Following the Budget speech for the fiscal year 2021/2022, our team wishes to share with you some key measures concerning tourism, foreign investors and simplification and digitalization.
Opening of the borders:
Phase 1: July 15th to September 30th, 2020: Vaccinated tourists will be able to enjoy a stay in a hotel with classic hotel services (beach, swimming pool, sports facilities) without the possibility of leaving the hotel for the first 14 days;
Phase 2: As of October 1st 2021, if the conditions are met, all vaccinated tourists with a negative PCR test will be allowed to enter Mauritius without restriction.
Desire to attract foreign investors and residents:
Willingness to attract 50,000 foreign retirees;
Increase the validity period of the Occupation Permit for employees from 3 to 10 years (in line with the duration of the Occupation Permit for investors and self-employed);
Facilitation of the obtaining of permits: granting of the permit regardless of the nature of the visa acquired to enter the country, no new application in case of change of employer if the conditions are met, spouses of Occupation Permit holders who wish to invest or work in Mauritius will be exempted from applying for an Occupation Permit or a Work Permit, implementation of a concierge service and benefits for permit holders.
Increased digitalization and administrative simplification:
- Regarding companies: integrated electronic registration of companies, implementation of tacit validation of licenses and permits in case of no response from the administration, simplification of the different incentive schemes to keep only three: (a) the Investment Certificate; (b) the Export Development Certificate; and (c) the Premium Investor Certificate (the latter will allow companies investing at least 500 million rupees to benefit from negotiable incentives, upon recommendation of a Technical Committee and approval of the Minister).
An advantageous scheme is introduced for companies engaged in the biotechnology and pharmaceutical sector: benefit of Premium Investor Certificate, full tax credit on patent acquisition costs, tax at 3% instead of 15%.
- On justice: upgrading of the E-Judiciary system, introduction of a maximum time limit for obtaining a court decision, revision of procedures to speed up the processing of commercial disputes, amendments to the law on collective procedures to protect companies in the current context.
- On anti-money laundering: recruitment to strengthen compliance, creation of financial crimes divisions in the Supreme Court and Intermediate Court to ensure speedy processing, amendments to banking laws to reflect international best practices.