Budget 2022-2023: key measures to boost the property sector in Mauritius
The annual national budget 2022-20233 was presented by Mr. Renganaden Padayachy, the acting Finance Minister of Mauritius. Among the key measures unveiled during his speech, an array of measures relative to the Mauritian real estate sector, and targeting both local and foreign investors.
Holders of a Mauritian residence permit will be authorised to acquire a residential real estate property in Mauritius at a minimum price of USD 350 000 (as apposed to USD 500 000 previously), excluding existing property schemes, subject to a contribution of 10% to the Solidarity Fund.
Contracts not exceeding MUR 20 million will be reserved to small-size property developers (entrepreneurs).
No municipal tax.
Creation of a Construction Industry Authority, through a merger between the CIDB and the Building Control Advisory Council to provide better training within the construction industry.
Home Ownership and Home Loan scheme introduced in the 2021/2022 budget has been maintained.
Each spouse married under the regime “corps et bien” will now benefit from the exemption of
registration duty for first time buyers.
Planned construction of 13 000 social houses by 2024.
A Voluntary Retirement Scheme (VRS) property transferred to the heirs of a deceased beneficiary shall be deemed to have been obtained by inheritance, thus becoming exempt from duty and tax, and will be backdated to take effect as from 1 July 2016.
New measures for foreigners
Other measures concerning foreign investors:
Each non-citizen who each invests more than USD 375,000 into a single residential property under ‘fractional ownership’ is entitled to apply for the status of residency,
A committee chaired by the Prime Minister will be set up to streamline the procedures for work permit delivery,
Deadlines regarding bank account opening procedures will be reduced to one week for both individual and business accounts,
EDB shall organise the first edition of the Mauritius International Silver Economy Festival geared towards attracting more non-citizen retirees to settle to in Mauritius.
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