Following the Budget speech for the 2024/2025 financial year, our team wishes to share with you some key measures anonounced concerning Occupation permits and foreign investors.

Easing of visa requirements for employees

• The salary threshold for obtaining a Professional Occupation Permit (a visa allowing foreign employees to live and work in Mauritius), currently set at Rs. 30,000, will be reduced to Rs. 22,500;
• Non-citizens holding a Retired Residence Permit will be allowed to work without an additional Work or Occupation Permit;
• Professionals with a minimum of 10 years’ experience will receive a temporary Occupation Permit of 3 months allowing them to work pending approval.

Desire to attract foreign investors

• The government aims to introduce a 10-year Expert Occupation Permit to attract foreign talent into wealth management, virtual assets and virtual tokens.

Tax incentives for art professionals and charities

• Private investment in the development of the creative industry, including concert venues and theatres will be eligible for a Premium Investor Certificate with incentives on taxation, utilities, labour, infrastructure amongst others;
• A triple deduction for companies donating to NGOs involved in the combat against drug abuse, gender-based violence, poverty alleviation and protection of animals.

Opening real estate to foreign companies

• A foreign entity will be authorised to hold a property under a non-renewable lease agreement for industrial or commercial purposes for a term not exceeding 30 years.

PLCJ Team – 14th June 2024