Retirement is a time many of us look forward to, a period when we can finally put our feet up, relax, and enjoy the fruits of our labour. For some, the dream retirement involves warm weather, beautiful beaches, and a cost of living that allows savings to stretch further. If this sounds like your idea of paradise, then Mauritius might just be calling your name with its enticing retirement visa offer for Australians 50 and over.
The picturesque island nation of Mauritius has rolled out the red carpet for retirees seeking a tax-free haven. With its new retirement visa program, Australians ready to bid adieu to the workforce can look forward to a decade or more of blissful island living.
Unlike other countries where obtaining a retirement visa can be a costly affair, Mauritius is making the process financially accessible. The only financial requirement is to deposit a minimum of $2,413 AUD ($US1,500) monthly, or $28,961 AUD ($US18,000) annually, into a local bank account. This amount provides an affordable path to a tax-free retirement in a tropical paradise.
But before you start packing your bags, there’s a catch: you must be fully retired. Mauritius is adamant that retirees cannot engage in any form of employment on the island. This rule ensures that the visa holders are genuinely there to enjoy their retirement.
How does one secure this golden ticket to a serene retirement? Mauritius introduced the revamped visa at the beginning of the year, aiming to attract retirees from across the globe. The visa grants a 10-year stay with the option to extend once the initial period expires. After three years of residency, you can even apply for permanent residency, allowing you to call Mauritius home indefinitely.
The country’s president, Dharam Gokhool, has extended a warm invitation, encouraging retirees to come and ‘enjoy all the facilities’ that Mauritius has to offer. And it’s not just the retirees who can soak up the sun; close family members are also welcome to join the visa holder and share in the idyllic lifestyle.
When comparing the cost of living, Mauritius is significantly more affordable than Australia. With a cost-of-living index of 35.6, almost half of Australia’s 60.9, your retirement savings could indeed go much further on this island.
For those considering retirement visas in other countries, it’s essential to be aware that requirements can vary widely. Typically, you’ll need to be over a certain age, usually between 50 and 55, have sufficient funds, possess health insurance, have a clean criminal record, and provide details of your living arrangements.
Mauritius stands out not only for its simplicity and affordability but also for its tax benefits. The absence of wealth or income tax is a significant drawcard for those looking to maximise their retirement savings.
Retiring abroad is a big decision, and Mauritius presents an intriguing option with its relaxed lifestyle and financial benefits. While the idea of a tax-free island retreat sounds appealing, it’s important to weigh all factors, from the cost of living to residency requirements.
Would you consider retiring in Mauritius? What factors matter most when choosing a retirement destination? Share your thoughts in the comments below—we’d love to hear your perspective!
Also read: Don’t let unpaid super steal $7,700 from your retirement!
