Mauritius is expat-friendly

National Budget Brief 2024/2025

Greener Property Developments and Greater Openness to Foreign Talents

Whether you’re a Mauritian looking to acquire property, a foreigner wanting to work in Mauritius, or planning to relocate to the island, this national budget has something for everyone.

Mauritius is expat-friendly, attracting foreigners worldwide who often choose the island as their second home or relocation destination. In 2023, the real estate sector contributed 5% to the GDP and attracted MUR 21.1 billion in foreign direct investment (FDI).

With an advantageous tax system and property schemes designed for international buyers, Mauritius could be your perfect home. 

Let’s take a closer look at the specifics of this budget speech.

Mauritius is expat-friendly

Buyer Schemes and Property Schemes Update

Mauritian Buyers

  • Home Loan Payment Scheme :

individuals who contracted a secured housing loan can benefit from a refund of 5% of the disbursed loan amount until 30 June 2025, capped at Rs 500,000.

 

  • Home Ownership Scheme :

a) property buyers for residence benefit from a 5% refund on the property value, for up to Rs 500,000;

b) a buyer of a property acquired under vente en l’état futur d’achèvement (VEFA) will be eligible for the 5% refund until 30 June 2025;

c) a property under reservation will qualify for the Scheme if the deed of transfer is registered not later than 30 June 2025;

d) a property acquired under a vente à terme, will qualify for the refund if the buyer pays the purchase price, not later than 30 June 2025. 

Morcellement Developments and Property Schemes ( International & local buyers | property developers )

  • To ensure privacy and tranquillity, no morcellement permit will be issued for contiguous residential plots unless there is a minimum setback of 30 metres from new or existing settlements;

 

  • A Strategic Environmental Assessment is required for any morcellement or PDS project larger than 10 arpents, as well as for any smart city development;

 

  • Projects exceeding 5 arpents, including those under the Smart City Scheme and Property Development Scheme (PDS), must allocate at least 4% of the total land to a green forest. This area should primarily feature endemic trees, providing a garden setting and landscape that complements the development;

 

  • The contribution from a smart city company per residential property or serviced land plot will increase from Rs25,000 to Rs 100,000. This amount will now be payable to the National Resilience Fund instead of the Smart City Social Fund.

Registration Duty

  • The transfer of immovable property as equity in a company will be subject to Registration Duty (RD), calculated on the difference between the property’s value and the value of shares held in the company.

 

  • Any transfer of more than 10% shareholding in a company will qualify as an effective change in ownership. Therefore, such a transfer in a company owning immovable property will be subject to Registration Duty (RD).

Mauritius, Welcomes Foreign Talents

  • A 10-year expert Occupation Permit will be introduced to attract foreign talent in wealth management, family offices, virtual assets, and virtual tokens;

 

  • The threshold for Occupation Permits for professionals will be reduced from Rs 30,000 to Rs 22,500;

 

  • A Temporary Occupation Permit of 3 months will be introduced for professionals with a minimum of 10 years of experience, allowing them to work while awaiting final approval;

 

  • Holders of Residence Permits as Retired Non-Citizens will be allowed to work without needing an additional Work or Occupation Permit;

 

  • The time frame to deliver or renew a work permit will be set at 3 weeks.

Live in Mauritius

If you’re looking for a property to rent or buy in Mauritius, contact us – info@sir.mu

Published on June 28, 2024 by Laetitia Melidor

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