Mauritius is aiming to attract around 100 high-net-worth individuals every year through a new golden visa programme designed to encourage foreign investment and long-term relocation, according to a Bloomberg report.
Under the programme, applicants must invest at least $1 million within 12 months of arriving in Mauritius. Prime Minister Navinchandra Ramgoolam said the scheme was introduced after the government received multiple enquiries from foreigners seeking to relocate with their families.
The prime minister told lawmakers that the initiative is intended to encourage wealthy migrants to move capital into the Mauritian economy and invest across multiple sectors.
Targets technology and renewable energy sectors
According to the report, Mauritius plans to direct investments from golden visa holders into sectors including fintech, artificial intelligence, biotechnology and renewable energy.
The island nation is joining a growing list of countries using investor visa programmes to attract wealthy individuals and overseas capital. Countries including the United States have also introduced similar residency-by-investment pathways.
At the same time, several European countries have started tightening or phasing out golden visa programmes amid concerns that such schemes could be misused for money laundering, corruption or illicit financial flows.
Responding to those concerns, Ramgoolam said Mauritius already has a “robust, risk-based due diligence framework” in place to manage financial risks linked to the programme.
He also said the government does not expect the scheme to affect local housing affordability, adding that golden visa holders are likely to initially stay in hotels or rent residential properties designated for foreign investors.
Mauritius has increasingly positioned itself as a relocation and financial hub for wealthy foreigners due to its international financial services sector, tax environment and access to luxury beachfront properties.
(With Bloomberg inputs)
