Mauritius targets 100 millionaires a year with $1 mn Golden Visa Programme

From AI to Beachfront Villas: Mauritius Courts Global Wealth with New Visa Program

Mauritius expects to attract 100 high-net-worth- individuals a year through its golden visa program aimed at encouraging foreign investment and raising funds.

 

The visa, which requires holders to invest at least $1 million within 12 months of arrival, was set up after "multiple enquiries" from foreigners seeking to relocate with their families, Prime Minister Navinchandra Ramgoolam told lawmakers Tuesday.

 

The program is designed to maximize the economic benefits from long-term stays by encouraging holders to move funds into and invest across the economy, he said in response to a parliamentary question.

 

Sectors that will be targeted include fintech, artificial intelligence, biotechnology, and renewable energy, Ramgoolam said.

   

The island nation is joining countries such as the US in targeting the world's wealthy with so-called golden visa programs, even as access tightens globally. Several European countries have begun winding down similar offerings over concerns from law enforcement that they can enable criminal activity and corruption.

 

Critics argue the programs deepen inequality by giving opportunities to the rich that are denied to others.

 

Ramgoolam said safeguards are in place to mitigate those risks. "With respect to the risks of money laundering and illicit financial flows, a robust, risk-based due diligence framework is already in place,." He added that he doesn't expect the program to affect housing affordability. Golden visa holders would initially stay in hotels or rent residential properties designated for foreign investors, he said.

 

Mauritius is already a high-end hub and a favored relocation destination for the wealthy, with its statusas an international financial center and access to beachfront villas and apartments adding to its appeal.