“To dare and to care” was the resounding message conveyed by the Finance Minister as he unveiled the eagerly awaited Budget of 2023-24. With a strong emphasis on social welfare and economic growth, the government presented a budget that builds upon the previous year’s socially focused initiatives. From the foundations of economic stability to the transformation toward sustainability, the measures announced aim to make Mauritius an even more competitive and attractive destination to work, along with the ambition to attract investors and further strengthen the economy. Read about all the measures related to the real estate sector in Mauritius below.
Buying Real Estate in Mauritius
- The home ownership scheme has been extended until 30 June 2024, and it offers a refund of 5% of the property’s cost, up to a maximum of Rs 500,000.
- The home ownership scheme includes a refund provision for properties acquired under the ‘vente en l’état future d’achèvement’ (VEFA) agreement. This refund applies to the amount paid by the buyer under the VEFA agreement and will be available until 30 June 2025.
- Until 30 June 2024, individuals who contract a secured housing loan under the home loan payment scheme to construct their residence will still be eligible for a refund of 5% of the loan amount, up to a maximum of Rs 500,000. This scheme will also cover loan amounts disbursed until 30 June 2025.
Acquisition of Property via Schemes
- An extension until 30 June 2026, allows promoters of projects under the Smart City Scheme (SCS) or Property Development Scheme (PDS) to sell serviced plots of land, not exceeding 2,100 m2, to non-citizen holders of an Occupation permit, Permanent Residence Permit, or Residence Permit.
- The processing fees for the Integrated Resort Scheme (IRS), Real Estate Scheme (RES), Invest Hotel Scheme (IHS), and Smart City Scheme (SCS) will be standardised.
- There will be a new processing fee of Rs25,000 per application for non-citizens who are acquiring “Ground plus two apartments” and for those applying for residence permits under the residential schemes.
Ease of doing Business
- Unique Identification Number: The EDB, Corporate & Business Registration Department, and the MRA will collaborate to implement a unique identification number that will be utilised across all government agencies for every business and company.
- In the initial stage, retired non-citizens applying for a residence permit will be exempt from the requirement of opening a local bank account. Instead, they can submit a certified bank statement from their country of origin or residence as proof of funds, along with a written commitment to open a local bank account within two months.
- The initial investment requirements of USD 50,000 for investors and USD 35,000 for self-employed individuals will be waived during the issuance of permits. However, applicants must provide evidence of fund transfer within four weeks of receiving the permits, and post-monitoring will be conducted.
- The EDB, in collaboration with Chambre des Notaires, will propose a new legal framework concerning the provisions of VEFA. To enhance professionalism and regulate the functions of the syndic, appropriate legal measures will be introduced in the ‘Code Civil Mauricien’.
- The requirement for a specific ratio of foreign to local employees will be abolished for sectors such as construction, manufacturing, agriculture, SMEs, including bakery operators.
- Non-citizens present in Mauritius under a tourist or business visa will be allowed to apply for a work permit.
Moving to Mauritius
- The Young Professional Occupation Permit (YPOP) is now open to all fields of study.
- Work Permit: If no response is received from the Ministry of Labour, Human Resource Development, and Training within 4 weeks of the date of application, the issuance of an electronic work permit certificate will be considered as approval.
- The maximum duration of stay of 4 years has been removed for carers, who can now work in Mauritius as long as their services are required.
- Applicants under the Occupation Permit (OP) can now be granted a business visa of 120 days without the need to leave Mauritius.
- An 18-month International Expert Training Visa has been introduced.
- Premium visa eligibility is extended to medical patients, retirees, and up to 2 accompanying caretakers.
Interested in investing in Mauritius? Contact Julie (firstname.lastname@example.org) for residential enquiries and Shadil (email@example.com) for business enquiries.