Introduction :
The 2023 budget in Mauritius presents many promising prospects for the real estate sector and the economy as a whole. With a focus on sustainability, innovation and attracting investment, the Mauritian government is putting in place measures to consolidate Mauritius’ position as an international financial center while promoting sustainable economic growth. In this article, we’ll look at the key initiatives in Budget 2023 and their impact on the real estate sector in Mauritius.
Expansion of the real estate sector :
The 2023 budget includes measures to facilitate access to real estate in Mauritius for resident non-citizens. From now on, resident non-citizens will be able to buy residential property outside existing schemes, provided the purchase price is at least 500,000 USD. This increase in the minimum investment threshold is designed to attract quality investors and stimulate the real estate market in Mauritius.
In addition, non-citizens will have the opportunity to acquire real estate in sustainable cities in line with the Sustainable City program. With a minimum purchase price of 375,000 USD, this measure aims to promote the development of environmentally-friendly cities while offering real estate investment opportunities.
Support for renewable energies :
The Mauritian government pays particular attention to sustainable development and the transition to renewable energies. As part of the 2023 budget, the exemption of interest from bonds to finance renewable energy projects will be extended to all sustainable projects. This incentive encourages investment in renewable energy projects and helps promote environmentally-friendly practices in the real estate sector.
Promoting economic growth :
Budget 2023 aims to stimulate economic growth through a variety of initiatives. The extension of the unique identification number system will facilitate coordination between government agencies and improve the efficiency of processing business applications, including business registration and tax identification. This measure will facilitate administrative procedures and encourage investment and business expansion in Mauritius.
The government has also announced the extension of the société à capital variable regime to allow its use in family offices and wealth management. This opens up new opportunities for investment in the financial sector and strengthens Mauritius’ position as a renowned financial center.
Simplifying immigration and labor processes:
Budget 2023 introduces measures to facilitate the immigration and work permit processes. Work permit applications submitted via the Economic Development Board (EDB) electronic licensing system will be considered approved if no response is received from the Department of Labor, Human Resources Development and Training within 4 weeks. This administrative simplification will speed up the work permit process for foreign companies and employees.
In addition, non-citizens on tourist or business visits will now be able to apply for a work permit during their stay in Mauritius, easing the transition to regular employment.
Conclusion:
The 2023 budget in Mauritius offers an ambitious set of initiatives to stimulate economic growth, attract investment and promote sustainability. Measures taken in the real estate sector, such as expanding access to property for non-citizen residents and promoting sustainable cities, are creating an environment conducive to real estate investment and market growth. By combining these initiatives with reforms in the areas of renewable energy, immigration and labor, Mauritius is positioning itself as an attractive destination for investors and businesses.
It is important to note that the exact details and conditions of these measures may change, so it is advisable to refer to the relevant authorities and official sources for the latest information.
