By The Rio Times | Created at 2025-01-14 21:38:00 | Updated at 2025-01-15 05:14:48
7 hours ago
The Mauritius government has introduced a new retirement visa for foreigners aged 50 and above. This initiative aims to attract retirees to the idyllic island nation in the Indian Ocean.
The news comes from a recent announcement by the Mauritian authorities. The retirement visa program offers a 10-year stay with the possibility of renewal. Applicants can also apply for permanent residency after three years.
However, the visa comes with specific financial requirements. Prospective retirees must prove an annual income of at least $18,000 or monthly earnings of $1,500.
Mauritius’ new immigration policies extend benefits to close family members of visa holders. Spouses, parents, and unmarried, unemployed children can apply for authorization to live in the country.
This family-friendly approach enhances the appeal of the retirement visa program. The visa allows retirees to invest in local businesses, fostering economic growth.
However, formal employment and salary reception are not permitted. Visa holders can purchase homes through authorized government programs, opening doors to property ownership.
Mauritius, an archipelago in the Indian Ocean, lies about 2,000 km off Africa’s southeast coast. The country comprises four main islands: Mauritius, Rodrigues, Agalega, and Cargados Carajos. With a population of 1.296 million, its capital Port Louis houses around 150,000 residents.
The nation’s economy boasts a GDP of approximately $14.4 billion, as reported by the World Bank in 2023. Its per capita GDP stands at $11,400, slightly higher than Brazil’s $10,000. The service sector dominates the economy, accounting for 76% of the total GDP.
This retirement visa initiative showcases Mauritius’ strategy to boost its economy and attract foreign investment. It offers retirees a chance to enjoy the country’s natural beauty and stable economy.
Additionally, they can experience its welcoming atmosphere. The program’s success could pave the way for similar initiatives in other nations seeking to attract retirees.
