IRS and Residence Permit
IRS / Become a resident of Mauritius
and enjoy the world's most beautiful (economic) climate!
The IRS is an initiative of the Mauritian Government in collaboration with the Board of Investment of Mauritius. This program is designed to facilitate the acquisition of 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 an IRS, which permits the construction and sale of luxury residential units to foreigners in particular locations.
An IRS is accompanied by high-class leisure and/or recreational facilities.
The IRS allows international buyers to become Mauritian residents and a unit owners and families are able to reside in Mauritius as long as the purchaser holds the property.
Le Parc de Mont Choisy is an approved project by the Board of Investments under the Investment Promotion (Real Estate Development Scheme) Regulation of 2007 – which means that foreign buyers and their immediate families will qualify for permanent Mauritian residence.
Mauritius already attracts around 900 000 tourists per year and aims to increase tourism by 50% over the next five years, with its new airport recently opened, upgrades to the road network constantly in progress and an ever-increasing number of new shopping malls and entertainment facilities.
The island is connected to the SA-SAT-3 fibre optic cable, enabling high bandwidth connectivity with Europe and Asia. This, coupled with the fact that there are daily flights to Europe, South Africa and Asia, means that Mauritius is ideally positioned to do business on an international level.
Mauritius has been recognized as the one of the best-administered economies in Africa and offers an ideal environment in which to do business. This is partly due to the low level of taxation, with a flat corporate tax rate of 15%. In addition, there is no inheritance tax, no capital gains tax and Double Taxation Agreements have been concluded with 33 countries, including the United Kingdom, France, South Africa, India and China.
Le Parc de Mont Choisy’s Apartments and Villas are sold under the VEFA status which is a contract whereby the purchasers only provides payment at different stages of construction.
An independent QS (Quantity Surveyor) certifies those stages.
As a counterpart, the vendor has to provide a bank guarantee, given by the Mauritius Commercial Bank, that the works will be completed.
Upon execution of the deed of sale the seller transfers immediately to the purchaser its rights on the land and on the existing buildings.
Payment of the selling price tranches is dependent on the level of construction reached at the time of your purchase.
Payment of the sale price is generally payable in installments as follows:
The above percentages are upper limits (and can therefore be divided into smaller tranches) payable as works progress against progress certificates issued by the architect, quantity surveyor or principal agent.