Mauritius Budget 2023/2024 For Foreigners
TBI Business Advisors Mauritius
A British-run advisory firm based in Mauritius assisting foreigners in their business, investment and relocation.
The latest Budget Measures were announced last week and there have been lots of positive changes, many of which are beneficial for foreigners living in Mauritius. Here's a simplified overview of the measures that specifically impact foreigners:
New Property Rules
Resident non-citizens can now apply to purchase a residential property with a minimum value of USD 500,000 (previously USD 350,000) outside the existing schemes. However, they will need to pay an additional registration duty of 10%. The main holder of a resident permit is allowed to acquire only one property outside the current schemes, and this allowance doesn’t extend to their spouse or children.
Retired Non-Citizens
Retired non-citizens and their families can obtain a residence permit upon purchasing a property in a PDS project focused on senior living. To be eligible, the acquisition price must exceed USD 200,000, and the non-citizen must be above 50 years old. The resident status will remain valid as long as the property is owned by the buyer.?
Embrace Sustainable Living
The Immigration Act will be amended to grant a residence permit to a non-citizen and their family upon the acquisition of a property with a minimum price of USD 375,000 under the Sustainable City Scheme. The resident status will remain valid as long as the buyer holds the property.
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Occupation Permit
The salary threshold for obtaining an Occupation Permit as a professional will be reduced to Rs 30,000. This adjustment opens doors for more professionals to explore opportunities in Mauritius.
Young Professional Occupation Permit
Good news for graduates! The Young Professional Occupation Permit is now available to individuals from all fields of study. Whether you're an engineer, artist, or marketer, Mauritius welcomes your talent and expertise.
Premium Visa
Eligibility for the Premium Visa will now extend to medical patients. Medical patients and retirees will also be allowed to bring with them, up to 2 caregivers on a Premium Visa.
Keep in mind that, although some of the rules can come straight into operation on 1st July without many obstacles, it can be more complex with many of the other rules. Once the measures are announced, they don’t become law until they are debated, voted and promulgated. We suggest you to be patient before making any bold moves. To read more on the Mauritius 2023 Budget Measures, check out this article.