Integrated Resort Scheme – IRS – Own Property in Mauritius
What is an IRS project?
Mauritius does not allow a non-citizen to acquire land in Mauritius. Now, with the Integrated Resort Scheme (“IRS”) launched by the Government of Mauritius, non-citizens can now buy and own freehold land on selected resort developing areas over the island.
An IRS project is developed on a land area exceeding 10 hectares and includes several individual residential units of not more than 0.5276 hectare each, with individual swimming pool, providing high class facilities from health and fitness centre to golf courses, etc. Once owner of the IRS property, the non-citizen may choose to rent out and/or eventually sell the villa(s).
Persons or entities are allowed to acquire residential property in Mauritius under IRS?
- A Non-Citizen in his personal name;
- A company (except a Global Business Company) incorporated under the Companies Act;
- A Citizen of Mauritius;
- A Company registeredas a foreign company;
- A Trust whereby themain trustee is a qualified trustee licensed by the Financial Services Commission;
- A Société registered with the Registrar of Companies.
The following Authorities will be involved in the IRS Project :-
- Government of Mauritius
- Board of Investment
- Prime Minister’s Office
- Registrar of Companies.
How to acquire property under IRS?
All acquisition made under IRS should be done via an IRS company (which is usually the Promoter of the IRS project) holding an IRS certificate obtained from the Board of Investment (“BOI”).
Prior to acquiring an IRS property, the individual / entity must submit (via the IRS company) an application to the Board of Investment of Mauritius and pay a non-refundable processing fee of Rs 10,000 per residential property. When approved, a residence permit is issued and remain in force until the IRS Property is sold. The minimum investment required for a residential unit / luxury villa under IRS is USD 500,000. The IRS property may be acquired on completion or according to progress of work. If the property is purchased before the completion of work, the payment should be done as follows:
| Work in Progress | % Payment |
| Signature of Deed | 25 |
| Completion of foundation works | 10 |
| Completion of roofed-in-phase | 35 |
| Completion | 25 |
| Availability of premises | 5 |
Means of Financing?
The buyer may take loan in Rupees from a bank in Mauritius provided that the first USD 500,000 is paid to the IRS company in foreign currency and the loan repayment is made in foreign currency.
Real Estate Scheme – RES - Own Property in Mauritius
A new opportunity in Residential Property Development
Already a well established and popular tourism destination, Mauritius is now faced with a growing demand from non-citizens to acquire residential properties over the island.
The Real Estate Scheme was introduced under the Investment Promotion Act and Investment Promotion (Real Estate Development Scheme) Regulations 2007. Under this scheme, small landowners are allowed to develop and sell any mix of residences to non-citizens. The development must include commercial facilities and leisure amenities as well as day-to-day management services such as security, maintenance, gardening, solid waste disposal and household services.
Extent of the Project
A project under the RES must be developed on freehold land of an extent of at least 1 arpent but not exceeding 10 hectares (23.69 arpents). Such land must be free of any charge, lien or mortgage.
Eligibility for development of a project under the RES
1. The plot of land, of an extent of at least 1 arpent but less than 10 hectares, must have been owned for at least 5 consecutive years.
2. The small landowner shall not have any direct or indirect interest in land where the total extent of land exceeds 10 hectares in aggregate in Mauritius. This condition includes land owned by his/her spouse and/or dependents of less than 18 years of age.
3. Any small landowner can group his land with other qualifying small landowners provided that the lands are contiguous and the total real estate development area does not exceed 10 hectares.
4. The RES project shall be implemented by a company incorporated in Mauritius where the small landowner or group of small landowners shall be shareholder(s) in the RES company equivalent to at least the value of the land brought in the RES company.
5. The small landowner shall retain shares in the RES company until at least one year after the last residential unit has been delivered to the buyer.
Location of the RES Project
A plot of land located on the edge or outside settlement boundaries can be used for a RES project provided that the policy guidelines of the relevant Outline Scheme are respected. These guidelines are issued by the Planning Department of the Municipal or District Council concerned.
Eligibility for acquisition of a property under the RES
A residential property may be acquired from a RES company by: a citizen of Mauritius; a non-citizen; a local or foreign company incorporated under the Companies Act; a société; or a trust. Entities holding a Global Business Licence cannot acquire property under the RES. The acquisition of a residential property under the RES does not entitle its owner to a residence permit in Mauritius. A non-citizen can secure a residence permit as an investor, as a professional, as a self-employed or retired person.
