On the road to recovery, boosting inbound investment is the key to reach our national objective of 9% GDP growth for this financial year.

To reach this goal, a series of measures have been drafted and presented through the national budget 2021-2022 to move towards the digitalization of our civil service, increase the ease of doing business, and increase the incentives to attract foreign talents to live, retire and work in Mauritius.

Let’s have a closer look at these budget measures to optimise investment towards the island and through the real estate industry.

It consists of the rationalisation of different incentive schemes under three certificates issued by the EDB, namely,

1. (a)  the Investment Certificate
2. (b)  the Export Development Certificate
3. (c)  the Premium Investor Certificate

The Premium Investor Certificate will allow companies investing at least Rs 500 million to benefit from negotiable incentives, upon recommendation of a Technical Committee and approval by the minister.

A dedicated portal for foreign retirees will be launched. It will provide practical information on accommodation facilities, cultural and leisure activities, and healthcare services amongst others.

• Promoters under the Smart City Scheme will be allowed to sell one plot of serviced land not exceeding 2,100 m² to a non-citizen holder of Occupation permits, Permanent Residence Permit, or a Residence Permit for another period of two years, that is, up to 30 June 2024 instead 30 June 2022.

• Promoters under the Property Development Scheme (PDS) will also be allowed to sell a plot of serviced land provided that the total area of all plots of serviced land for sale should not exceed 25% of the land area planned for the construction of residential properties.

• To create a level playing field with other property schemes and accelerate the sale of a few remaining IRS/RES units, registration duty on the sale of an IRS or RES residential property will be levied at the rate of 5% or USD 70,000 whichever is the lower.

• Sale of up to 80% of the units with the possibility for the owner of a room to stay for a maximum of 6 months annually to be allowed.

• Reduction in the minimum selling price of a standalone villa from USD 500,000 to USD 375,000.

• The validity period for an Occupation Permit (OP) for Professionals is being extended from 3 years to 10 years.

• Spouses of OP holders wishing to invest or work in Mauritius will be exempted from applying for an Occupation Permit or a work permit.

• The maximum age limit of 24 years for dependents will be waived.

• Introduction a new category under the Occupation Permit Regime, the 10-Year Family Occupation Permit for those contributing USD 250,000 to the COVID-19 Projects Development Fund.

• A privilege club scheme will be implemented providing a range of incentives to Occupation Permit holders and retirees, ranging from privilege access to hotels, golf courses, restaurants, private medical institutions, amongst others.

• A Smart Card will replace the current paper-based Occupation Permit.

• Non– citizens holding an Occupation Permit as a Professional will be given the flexibility to switch jobs without having to submit a new application provided the minimum criteria are met.

• Non-citizens holding an OP as self-employed will be allowed to incorporate a one-man company and employ administrative staff.

• Where an application for an Occupation Permit requires views and recommendations of a ministry or public sector agency, the latter shall within 5 working days submit its views or recommendations to the Economic Development Board (EDB) or else, silence is consent principle, will apply.

• The monthly salary applicable for an Occupation for professionals in financial services will be brought down to Rs30,000 (limited only for fund accounting and compliance services by a company holding a license from the FSC, and the professional will need to have at least 3 years of relevant work experience)

• A non-citizen who purchases or otherwise acquires an apartment used, or available for use as a residence, in a building of at least 2 floors above the ground floor, provided the purchase price is not less than USD 375,000 will be issued a residence permit, including for his dependents, and exempted from the requirement of a work or occupation permit.

• Holders of a 10-Year Permanent Residence Permit will have the validity automatically extended to cover a 20-Year period.

• Holders of a Permanent Residence Permit will be able to renew their permits and they will be given the flexibility to switch categories between investor, professional, and retired.