The govt of Mauritus has amended 15 pieces of legislation to free the country from red tape and give instant resident status to investors.
MUMBAI: Come October, the shimmering blue seas of Mauritius - an island state strategically located in the Indian Ocean midway between the continents of Asia, Africa and Australia - will look even more attractive for the wealthy. “We are opening up our country to foreign investors to buy property and become a permanent resident in Mauritius,” says Raju Jaddoo, managing director of InvestMauritius.
For those who came in late, the government of Mauritus has amended 15 pieces of legislation to free the country from red tape and give instant resident status to investors.
So far the island has been a tourist destination that doubled up as a tax haven for investors. Can Mauritius become a Bermuda or a Monaco?
Actually, Mauritius wants to become another Singapore. “Our country itself is an special economic zone”, declares Jaddoo.
Jaddoo’s in India to woo Indian bulge bracket investors to settle in Mauritius along with their stash of wealth. He is fully clued to the stampede of investors rushing in to set up SEZs in India.
A change in government this year brought about a chance to reinvent Mauritius, which has so far positioned itself as a kind of tax-haven for shell companies by signing a series of double taxation avoidance treaties with countries such as India. The shadow of terrorism and the insistence on transparency has practically made the secrecy laws for accounts difficult to sustain in the longer run.
Jaddoo says rich Europeans have already bought into the dream villas by shelling out half a million dollars (Rs 2.3 crore each), attracted by the sun-kissed verdant beaches situated around the island state.
Prince (Amir) al Waleed bin Talal bin Abdul-Aziz, the Saudi Arabian investor with stakes in Four Seasons hotels and Citigroup, has already jumped into the fray and is said to have acquired 60-70 villas, which he has leased to Four Seasons, the luxury hotel chain. The villa projects are worth US $ 500 million each and a series of projects are planned in the island state.
It is not the rich and the famous alone who can take up permanent residence permits. Even retired non-citizens can apply for the permit provided they can bring in US $ 40,000 annually (approximately Rs 19 lakh) in bank accounts in Mauritius.
“We have decided to invite people to come, live and work in Mauritius,” Jaddoo says.
Even businessmen can set up enterprises in Mauritius, if they can promise to generate revenues of US $ 1,00,000 annually. Salaried individuals can settle in Mauritius if they can ensure that they will earn US $ 14,000; self-employed people can do the same provided they can earn about US $ 20,000.
“The onus is now on the investor,” says Jaddoo. We have changed all the cumbersome legislations that took six months to process. It has changed to three days, and if you don’t hear within that period it is a silent consent to your residency.
For ease of doing business, Mauritius is 32nd in the rankings among all countries. “We want to be in the top 10. We are prepared to walk the talk.”
Mauritius is beckoning.. Is anyone interested? Check investmauritius.com.
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