REAL ESTATE INVESTMENT 2021
IRS
Integrated Resort Scheme
L aunched in 2002 , the Integrated Resort Scheme stands as the precursor in terms of real estate programmes designed for foreign acquisition . Replaced by the PDS since 2015 , it was created to attract foreign investment through a premium freehold residential offer , with an entry price of USD 500,000 excluding taxes . As of June 2020 , non-citizens and their dependents are eligible for a Mauritian residence permit upon a minimum investment of USD 375,000 .
Real estate developers wishing to launch an IRS project were subject to the following requirements :
• Surface area of the project should be of minimum 10 hectares
• The residential development should dispose of integrated premium leisure facilities and amenities
• Provision of high-end property management services ( security , maintenance , etc .)
• A fixed amount per unit sold ( Rs 200,000 ) must be placed in a special fund to be used for environmental and social projects for the benefit of the surrounding communities .
By investing in such projects , owners are entitled to apply for a permanent residence permit – valid for the owner and their dependents –, and thus be granted the possibility of becoming a Mauritian tax resident , provided that they reside there for more than 183 days per year ( 6 months and 1 day ).
Although this permit is no longer issued by the EDB to developers , projects formerly developed under this programme retain their designation , and their owners the benefits associated with them .
Since June 2020 , foreigners holding a residence permit through the ownership of an IRS , RES or PDS property are exempted from requiring an Occupation Permit or Work Permit to work in Mauritius .
32