Retirement offer for Australians from idyllic island with no tax offers: ‘Enjoy’
3 min readThe idyllic island nation of Mauritius has launched a retirement visa that could be very attractive to Australians ready to hang up their work boots for good. The country allows you to apply for a permit to stay for a decade or longer.
If you wanted to retire somewhere other than Australia, you could have to fork out hundreds of dollars just to get the right visa. However, Mauritius wants to attract anyone 50 and older as long as they have a steady stream of money coming in every month.
But there is one big rule when it comes to this retirement visa: you must be absolutely retired. You can’t be pulling in money on the side if you want to move to the country.
Mauritius launched the new-look visa at the start of the year in the hope it would bring in people from all over the world.
Under the new program, you can be granted a 10-year stay on the island, with the possibility of extending that once the time frame has expired.
You only need to deposit at least AUD$2,413 (USD$1,500) every month or AUD$28,961 (USD$$18,000) annually into a local bank account to be eligible.
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After three years of living there, you can apply for permanent residency.
Mauritius, which is located just off the coast of Madagascar to the east of Africa, has also extended its immigration policy to allow close family members to come and live with the visa holder.
“I want you all to come and retire in the Republic of Mauritius… and enjoy all the facilities,” Dharam Gokhool, the country’s president said.
If you lived elsewhere and wanted a retirement visa in Australia, you have to pay at least $485 just for the base part of the application and the cost goes up from there if you want to bring others.
Mauritius has become a tax haven for some, as the country doesn’t have any wealth or income tax.
According to Numbeo, Australia has a cost-of-living index of 60.9 out of 100, whereas Mauritius is nearly half that on 35.6, meaning your money will go much further.
This will depend on each country, as some will have strict rules around application fees, age ranges, and financial stability.
But here is a rough guide of what you’ll need:
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Be over a certain age: Most countries will set a minimum limit before applying for a retirement visa, with 50 to 55 being the most popular starting ages.
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Enough money in the bank: Countries will want to have a peek at your finances to see that you’ll be able to support yourself during retirement.
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Backup insurance: while you might be able to access the local health facilities under each visa, some countries stipulate that you need health insurance to cover you.
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Clean record: you might be forced to show you don’t have any prior criminal convictions, which is standard for a variety of visas.
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Living arrangements: You could be forced to show where you intend on living in the country during your stay.
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