IRS

This is by far the easiest way for foreigners to purchase residential property in Mauritius and it provides the right to residence and work for the owner and immediate family.

South Africans should investigate the advantages and disadvantages of purchasing a unit through the SADC scheme offered by SA Exchange Control.

This map was published in L'express (local daily) on 31July 2006 and shows IRS and Hotel projects that are either under evaluation by the government or are in progress. Click here to see what projects are under way.

IRS Government Regulations 2002 also IRS Amended Regulations 2005.

What is the Integrated Resort Scheme (IRS)?

London Telegraph Article on IRS dated 27 05 2006.

The IRS is a project for the construction and sale of luxury villas to foreigners near the coast 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. Minimum investment $500 000.

Luxury villas

Villas sold under the scheme form part of a complex of luxury villas of international standard and high-class facilities and amenities such as: golf course, marina and individual swimming pool, nautical and other sport facilities, health and beauty centres, high class restaurants amongst others. Maintenance, waste disposal, gardening, security and other household services are also included.

The extent of land in respect of each villa shall not exceed 0.5276 hectares. The villa can be acquired off plan or during the construction phase.

Occupation Permit under IRS

The acquisition of a villa under the Scheme shall grant resident and work status (through an occupation permit) to the investor, his spouse and dependents. An occupation permit granted under the IRS shall remain in force while the non-citizen holds immovable property in Mauritius under the scheme. Application for Occupation Permit shall be made at the time of applying for IRS. With effect from June 2007, IRS residents may acquire Occupation permits that provide them with the right to live and work in Mauritius. It is unclear at this stage whether this Occupation Permit can be converted into a Permanent Residence Permit, giving the holder and his immediate family the right to live work and purchase property in Mauritius for ten years.

Frontfin will be happy to assist IRS owners if they have the need to work in Mauritius or if they need to purchase non-IRS property by becoming Permanent Residents.

If the IRS unit is owned by a corporate body, a person may be nominated to be the resident who will have the same rights as an individual owner.

Who can apply to buy a villa under IRS?

Any one of the following can apply under the Scheme:

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.

Selling of immovable property

It is possible provided written notice is given to the Board of Investment 30 days prior to the sale. Resident Status will be lost on selling the villa.

Restriction.

An owner may not rent or lease the unit except through the IRS development company or its appointee.

This restriction is found in the amended IRS Regulations of 2005 and in the opinion of Frontfin and its legal advisers is flawed and not constitutional.

Contact Frontfin to discuss the benefits of putting the property into a company rather than your own name.