Madam Speaker, recently, the Economic Development Board (EDB) has received multiple enquiries from foreigners who have expressed interest to relocate together with their families to Mauritius. To respond to this demand, we are introducing a Golden Visa to better meet the requirements of high-net-worth individuals wishing to relocate to Mauritius. The Golden Visa will be a multiple-entry visa granted to successful applicants and their immediate dependents, that is, their spouse and dependent children. The visa will be processed within five working days from the date of application and it will be valid for a period of up to two years and it can be renewed, if need be, if there is a new application. As regards part (a) of the question, the objective of the Golden Visa Scheme is to encourage high-net-worth individuals to relocate physically to Mauritius together with their families. The aim is to maximise the economic benefits to Mauritius through long-term stay of Golden Visa Holders and subsequently encourage them to relocate their funds and channel investments to different sectors of our economy. In this context, the EDB has set up a dedicated concierge service to assist the high-net- worth non-citizens in relocating their businesses to Mauritius, leveraging on our financial services sector, the freeport sector and existing investment schemes. There are also potential benefits in terms of increased foreign direct investment, especially in emerging sectors of our economy such as artificial intelligence and digital services. Madam Speaker, high-net-worth individuals exploring investment opportunities in Mauritius in high-value sectors such as FinTech, global treasury, artificial intelligence, biotechnology, and renewable energy will be targeted. As regards part (b) of the question, Golden Visa holders will be able to – (a) enrol their children in private educational institutions in Mauritius; (b) import their personal belongings and bring their pets; (c) open bank accounts in Mauritius, and (d) pay their taxes in Mauritius if they spend 183 days or more in Mauritius while benefitting from tax exemption on expenditure in Mauritius made through foreign credit or debit cards, and on income remitted and deposited into a Mauritian bank account, provided a declaration is made that the applicable tax has already been paid abroad. Holders of Golden Visas will not automatically be entitled to enter our labour market as they will be expected to invest in qualifying sectors. As regards part (c), Madam Speaker, Golden Visa Holders will be required to provide a written undertaking at time of application that they would invest a minimum amount of USD 1 million within the first 12 months of their stay in Mauritius, and the EDB will be closely following up on the progress of their investment. An application under the Golden Visa will be subjected to a first screening by the EDB where a due diligence exercise is carried out, including different checks, the World Check and so on. The Passport and Immigration Office will perform further due diligence process prior to issuing the Visa but all this will have to take place within five working days. As regards part (d) of the question, Madam Speaker, I am informed that the EDB has assessed the potential benefits and risks of the Golden Visa Scheme. The EDB has estimated that some 100 Golden Visas could be issued annually. The target of the Golden Visa Scheme would be mostly, as I said, high-net-worth individuals, who will later be encouraged to relocate their funds and investment into different sectors of our economy. In this respect, the Ministry of Financial Services and Economic Planning is working on measures to facilitate the relocation of corporates, re-domiciliation of global companies and funds to Mauritius, as well as family offices, and facilitating the opening of bank accounts. As regards housing affordability and land ownership, Golden Visa Holders will only be allowed to acquire residential properties strictly under the EDB property schemes such as Property Development Scheme, Invest Hotel Scheme and Smart City Scheme. Golden Visa holders would initially be staying in hotels, or renting residential properties under the EDB schemes. There is therefore, spare capacity in the high-end property rental market to accommodate these individuals without affecting housing affordability for Mauritian citizens. With respect to the risks of money laundering and illicit financial flows, a robust, risk- based due diligence framework is already in place. The framework is aligned with our Anti- Money Laundering and Combatting the Financing of Terrorism Framework. There is also, Madam Speaker, a strong inter-agency coordination involving the Financial Crimes Commission, the Financial Intelligence Unit, the Financial Services Commission, the Bank of Mauritius, the Passport and Immigration Office and other enforcement agencies that will work effectively to address any risks relating to money laundering and illicit financial flows. Currently, Madam Speaker, all our Visa Schemes are compliant with the standards of the Financial Action Taskforce and the OECD’s guidance on potentially high-risk residency and citizenship by investment schemes. Accordingly, my Office, the Ministry of Finance, and the EDB will jointly monitor the scheme, its outcomes will be looked at, and if need be, corrective measures will be taken to ensure that it delivers maximum benefit to the economy and our citizens while safeguarding our national interests.

Yes?

Merci. Concernant le due diligence, l’honorable Premier ministre peut- il nous dire la différence dans le mode d’opération de l’actuel gouvernement et celui de l’ancien régime ? Autrement dit, quelle garantie il peut donner à la Chambre qu’on ne verra pas des cas similaires à ceux de Sobrinho ou Ravatomanga venir cacher leur fortune mal gagnée à Maurice ? Quelle est la différence dans le mode d’opération de l’actuel gouvernement et celui de l’ancien régime ?

It is a very good question. We are going to have a different approach with different people involved. One of the things we are doing is for the passports – it will all be digitalised. We will immediately know whoever person is coming through to Mauritius. If they have any problem with them, we will immediately know. This is available in many countries including Seychelles today, but we do not have it here, unfortunately. I do not know why. This is one of the things. Secondly, the Criminal Agency that we are setting up will have a special section dedicated to justice to ensure that no – if I may use the word – crooks manage to go through the net.

Yes, second question!

L’honorable Premier ministre a parlé d’éventuels corrective measures dépendant du succès ou pas de ce scheme. Peut-il nous dire quels indicateurs seront utilisés ? Quels seront les KPIs pour évaluer le succès ou non de ce scheme ? Est-ce que ils seront évalués la quantité d’emplois créés, l’investissement productif contre l’investissement spéculatif ? Comment est-ce que le succès sera évalué ?

This is already being done at the moment but we are strengthening the issue. I was especially mentioning in case of people who try to launder money to come here and this is what we are putting a lot of emphasis on. We want to ensure that we do not have similar cases as when the MSM was here with the Sobrinho cases like this. We have to avoid them.

Est-ce qu’un plafond sera imposé sur le nombre de biens ou sur la superficie de terre pouvant être acquis par un détenteur de Golden Visa ?

Superficie!

I think, I might have mentioned, maybe I did not. They will be only allowed one residence and it will be within the framework that the EDB has already set up for different foreigners who want to buy property in Mauritius. It is the same.

She mentioned superficie, hon. Prime Minister. Hon. Prime Minister, the question was on superficie. Dans le scheme il n’y a pas ?

In the scheme you have whatever the…

There is already…

Yes, it is already there.

It is taken care of. Okay, good? Next question, hon. Beejan, Second Member for Grand Baie and Poudre D'or! CONSTITUENCY NO. 6 – LAW & ORDER DETERIORATION – MEASURES