Budget 2022-2023: Investors Can Now Acquire Property and Obtain Residency in Partnership

Long-awaited, this budgetary measure is a milestone in property acquisition in Mauritius. Indeed, in a few weeks, it will be possible for non-citizens to acquire property in partnership, under the fractional ownership policy.
Under this regime, each partner will be eligible to apply for the status of residency, provided that each foreigner invests more than USD 375 000 in the property. So, for instance, if two partners invest more than USD 375 000 each for the acquisition of one property, they each get a residence permit as well as their dependents, i.e, the spouse, the children, and the parents of each investor.  

The National Budget 2022-2023 Highlights

Ease of Doing Business

This budget ensures that Mauritius remains among the most business-friendly countries in the world. 

  • It will henceforth not cost a single rupee to start a business and incorporate a company in Mauritius
  • The Bank of Mauritius will ensure that a bank account can be opened within 1 week, be it for an individual or a business.
  •  Support businesses by enabling them to recruit talents under the young professional occupation permit. 

Financial Services And Asset Management 

  • Introduction of a domestic minimum top-up tax on resident companies, of large multinationals having a global annual revenue of a minimum of EUR750 Mn, to ensure that they are taxed at a minimum of 15%. 
  • Work and Residence Permits for 5 executives and their dependents per holders of Global Headquarters Administration Licence. 

Corporate Tax

  • Foreign employers of Premium Visa Holders will not, in respect of that employee, be subject to corporate tax and social security contributions. 

Residential Real Estate for Mauritians

  • The homeownership and home loan schemes, for the Mauritians buying a house, an apartment, or bare land to build their home will be maintained for Mauritian buyers with a 5% refund up to Rs500 000 till the 30th June 2023. 
  • Value Added Tax | The refund of VAT on the construction of a residential house, apartment, and building will be effected not later than 30 days from the date of receipt of all documents in support of an application for refund instead of 30 days from the date of receipt of the application.

Silver Economy 

  • To attract more foreign retirees to Mauritius, the Economic Development Board will organize the first edition of the Mauritius International Silver Economy Festival.

Published on June 29, 2022 by Laetitia Melidor

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