To retire in Mauritius, you must demonstrate a minimum financial capacity, primarily for obtaining the necessary retirement permit. Specifically, you need to consistently transfer at least US$1,500 monthly or US$18,000 annually into a local Mauritian bank account from sources outside Mauritius.
Minimum Financial Requirements for a Retirement Permit
The primary financial requirement for a retirement permit in Mauritius is a consistent transfer of funds into your local bank account. This ensures you have the financial means to support yourself without being a burden on the state.
Here’s a breakdown of the specific financial commitment:
| Requirement | Amount |
|---|---|
| Monthly Transfer | US$1,500 (minimum) |
| Annual Transfer | US$18,000 (minimum) |
Key details regarding these financial requirements:
- Source of Funds: The funds must originate from sources outside of Mauritius.
- Destination: The money needs to be transferred into your personal bank account within Mauritius.
- Authority: These financial requirements are stipulated by the Economic Development Board of Mauritius, which oversees immigration and economic development initiatives in the country.
Beyond the Permit: Considering Your Cost of Living
While meeting the financial threshold for the retirement permit is essential, it's important to remember that this figure represents the minimum required for the permit itself, not necessarily the entirety of your living expenses in Mauritius. Your actual cost of living will vary significantly based on your lifestyle, accommodation choices, and spending habits.
When planning your retirement budget for Mauritius, consider additional factors such as:
- Accommodation: Renting or purchasing property can be a significant expense. Costs vary widely depending on location (e.g., coastal vs. inland), size, and amenities.
- Daily Expenses: This includes groceries, utilities (electricity, water, internet), transportation, and personal care.
- Healthcare: While Mauritius has public and private healthcare options, it's wise to budget for private health insurance or out-of-pocket medical expenses.
- Leisure and Entertainment: Dining out, travel within the island, hobbies, and social activities will add to your overall monthly expenditure.
- Visa and Application Fees: Beyond the financial transfer requirement, there might be application fees associated with obtaining your retirement permit.
In summary, the precise financial commitment for your retirement permit in Mauritius is clearly defined. However, a comfortable retirement will require additional funds to cover your daily living expenses, which you should budget for separately based on your personal preferences and expected lifestyle.
