget contains a lot of incentives for foreign nationals, including retired expats. It's worth noting that Mauritius ranks among the world's most affordable countries in terms of housing, according to French media reports. Indeed, the offer is as vast as it is attractive. You can find everything, from small and cheap apartments to large luxury villas close to the beach and with a swimming pool.
Today, foreigners who want to buy property in Mauritius are required to invest a minimum of US $ 375,000. This amount has been reduced in the latest national budget. In recent years, a minimum investment of US $ 500,000 was required, but this also made buyers eligible for permanent residence. It's worth noting that foreign nationals residing for at least six months in Mauritius can make the island their tax residence. Besides, foreign property buyers are exempt from capital gains tax and inheritance tax. Foreign nationals can also purchase land in a Smart City under certain conditions.
Recently, the Mauritian government extended the residence permit duration for retirees from 3 to 10 years, renewable. Property owners under the IRS (Integrated Resorts Scheme), RES (Real Estate Scheme), PDS (Property Development Scheme) or Smart City Scheme do not need additional permits if they wish to indulge in any activity in Mauritius. The duration of permanent residence permits has also been extended from 10 to 20 years.
Mauritius looks determined to become the favourite overseas retirement destination in the coming years. These measures should help the island's economic recovery in addition to other actions taken amid the pandemic.
