The applicable guidelines and regulations for the permanent residence permit will be finalised by December this year.
The acquisition, explained the Finance minister Xavier Duval, can be made irrespective of the date of construction of the building in which the apartment is located.
The Board of Investment, which is responsible for the delivering of the permits, has received 5,000 requests for the same.
The vice prime minister and minister of Finance and Economic Development was answering a question from Opposition MP Maya Hanoomanjee regarding the categories of foreigners eligible to purchase property in Mauritius.
Hanoomanjee criticised the guideline and said, “As land is scarce it could affect its price to the detriment of the middle class.”
In reply, Duval gave the assurance that it would apply only to apartments and will have a positive impact.
“This will boost the economy as construction has slumped affecting the job market. If we want to be like Singapore we cannot be like an oyster, closed to everybody,” said Duval.
In accordance with the provisions of the Immigration Act, an investor, a self-employed person or a professional, who is the holder of an occupation permit, is eligible to be a permanent resident.
However, during the three year period, the investor’s business activity must have generated an annual turnover exceeding Rs 15 million.
Also, the self-employed person’s annual income should have exceeded Rs 3 million and the basic monthly salary drawn by the professional should have been at least Rs 150,000.
Duval added as far as a non-citizen is concerned, the person at the expiry of three years of his permit, may apply for a permanent residence permit if he has maintained an annual transfer of $40,000 or its equivalent in freely convertible currency into Mauritius during the period.
To allow the acquisition, the Non-Citizens Property Restriction Act will be amended shortly as mentioned in the budget.