National Budget 2024/2025 Mauritius: Discover the key measures of the Budget

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