Dear Partners and Investors,
Westimmo is delighted to share with you the latest developments in the National Budget 2024/2025, designed to strengthen Mauritius’ resilience and adaptability to global uncertainties. This budget, led by Dr. Renganaden Padayachy, Minister of Finance, builds on past successes to pave the way for a prosperous future.
1. Strengthening Fiscal Stability
- The International Monetary Fund (IMF) stresses the importance of reducing fiscal deficits to maintain macroeconomic stability and control inflationary pressures.
- Budget 2024/2025 sets a target for public debt of 71% of GDP by June 2025, ensuring a sound economic environment for investors.
2. Trade and Investment Promotion
- The Minister takes a balanced approach to:
- stimulate trade and investment.
- Accelerate the transition to a green and sustainable economy.
- Establish 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 designed to revitalize the business strategy and facilitate business to reassure investors in an uncertain global environment.
3. Facilitation and Incentives
- Facilitation initiatives, including business facilitation measures, will be key to attracting high-value investments.
- Objectives:
- Increase local business confidence.
- Encourage a change of mentality.
- Promote the adoption of sustainable and environmentally friendly business practices.
4. Ongoing Business Support
- The government is actively supporting businesses, including SMEs and entrepreneurs, by improving existing financial supports.
- Objective: to help businesses navigate a complex and inflationary economic environment.
5. Sustainable Investments and Innovations
- Initiatives to strengthen long-term competitiveness through:
- Investments in sustainability and artificial intelligence.
- Reforms to attract and retain talent.
- Supporting the ICT and financial sectors in international competition.
6. Measures for Foreigners and Non-Citoyans
- Employment of Foreign Workers :
- Quotas for foreign labour are being removed in certain sectors such as manufacturing, jewellery, free port and ICT/OPL.
- The ratio of foreign workers in vehicle repair is 3:1.
- The length of stay for foreign workers is extended from 4 to 8 years.
- The wage threshold for the Occupation Permit is reduced from MUR 30,000 to MUR 22,500.
- A temporary residence permit of three months is granted pending the approval of the Occupation Permit for professionals with at least 10 years experience.
- Retirees with a Residence Permit can now work without an additional permit.
- Propriété Immobilière pour les Étrangers :
- Foreign entities can now hold real estate through non-renewable leases for a maximum of 30 years.
- Support from the Economic Development Board (EDB):
- The EDB will support international conferences to increase Mauritius’ visibility in Africa.
- The Investment Certificate will now include pre-primary schools.
- Non-Citizen Employment Restriction Act:
- Clarification of the criteria for applying for a work permit.
- Introduction of work permits in various forms.
- Veterinary Council Act :
- Temporary registration for non-citizen veterinarians working in veterinary companies.
7. A Strategic Vision for a Prosperous Future
- The budget outlines strategic measures to propel Mauritius into a high-income economy and achieve GDP of Rs 1 trillion by 2029.
- L’EDB travaille avec les partenaires pour garantir la mise en œuvre des initiatives de commerce et d’investissement.
Download the full budget: BUDGET and ANNEX
