Luxury IRS Residences in Mauritius, the benefits
IRS is short for Integrated Resort Scheme. Residences sold under the IRS regime must form part of an approved development of properties, built to international standards, with world class amenities and facilities.
The acquisition of a property for residential purposes by a foreigner under the IRS rules, allows the purchaser, and his/her dependant family, to reside in Mauritius for as long as they retain ownership.
A property can be acquired off plan or during the construction phase. Under the IRS regulations, a minimum of USD 500,000 investment is required for the acquisition of freehold immovable property, inclusive of land. However, the majority of other properties developed to date, have been targeted at a much higher price level and the average price for other IRS properties on the island is currently USD 1.6 million.
Any of the following will qualify to acquire property under the IRS regulations:
- A non-citizen of Mauritius (including his or her spouse and dependants).
- A citizen of Mauritius.
- A foreign company registered under the Mauritian Companies Act of 2001.
- A person who intends to acquire immovable property under the scheme for residency, and who is a non-citizen, must make an application for the status of resident (in accordance with the Immigration Regulations 1973) in respect of himself/herself and his/her spouse and dependants. When such an application is approved, a residency permit will be granted.
There are two straightforward applications that buyers will need to complete:
- Authorisation to purchase (after signing the Reservation Agreement and depositing 5% to be held in an escrow account).
- Residency and Occupation Permit after signing the Deed of Sale and paying the taxation; levied at USD 70,000 or 5% of the purchase price – whichever is the higher.