What does the Mauritius Budget 2024-2025 hold for expats?

Good news for foreigners planning to live and work in Mauritius! The 2024-2025 national budget has introduced several measures to make settling and living on the island easier. StraFin breaks it all down for you.

A streamlined process for Work Permit acquisition

The 2024-2025 budget has reduced the minimum salary requirement for obtaining a work permit as a foreign professional. Previously set at Rs 30,000 (around 700 euros), it has decreased to Rs 22,500 (around 520 euros). This measure aims to attract more foreign professionals to Mauritius, although some experts are concerned about its potential impact on the local job market.

An interesting initiative for qualified and skilled professionals is the creation of a three-month temporary work permit. This permit allows them to work in Mauritius until their final permit is issued, thus reducing delays and cumbersome paperwork.

A 10-year expert work permit has also been introduced. This permit intends to attract foreign talents in key areas such as wealth management, family offices, virtual assets, and virtual tokens. This measure aligns with Mauritius’s ultimate goal of becoming a leading international financial hub.

Extended commercial and industrial leases for foreigners

Foreign entities can now lease properties for commercial or industrial use for up to 30 years, compared to the previous 20 years. This measure offers greater flexibility for foreign investors to carry out long-term projects, particularly in the renewable energy sector.

What you should watch out for

While these measures make settling in Mauritius easier, keep in mind that the living costs on the island can be quite considerable. Moreover, the lower minimum salary required for work permits could affect opportunities for new Mauritian graduates.

Overall, the 2024-2025 budget sends a positive message to qualified foreign professionals, especially those with significant experience in high-demand fields. Mauritius aims to enhance its attractiveness as a top destination for living and working.

How many foreigners have made the move?

According to data published on May 27, 2024, by Défimedia.info, a local media outlet, 41,765 foreigners reside in Mauritius.

• African nationals comprise the largest group of foreigners, with 17,840 people, or 42.7% of the total.
• Malagasy nationals are the most numerous among Africans, with 3,898 residents, followed by South Africans (1,039), Nigerians (205), and Zimbabweans (176).
• Europeans represent the second largest group of foreigners, with 13,682 people, or 32.8%.
• The French are the largest European community, with 1,511 residents, followed by the British (479), Germans (118), and Italians (187).
• Asians constitute the third largest group of foreigners, with 9,250 people, or 22.1%.
• Bangladeshi nationals are the most numerous among Asians, with 14,929 residents, followed by Indians (14,688), Chinese (596), and Sri Lankans (512).
• Other groups of foreigners include nationals from Oceania (103), the Americas (180), and other countries (1,005).

Reasons why you should move to Mauritius

Mauritius is a top destination for foreigners seeking an idyllic living environment, exciting opportunities in a dynamic economy, and a multicultural atmosphere. Here’s why so many foreigners choose this country every year for a long-term stay.

Exceptional quality of life

Mauritius offers an unparalleled quality of life with its pleasant tropical climate year-round. The island’s stunning landscapes, beautiful beaches, lush mountains, and turquoise lagoons add to its magnificence. Modern infrastructure makes daily life easier, while a wide range of leisure and water sports activities allows one to enjoy their free time fully. Moreover, the warm and welcoming Mauritian population creates a friendly environment for newcomers.

A favorable economy

Mauritius enjoys a stable and growing economy, making it an attractive destination for businesses and individuals. The island’s particularly attractive tax regime offers numerous investment opportunities. As an emerging international financial hub, Mauritius attracts many finance professionals. Mauritius also boasts a skilled and English-speaking local workforce that facilitates international business.

Ease of settling and living

Thanks to the transparent and efficient visa process, settling in Mauritius has never been easier. The island offers a wide range of quality housing. The high-performing healthcare system ensures top-notch medical care for residents. The quality of the international education network meets the needs of expatriate families. The relatively affordable cost of living also makes the transition easier for newcomers.

Cultural diversity

Mauritius is known for its multicultural population with European, African, Indian, and Chinese influences. This cultural diversity is reflected in the island’s cultural and historical heritage, as well as in the numerous festivals and events held throughout the year. By moving here, you will have the opportunity to discover and appreciate different cultures in the region, enriching your life experience.

Enjoy the many benefits designed explicitly for expats in Mauritius!

If you are looking for an investment-friendly destination, contact StraFin Corporate Services Ltd., an international and cross-sector provider of corporate, trust, and fund administration services.