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Investment Areas: Integrated Resort Scheme (IRS) |
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What is the Integrated Resort Scheme (IRS)?
The IRS is basically a project for the construction and sale of luxury villas to foreigners in an idyllic setting near the beautiful coastal region of Mauritius. The acquisition of a villa for residential purposes only by a foreigner under the Scheme will allow the foreigner and his family to reside in Mauritius as long as he holds the property.
The luxury villas
Villas sold under the scheme form part of a complex of luxury villas of international standing with facilities including: golf course, marina and individual swimming pool, nautical and other sport facilities, health centre, catering. Maintenance, waste disposal, gardening, security and other household services are also included.
The extent of land in respect of each villa shall not exceed 1.25 arpents (0.5276 hectares). The villa can be acquired on the basis of a plan or during the construction phase.
Residence Permit under IRS
The acquisition of a villa under the Scheme shall grant 'resident status' to the investor, his spouse and dependents. A residence permit granted under the IRS shall remain in force until such time as the non-citizen holds immovable property in Mauritius under the scheme. Application for Residence Permit shall be made at the time of applying for IRS.
Cost of a luxury villa
A minimum investment of USD 500,000 is required in the investment of a luxury villa. Out of the USD 500,000, the sum of USD 70,000 shall be extracted as payment of a fixed duty (Land Registration Duty) to the Government of Mauritius.
Who can apply to buy a villa under IRS?
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Any one of the following can apply under the Scheme: |
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Non- citizen of Mauritius (including his spouse and dependants); |
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A foreign company under the Companies Act (of Mauritius) 2001; |
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A citizen of Mauritius; |
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A company incorporated under the Companies Act 2001. |
Selling back of immovable property
Possible provided written notice is given to the Board of Investment 30 days prior to the sale. 'Resident status' will be lost on selling back the villa.
Investment incentives under IRS
The IRS is basically a project for the construction of luxury villas of international standing with high class amenities and facilities. This involves substantial investments and thus various investment incentives are available for companies endowed with an investment certificate under the Scheme:
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Buyer pays fixed rate registration Duty of USD 70,000 ( or sum equivalent in MUR if natives or local company).
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No authorisation from Prime Minister's Office required for acquisition of immovable property by non-citizens or companies registered as foreign companies under Companies Act. |
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