We wish to highlight a few important points from the much-anticipated Mauritius 2022/2023 Budget
delivered by the Hon. Minster of Finance, Economic Planning and Development on 7 June 2022.
Individuals.
One or more non-citizen individuals will be allowed to invest in and own a fraction of a Mauritian property, entitling the investor to apply for residency in Mauritius subject thereto that the investment
exceeds USD 375,000.
Another exciting announcement is that holders of residence permits will be able to acquire a
residential property, outside the existing approved residential schemes, for a minimum amount of
USD 350,000 and subject to a 10% contribution made to the solidarity fund.
Corporates:
Holders of a Global Headquarters Administration Licence may now apply for work and residence permits for 5 executives and the latter’s dependents.
It was also announced in the Budget that a Work Permit Committee will be put in place to expedite the issuance of work permits.
For Companies possibly looking to setup in the Freeport, it was announced that newly incorporated freeport operators and/or developers investing at least MUR50 million shall be eligible for an 8-year
income tax holiday, in respect of operations commencing on or after 1 July 2022.
Family Office:
To consolidate the position of Mauritius as an international financial centre, the Budget reaffirmed the position that the value of assets under management of a family office must be as little as USD5 million or more. To note that a Family Office in Mauritius is entitled to a 10-year tax holiday, subject to certain conditions being met.
At TrustQore we are able to assist in establishing Funds, Global Business Companies and other appropriate vehicles with the required licence or licences to enable Investors to invest Globally, and Corporates to conduct business Globally, in a tax efficient environment.
We are also able to put in place appropriate shareholding structures for individual and corporate investors, assist with applications for work permits. residency permits and any other required permits, and to support individuals in their Estate Planning needs.
