How the Mauritian government implemented new measures to encourage real estate investment in Mauritius - Post Covid

How the Mauritian government implemented new measures to encourage real estate investment in Mauritius - Post Covid19

By Olivier Babet

 

Mauritius has come out successfully from its battle against COVID-19.

Since April 26, no local cases of COVID-19 have been recorded in Mauritius allowing the government to remove the sanitary curfew order since May the 31st. Several economic activities have resumed since Monday the 1st of June. However, the sanitary measures and social distancing remain top priority.

 

As the country navigates its way out of the COVID-19 pandemic, which was successfully handled, strong measures to boost the economy have been outlined in the recent 2020- 2021 budget speech. The tourism industry received a number of incentives such as the possibility to convert hotels into service apartments which can be sold individually, a two year no-licence fee period for Tourism and Beach Authority operators, a waiver of rental of State land for one year, and the increase in the rebate scheme for renovation and restructuring to 100% until 2022.

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Mauritius is opening to the world by attracting foreign talents and expertise to help support our local growth. Several incentives have been mentioned, namely the simplification of existing permits and related procedures, extending their validities and providing more flexibility in terms of investments. The spouses of Occupation Permit holders and non-citizens who have invested in various real estate schemes will now be allowed to work and invest locally.

 

Purchase of real estate in Mauritius

  • Non-citizen holders of a Residence Permit, Occupation Permit or Permanent Residence Permit will be allowed to acquire one plot of serviced land not exceeding 2,100 m2 for residential purposes within The Smart City scheme under conditions.

 

  • Minimum investment amount for an investor to obtain the status of Permanent Resident or a holder of an immovable property under an existing scheme to obtain the status of Resident will be reduced from USD 500,000 to USD 375,000.

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Occupation/Residence Permits

  • Minimum salary of MUR 30,000 to be eligible for Occupation Permit (OP) for certain specified sectors
  • Work Permit and Residence Permit to be combined into one single permit
  • Lengthening the validity of an Occupation Permit and a Residence Permit for retirees to 10 years renewable
  • Minimum turnover and investment requirement (USD 40,000) for Innovator Occupation Permit are being removed
  • Occupation Permit holders will also be allowed to bring their parents to live in Mauritius
  • The Economic Development Board will be the sole agency responsible to determine and recommend applications for the Occupation Permit and Residence Permit
  • Professionals with an Occupation Permit and foreign retirees with a Residence Permit will be able to invest in other ventures without any shareholding restriction
  • Permanent Residence Permit will be extended from 10 to 20 years
  • Occupation Permit and Residence Permit holders will be eligible to apply for a Permanent Residence Permit if they have held the permit for three consecutive years.

 

BARNES Mauritius is here to provide guidance to help you invest in our beautiful island, recognized as a safe destination. Contact us on mauritius@barnes-international.com for more information.

 

SOURCE:

https://assets.kpmg/content/dam/kpmg/mu/pdf/2020/mu-Mauritius-Budget-Highlights-2020-2021.pdf

https://www.edbmauritius.org/newsroom/posts/2020/june/edb-special-budget-e-newsletter-202021/