Budget 2023 – 2024: New benefits for foreign investors in Mauritius

Mauritius is making considerable efforts to become a strong competitive choice for foreigners who wish to contribute actively to its growing economy and enjoy its exceptional quality of life. Discover the budgetary measures intended to enhance the country’s attractiveness in the eyes of foreign investors.

Property acquisition in Mauritius

Mauritius is an attractive destination for foreign real estate investors seeking a pleasant climate, peaceful living conditions and a favorable financial environment.

Reimbursement for VEFA Agreements

Residential property schemes include a refund provision for properties purchased under a VEFA (vente en l’état futur d’achèvement) agreement. This refund applies to the amount paid by the purchaser under the VEFA agreement and is available until June 30, 2025.

Acquiring real estate through specifically designed programs

Below are some of the key points:

Extension for Smart City and real estate development projects

Given the extension until June 30, 2026, developers of projects under the Smart City Scheme (SCS) or Property Development Scheme (PDS) will be able to sell land not exceeding 2,100 m² to holders of work permits, permanent residence permits or non-citizen residence permits.

Standardization of fees

Fees for the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Invest Hotel Scheme (IHS) and Smart City Scheme (SCS) will be standardized to streamline the property acquisition process.

New fees for non-citizens

A new processing fee of Rs. 25,000 per application will be introduced for non-citizens acquiring “Ground +2” flats and for those applying for residence permits under residential schemes.

Ease of doing business

A unique identification number

The Economic Development Board (EDB), the Corporate and Business Registration Department (CBRD) and the Mauritius Revenu Authority (MRA) will work together on the introduction of a unique identification number that will simplify administrative procedures for foreign companies.

Exemption from opening a local bank account

Retired non-citizens applying for a residence permit will be exempted from the requirement to open a local bank account at the time of application. Instead, they may submit a certified bank statement from their country of origin or residence as proof of funds, accompanied by a written commitment to open a local bank account within two months of their application.

Waiver of initial investment requirement

The initial investment requirement of USD 50,000 for investors and USD 35,000 for self-employed persons will be waived upon issuance of the permits. However, applicants will still have to provide proof of remittance within four weeks of receipt of the permits and will be tracked.

Legal framework for VEFA agreements

The EDB, in collaboration with the Chambre des Notaires, will introduce a new legal framework for VEFA agreements. Appropriate legal measures will be introduced into the Code Civil Mauricien to enhance professionalism and regulate the functions of the syndic.

Abolition of the foreign staff ratio

The requirement of a specific ratio of foreign to local employees will be abolished for sectors such as construction, manufacturing, agriculture and SMEs, including bakers.

Work permits for visitors

Non-citizens who are in Mauritius on a tourist or business visa will be allowed to apply for a work permit, giving them greater flexibility to work during their stay.

Settling in Mauritius

Young Professionals Occupation Permit

The Young Professionals Occupation Permit (YPOP) is now accessible for all fields of study, opening up new opportunities for young foreign talent.

Streamlined Work Permit application process

The issuance of an electronic work permit certificate will be considered approval if no response is received from the Ministry of Labor within 4 weeks of the application.

120-day business visa

Work permit applicants can now obtain a 120-day business visa without having to leave Mauritius.

International Expert Training Visa

An 18-month International Expert Training Visa has been introduced to attract experts from around the world.

Expanded eligibility for Premium Visa

Eligibility for the Mauritian Premium Visa has been extended to medical patients, retirees and up to 2 dependents or persons accompanying them, guaranteeing privileged access to certain services.

Conclusion

The Mauritius 2023-2024 Budget, entitled “To dare and to care”, places a strong emphasis on social welfare and economic growth. It builds on the socially focused initiatives of the previous year and aims to strengthen Mauritius’ competitiveness as an attractive destination for foreigners looking to invest, work or settle here.

Source of this article: Budget 2023-2024: Mauritius a strong competitive choice – novaterra.mu