frIn 2002, the Mauritian government, in collaboration with the Economic Development Board (EDB) launched the Integrated Resort Scheme (IRS), a luxury residential programme aiming to attract foreign investments. Through this scheme, foreigners are offered the opportunity to buy a freehold property in Mauritius within an integrated residential development with a minimum investment of $ 500,000 (excluding taxes).
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WHAT IS AN INTEGRATED RESORT SCHEME (IRS)?
IRS developments have to comply to specific guidelines, including:
• A 10-hectare land area minimum
• High-class leisure, shop and facilities
• Management services (security, maintenance…)
• Social contribution to neighbouring communities
Upon investing in an IRS programme, property owners are entitled to a residence permit as well as to the Mauritian tax resident status (when residing on the territory for a minimum of 183 days per year).
Presently, all new real estate projects opened to foreign investors are developed under the Property Development Scheme (PDS) which has replaced the IRS and RES.
ACQUISITION PROCESS IN AN IRS
The acquisition process for an IRS property at Anahita Mauritius consists of three main steps:
- The first step of the acquisition process is the signature of the relevant reservation agreement between the buyer and the seller.
- Following this step, and upon receipt of the required documents from the buyer an application will be submitted to the Board of Investment (BOI) of Mauritius (on behalf of the buyer).
- Finally, upon receipt of the approval letter from the BOI, and once all other relevant acquisition criteria have been met, the buyer and vendor shall proceed with the signature of the sale agreement (Notarial deed) before the Notary in Mauritius.
