The Investor Occupation Permit is an investment related residency permit. It allows non-Mauritian citizens to stay in Mauritius on the basis of their investment made in the creation of a new or the acquisition of an existing business. There are different (and contradictory) information on the web, scattered mostly through uninformed comments on social media. These are amplified by new rules that have been enacted by the Economic Development Board (EDB), under the directives of the Ministry of Finance, Dr Renganaden Padayachy in his last budget speech. An official guideline was issued by the EDB in July 2023. We have taken some excerpts from this document to facilitate understanding of the Investor Occupation Permit scheme.

Definition

An investor, for the purpose of the Investor Occupation Permit scheme is a non-citizen of Mauritius who is a shareholder in a company. This definition also accommodated an association (or body) of persons (whether corporate or incorporate), whose control or management is vested in persons who are not citizens of Mauritius.

Eligibility criteria for an Investor Occupation Permit

There are four (4) options available under this scheme, viz :

• Option 1 – a normal investor

An initial investment of USD50,000 should be shown in a new business / project or in the acquisition of an existing one. The investment should be evidenced through a certified bank statement from the country of origin or residence of the applicant.

The funds are to be transferred at least 60 days from the issuance of the Occupation Permit. The applicant engages to this obligation by signing an undertaking at the time of application.

The permit is for an initial period of 10 years. To qualify for renewal, the business should reckon a minimum turnover of MUR4 million / year, as from the third (3^rd) year of permit issuance date.

• Option 2 – Net Assets Value

The net value should be of minimum USD50,000 derived from existing businesses (or inherited businesses) where a cumulative turnover of at least MUR12 million during the last three (3) years preceding the application is recorded.

• Option 3 – High Technology Machines & Equipment

Minimum investment of USD50,000 out of which USD25,000 in convertible currency while the remaining USD25,000 can be in machinery and equipment, classified as high technology.

The value of the machines will be evaluated through supplier invoices and from a report issued by a recognized Chartered Valuator in the country of origin. The bill of lading, in case the machinery has not landed in Mauritius, the bill of lading should be provided. The Customs Department of Mauritius will proceed to an independent valuation, and, if the imported goods are found to have a lesser value, then the balance has to be transferred in convertible currency.

Investment in high technology machines and equipment must be in a qualifying activity including but not limited to agro-industry, aquaculture, healthcare, ICT-BPO, fin-tech, life sciences, biotechnology, manufacturing, ocean economy and renewable energy.

• Option 4 – Investor for Innovative Startups with no investment.

This option is addressed to those involved in Research & Development (R&D) in qualifying sectors such as life and health sciences, technology, ICT, FinTech, biotechnology, nano technology, pharmaceuticals and similar environments.

The project’s innovative aspect will be assessed on its own merit by the EDB or, alternatively, the company carrying out the project shall register itself with an incubator registered with the Mauritius Research and Innovation Council.

The idea of exempting the investor from an initial investment is to prevent cashflow blockages, freeing the treasury for anticipated R&D costs.

i. Direct R&D staff costs.

ii. Subcontracted R&D costs.

iii. Externally provided R&D staff.

iv. Clinical trial volunteer costs.

v. Prototypes.

vi. Software directly used in R&D.

vii. Consumable items.

viii. Any other expenditure deemed to have been incurred with the prospect of gaining new scientific or technical knowledge and understanding.

However, the following costs will not be considered as R&D expenditure:

i. The production and distribution of goods and services.

ii. Capital expenditure.

iii. The cost of land.

iv. Expenditures incurred for the use and the creation of patents and trademarks, as these

The company should, after one year of operation, provide yearly audited accounts to clearly identify R&D expenditure and highlight any deviation from initial expenditures stated in the business plan.

Note: For the renewal of the Innovator OP, such conditions, as the Chief Executive Officer may determine, will apply.

Duration of permit

The permit runs for a period of 10 years. It is renewable for the subsequent 10 years provided that the business follows the established turnover minima.

Documents to be submitted

The application is first made through the online system called the National Business Licensing Platform. This interface allows for many other applications besides Occupation Permits [building & construction, land conversion, education institution registration, etc.].

Now, given that the application is first made online, a good scan copy of documents is sufficient for the purpose. Such document, for an investor permit would generally be :

1. Birth certificate of applicant
2. Passport
3. CV
4. Marriage certificate
5. Passport-sized (face) photo
6. Business plan and financial forecasts (5 years)
7. Company registration documents
8. Any licenses issued in name of the company
9. Proof of funds, either in country of origin / residence, or in Mauritius if already transferred

Once all the above is fed to the system, an Undertaking (1 page document) will be generated. This should be printed, signed and uploaded back again. In case the investment is proven from bank statement in country of origin / residence, the applicant will also sign an Undertaking to transfer same within 60 days from issuance of his / her permit.

The online system will culminate to an Approval in Principle (AIP), following which the applicant has 90 days to  :

1. Enter Mauritius
2. Bring along all original documents initially submitted in scan versions
3. Do his / her medical examinations
4. Upload all the above.
5. Get appointment to pay Government fees and collect the permit.

Only on collection of the main permit that one can apply for the dependents.

Dependents

The Dependents of OP holders and RP holders are eligible to apply for a residence permit.

Dependents are defined as spouse (including Common Law Partner of the opposite sex), parents, and dependent children, including stepchildren or lawfully adopted children, who are unmarried and not engaged in any gainful activity.

Note : Same-sex spouse is not recognized under the Laws of Mauritius.

We hope that this brief will help understand the Investor Occupation Permit scheme. Our team is specialized in all matters relating to immigration and relocation to Mauritius.

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