The budget speech of Mauritius for the fiscal year 2023/2024 has unveiled several significant proposals aimed at fostering economic growth, attracting foreign investment, and enhancing the country’s competitiveness on the global stage. Among the notable changes outlined in the budget speech are the proposed amendments to the occupation permit system. The key alterations suggested in the budget speech, highlights their potential implications for foreign professionals, retirees, investors, and the overall business environment in Mauritius.
Occupation Permit
The threshold for the monthly basic salary of a professional permit holder will be reduced from MUR 60,000 to MUR 30,000 regardless of which business sectors they operate under. This will open up the professional category of occupation permits to more foreigners who would like to be employed in Mauritius.
The applicant will also be granted a business visa of 120 days on arrival where previously up to 90 days was granted on arrival.
Retiree Permits
One of the requirements to receive your retiree permit is to have a local bank account in Mauritius and show evidence of funds transfer from abroad into that local bank account before you could be issued with your residence permit.
It has been proposed that the retired non-citizen will be allowed to show a certified bank statement from their country of origin together with a written undertaking before receiving their permit. Following this, they would then be granted 2 months to open a local account and transfer the funds from abroad.
Investor Permit & Self-Employed Permits
The applicants of the investor and self-employed categories of permits will be exempt at the time of the issuance of their permits to show the required investment of USD 50,000 for investors and USD 35,000 for the self-employed. The changes provide for the applicant to show the evidence of the transfer of funds into a local bank account within 4 weeks of receipt of their permit.
Young Professional Occupation Permit
The young professional occupation permit will now be open to applicants from all fields of study and not only from select categories/industries.
Conclusion
The proposed changes to the occupation permit system, as outlined in the Mauritius budget speech of 2023/2024, reflect the country’s commitment to enhancing its business environment, attracting foreign investment, and promoting sustainable economic growth.
These proposed changes, if implemented effectively, have the potential to boost foreign direct investment, attract high-skilled professionals, and contribute to the socio-economic development of Mauritius. As the country continues to position itself as a business and investment hub in the region, the revised occupation permit system serves as a crucial tool in achieving these ambitions.