Plan your move to Mauritius in 2024: The essentials
Mauritius, a tropical gem of the Indian Ocean, keeps attracting foreigners, especially investors from all over the world. Beyond its white-sand beaches and beautiful natural landscapes, the recent National Budget 2023-2024 announcements promise exciting opportunities for people considering a move to this island paradise. Magellan explains why the coming months will likely change your life for a long time.
A favorable tax environment
Personal income tax reform has been one of the new budget’s cornerstones. According to the new measures, progressive tax rates are capped at 20%, and this applies not only to residents but also to foreign professionals who choose to set up and conduct business on the island. In addition, the abolition of the solidarity tax on annual income over Rs 3 million offers a significant tax relief to high-income earners from foreign sources.
Facilities for foreign investors
The 2023/2024 budget includes a series of measures to boost foreign investment in Mauritius. Collective Investment Schemes (CIS) and Close-End Funds (CEF) will benefit from a rise in the partial exemption to 95%, strengthening Mauritius’ competitiveness as an International Financial Centre (IFC). New laws have been announced to strengthen the fight against money laundering and corruption. These are expected to reinforce the island’s reputation as a trusted international financial hub.
A streamlined process for property acquisition
Rules and regulations have been simplified for foreigners seeking to invest in real estate in Mauritius. They can now acquire residential property worth a minimum of USD 500,000 outside existing regimes. This measure is clearly broadening real estate investment opportunities in the country. In addition, purchasers under existing schemes such as the Smart City Scheme will benefit from a two-year extension to finalize their purchases – meaning greater flexibility to foreign investors.
Opportunities for all non-residents
Foreigners looking to settle in Mauritius are also welcome. For instance, foreign retirees and their dependents are now eligible for a residence permit by investing in real estate projects dedicated to the elderly. The possibility for non-citizens to acquire property in Smart Cities also opens up new prospects for foreign investors interested in environmentally-friendly projects.
Why is Mauritius still an attractive destination?
Beyond the 2023-2024 Budget, Mauritius has already established its reputation as an attractive destination for foreign investors. Former reforms, such as the Business Facilitation Act and electronic registration systems, testify to the island’s business-friendly environment. These efforts are aimed at making it easier for foreign investors to start and grow their businesses in Mauritius.
The bottom line
Mauritius is shaping up to be a key destination for expats in 2024 through its tax benefits, investment opportunities and its exceptional living environment. To benefit from these attractive prospects, it is essential to surround yourself with experts for a successful relocation. Magellan, founded by expats and finance specialists in 2010, is committed to making your move to Mauritius smooth and enjoyable. Contact us now to turn your project into a rewarding reality!