Mauritius National Budget 2024/2025: Key Measures Explained

Dear Partners and Investors,

Westimmo is pleased to share the latest developments from Mauritius’s 2024/2025 National Budget, designed to strengthen the country’s resilience and adaptability in the face of global uncertainty. Led by Dr Renganaden Padayachy, Minister of Finance, the budget builds on previous achievements to pave the way for a more prosperous future.

1. Strengthening Fiscal Stability

• The International Monetary Fund (IMF) highlights the importance of reducing the fiscal deficit in order to maintain macroeconomic stability and contain inflationary pressures.
• The 2024/2025 budget sets a public-debt target of 71% of GDP by June 2025, helping to provide a solid economic environment for investors.

2. Promoting Trade and Investment

• The Minister is taking a balanced approach to:
  • Stimulate trade and investment.
  • Accelerate the transition to a green and sustainable economy.
  • Build a resilient foundation for future growth.
• GDP growth target: 6.5% for the current year and an average of 5% over the medium term.
• Measures are intended to revitalise the trade strategy and make it easier to do business, reassuring investors in an uncertain global environment.

3. Facilitation Measures and Incentives

• Facilitation initiatives, particularly measures designed to make business easier, will be key to attracting high-value investment.
• Objectives:
  • Increase confidence among local businesses.
  • Encourage a shift in mindset.
  • Promote the adoption of sustainable and environmentally responsible business practices.

4. Continued Support for Businesses

• The government is actively supporting businesses, particularly SMEs and entrepreneurs, by improving existing financial-support measures.
• Objective: help businesses navigate a complex and inflationary economic environment.

5. Sustainable Investment and Innovation

• Initiatives to strengthen long-term competitiveness through:
  • Investment in sustainability and artificial intelligence.
  • Reforms designed to attract and retain talent.
  • Support for the ICT and financial sectors in the face of international competition.

6. Measures for Foreigners and Non-Citizens

• Employment of Foreign Workers :
  • Foreign-labour quotas are being removed in certain sectors, including manufacturing, jewellery, the freeport and ICT/BPO.
  • The foreign-worker ratio in vehicle repair is increased to 3:1.
  • The permitted stay for foreign workers is extended from 4 to 8 years.
  • The salary threshold for an Occupation Permit is reduced from MUR 30,000 to MUR 22,500.
  • A three-month temporary residence permit is granted while an Occupation Permit application is being approved for professionals with at least 10 years of experience.
  • Retirees holding a Residence Permit may now work without an additional permit.
• Property Ownership for Foreigners :
  • Foreign entities may now hold property through non-renewable leases for a maximum period of 30 years.
• Economic Development Board (EDB) Support :
  • The EDB will support international conferences to increase Mauritius’s visibility in Africa.
  • The Investment Certificate will now include pre-primary schools.
• Non-Citizens (Employment Restriction) Act :
  • Clarification of the criteria for work-permit applications.
  • Introduction of work permits in different forms.
• Veterinary Council Act :
  • Temporary registration for non-citizen veterinarians working in veterinary businesses.

7. A Strategic Vision for a Prosperous Future

• The budget highlights strategic measures aimed at moving Mauritius towards a high-income economy and achieving GDP of Rs 1 trillion by 2029.
• The EDB is working with partners to ensure the implementation of trade and investment initiatives.

Download the full budget: BUDGET and ANNEX