In our last blog, we looked back at the 2023/24 budget measures, highlighting important announcements concerning the real estate sector in Mauritius. Today, we look at some of the measures unveiled in the 2024/25 budget, presented by the Minister of Finance on June 7.
But first, let’s have a look at some of the key figures announced by the finance minister during his speech last Friday.
Mauritius’s Gross Domestic Product (GDP) is set to grow by 7% in 2023, following an 8.9% increase in 2022. The country’s GDP stood at Rs 651.7 billion in 2023, compared with the Rs 628.4 billion initially forecast. Investment also rose by 30.9% in 2023. Other interesting figures include foreign direct investment (FDI), of Rs 37 billion in 2023, compared with Rs 33.5 billion the previous year. In 2024, the aim is to achieve an investment rate of 25% and FDI inflows of Rs 40 billion. It should also be noted that the inflation rate is estimated at 7% in 2023.
Buying real estate in Mauritius
- The Home-Ownership Scheme, which was due to expire on June 30, 2024, has been extended to June 30, 2025. This offers a refund of 5% of the cost of the property, up to a maximum of Rs 500,000.
- The residential property program includes a refund provision for properties acquired under a VEFA (vente en l’état futur d’achèvement) agreement. This refund applies to the amount paid by the purchaser under the VEFA agreement and will be available until June 30, 2025.
- The Home Loan Payment Scheme provides for a repayment of 5% of the amount borrowed under a secured home loan up to a maximum of 500,000 rupees. Loan amounts disbursed up to June 30, 2025 will be eligible under this scheme.
Working in Mauritius
- Foreign nationals holding a residence permit for retirees will be allowed to work without the need for an additional work or occupation permit.
- A 10-year expert occupation permit will be introduced. This measure aims to attract foreign talent in wealth management, family office, virtual assets and virtual tokens.
In conclusion, the measures announced in the 2024/25 budget present a continued commitment to the development and growth of the real estate sector in Mauritius.
