In a bid to foster a conducive environment for construction and property transactions, the Mauritius government has introduced a series of progressive measures in its 2024 budget speech. These initiatives aim to streamline processes, incentivises investment, and enhance accessibility to housing and land ownership.
Among these proposals are an extension of the validity period of Building and Land Use Permits (BLUP) to 3 years, along with simplified procedures for land conversion permits. Additionally, there's a suggestion to exempt transfers of social housing units from certain taxes.
The proposed enhancements to homeownership schemes include refunds for early property purchases and simplified reservation procedures. Moreover, revisions in property transfer regulations are under consideration to ensure fairness, including the imposition of registration duty on property acquired through equity participation.
Financial support for homebuyers could be provided through the proposed Home Loan Payment Scheme, offering refunds on secured housing loans. To promote sustainable urban growth, there's a proposal to increase fees for smart city companies.
There are also talks of significant revisions to Occupational Permit regulations. These include lowering the threshold for Occupational Permits for professionals, granting temporary permits to experienced professionals pending approval, and ensuring timely delivery or renewal of Work Permits within three weeks. Additionally, non-citizens holding a Retired Residence Permit would be permitted to work without additional permits. Moreover, the introduction of a 10-year expert Occupation Permit aims to attract foreign skills in specialized sectors.
Although we will not know for sure which proposals will come to fruition until September, this budget proposes comprehensive measures to spur economic growth, streamline property transactions, and attract foreign investment. These initiatives aim to remove barriers, encourage investment, and support welfare, fostering a path towards prosperity.
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