Integrated Resort Scheme
Encyclopedia
The Integrated Resort Scheme (IRS) is an initiative of the Government of Mauritius
in collaboration with the Board of Investment of Mauritius. This program is designed to facilitate the acquisition of resort and residential property by non-citizens on the island.
Until recent changes to legislation foreigners were not permitted to purchase property in Mauritius
. In 2002 the Mauritian Government took the decision to open the market to foreign buyers on a restricted basis through this project named as IRS, which permits the construction and sale of luxury villas to foreigners in particular locations.
Through the IRS, international buyers can become Mauritian residents once they acquire a luxury property on the island. The villa owner and his family are able to reside in Mauritius as long as he holds property.
The IRS are often accompanied by extensive and high-class leisure and recreational facilities such as golf courses, marinas or wellness centres.
By law, the extent of land for 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.
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
in collaboration with the Board of Investment of Mauritius. This program is designed to facilitate the acquisition of resort and residential property by non-citizens on the island.
Until recent changes to legislation foreigners were not permitted to purchase property in Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
. In 2002 the Mauritian Government took the decision to open the market to foreign buyers on a restricted basis through this project named as IRS, which permits the construction and sale of luxury villas to foreigners in particular locations.
Through the IRS, international buyers can become Mauritian residents once they acquire a luxury property on the island. The villa owner and his family are able to reside in Mauritius as long as he holds property.
The IRS are often accompanied by extensive and high-class leisure and recreational facilities such as golf courses, marinas or wellness centres.
Minimum Investment Requirement
Under the scheme, outsiders are permitted to buy property with a minimum investment of $500,000 (about £250,000) plus a fixed land registration duty of $70,000.The luxury villas
Villas sold under the scheme form part of a complex of luxury villas of international standard and high-class facilities and amenities.By law, the extent of land for 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 grants resident status to the investor, his spouse and dependents. A residence permit granted under the IRS remains valid 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 purchasing a villa in a IRS.Who can apply?
Any one of the following can apply under the Scheme:- A non-citizen of Mauritius (including his spouse and dependants);
- A foreign company under the Companies Act (of Mauritius) 2001;
- A citizen of Mauritius;
- A company incorporated under the Companies Act 2001.