IRS - Mauritius

Published on 22/05/2024

The IRS program in Mauritius

IRS (Integrated Resort Scheme) in Mauritius, what is it?

The IRS - Integrated Resort Scheme is a luxury real estate development program set up in 2002 by the Mauritian government and the Economic Development Board (EDB) to attract foreign investors to Mauritius. Non-citizens also have the opportunity to acquire a freehold property in Mauritius under an IRS scheme, starting at 375,000 USD (excluding taxes).

How to obtain a residence permit in Mauritius through the IRS - Integrated Resort Scheme, what are the advantages?

You'll need to invest in real estate within an IRS-approved project in Mauritius, for a minimum investment amount of $375,000 or the equivalent in foreign currency.

By acquiring an IRS (Integrated Resort Scheme) property in Mauritius, dependents become eligible for a residence permit.

Acquiring a property under the IRS regime in Mauritius offers the possibility of renting out the property while retaining tax resident status. In addition, Mauritian tax residents are generally not subject to restrictions on the repatriation of funds or income from the sale or rental of the property.

Foreigners with a residence permit under the IRS will not be required to obtain an occupation or work permit to invest and carry on business in Mauritius.

The residence permit is still valid as long as they hold the property.
 

Under the IRS regime, foreign investors can acquire luxury real estate, such as apartments, penthouses, villas, townhouses, duplexes in integrated residential complexes and serviced land. -     Have a minimum surface area of 10 hectares.

-     Offer a wide variety of high-quality leisure, entertainment and wellness facilities, such as golf courses, wellness centers, beach clubs, marinas and clubhouses that surround the residences and offer a rare resort experience.

-     Offer day-to-day management services, such as security, maintenance, gardening...

-     Contribute to the growth of the surrounding communities.

Currently, all new residential construction projects for foreign investors in Mauritius are developed under the Property Development Scheme (PDS), which replaces the IRS and RES. The conclusion of a reservation contract between the buyer and the seller (the property developer or owner).

Submission of the IRS acquisition form by the developer to the Mauritius Economic Development Board (EDB).

Once the EDB has given its approval, the buyer and seller conclude the sales contract, a document signed before a notary in Mauritius. All IRS projects are presented as VEFA (Vente en Etat Futur d'Achèvement), i.e. off-plan. This is a secure legal solution that enables buyers to acquire a property that has not yet been built. Once the deed of sale has been signed in the presence of a notary, the buyer acquires ownership of the land and then of the home, as construction progresses and each instalment is paid until the property is delivered.

The developer offers a performance guarantee (Garantie Financière d'Achèvement - GFA) to a renowned banking institution, the Mauritius Banking Corporation. The GFA provides the buyer with a guarantee that his property will be delivered in full in accordance with the terms of the contract. In the event of non-compliance by the developer, for whatever reason, the banking institution will be responsible for the completion of the project.

If you have purchased a building plot or an already-built property, a deposit must be paid to the notary in charge of the transaction to guarantee the reservation. The buyer will officially receive title to the property once the deed of sale has been signed and the full amount has been paid. Once the deed of sale has been signed, owners of building land have between 3 and 5 years to complete the construction of their property.

For further information, the DECORDIER immobilier Grand Baie agency can help you with all your real estate projects:

DECORDIER immobilier Grand Baie
Phone : +230 268 2828
E-mail : contact@decordier-immobilier.mu
Website : www.decordier-immobilier.mu