Are you a Mauritian planning to acquire property, a foreigner seeking to work in Mauritius, or someone thinking about relocating to the island? The National Budget 2024/2025 brings exciting opportunities for everyone.

With its expat-friendly policies, Mauritius continues to attract foreigners who see the island as their second home.

In 2023, the real estate sector contributed 5% to the GDP, drawing MUR 21.1 billion in foreign direct investment (FDI).

Combined with an advantageous tax system and property schemes tailored for international buyers, Mauritius could be the ideal destination for you.

Let’s explore the key highlights of this budget.

The 2024/2025 National Budget brings renewed support for Mauritian buyers looking to enter the property market. Through updated schemes like the Home Loan Payment Scheme and Home Ownership Scheme, the government aims to make property ownership more accessible by offering financial relief. These initiatives are specifically designed to assist Mauritians in purchasing homes, whether they are buying properties outright or through off-plan projects like VEFA (Vente en l’État Futur d’Achèvement).

The budget’s focus on local buyer support signals a continued commitment to boosting homeownership for Mauritian citizens.

• 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. 

• 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.

• 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).

In a bid to attract highly skilled professionals, the 2024/2025 National Budget introduces significant updates to the Occupation Permit framework. These changes aim to position Mauritius as a hub for wealth management, virtual assets, and other emerging sectors, while simplifying the process for foreign experts to live and work on the island.

• 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.

With its attractive real estate market, expat-friendly policies, and breathtaking landscapes, Mauritius offers the ideal environment for those seeking a high-quality lifestyle.

The 2024/2025 National Budget reflects the government’s commitment to making Mauritius a premier destination for both property investment and lifestyle enjoyment.

For local buyers, the extended Home Ownership Scheme and Home Loan Payment Scheme make it easier to purchase homes with financial support. For foreign investors and professionals, the updated Occupation Permit regulations, including a 10-year expert permit, ensure easier access to the island’s thriving business environment.

With these opportunities, Mauritius continues to attract both locals and expats looking to live, work, and invest in a stable, prosperous environment. If you’re considering making Mauritius your home, the island offers all the right conditions to build a bright future.

If you have more questions, feel free to reach out to us – info@sir.mu.