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Your Mauritian Partner

RESIDENCE, IRS & RES

Residence in Mauritius

An investor non citizen of Mauritius can obtain temporary or permanent residence in Mauritius with either the application for an occupation permit or the application for residence as a retired non citizen.

Depending on the turnover of a Domestic Company, it is possible for an investor or a professional (employee) to apply and obtain an occupation and residence permits for an initial period of 3 years.

For the application of an occupation permit as an investor, the investor should be a shareholder and director of the domestic company. Each investor applying for an occupation permit is required to make an investment in the domestic company of amount USD 100,000 prior to submission of the application for occupation permit. The Domestic Company should have an annual turnover of Rs 4 millions (equivalent to USD 134,000) per annum per application as Investor. 

If the annual turnover is equivalent or exceeds Rupees 15 millions (USD 500,000) per annum for the first three consecutive years of operation in Mauritius, the investor may apply for permanent residence and will have the opportunity to request for authorization to acquire a residential property as an individual.

For the application of an occupation permit as a professional, the employee will require a contract of employment within a domestic company.  With a contract of employment valid for three years, the professional will be able to obtain an occupation permit for three years.  The requirement is for the professional to be remunerated a salary of minimum Rs 45,000/- (USD 1,500) per month.

If an occupation permit is issued, a residence permit will be automatically issued in accordance to the validity of the occupation permit.  The spouse and children of an applicant will also receive residence permits upon application as dependents of the applicant.

A retired non citizen can apply for residence in Mauritius if upon application of the residence, he transfers an amount of USD 40,000 in a bank account in Mauritius, and maintains a minimum annual income of USD 40,000 into a bank account in Mauritius.

Integrated Resort Scheme (IRS)

With the growing demand that Mauritius is facing from non-citizens to acquire residential properties, the government of Mauritius has introduced a real estate scheme known as the Integrated Resort Scheme (IRS).

Characteristics of an IRS

  • An integrated resort scheme framework consist of luxurious property developments with deluxe amenities
  • Under the IRS, villas and other residential properties can be sold freehold
  • Prices vary between USD 500K and USD 3 million
  • Can be acquired by non residents of Mauritius
  • Can be acquired by an individual or via a domestic company
  • Can be acquired for private use or for rental investment
  • IRS projects have their own private golf course, marina and other sporting activities (horse riding...)
  • IRS projects usually have an adjacent hotel giving owners access to hotel amenities and entertainment
  • A choice of property type is available from apartments to villas

Benefits of acquiring an IRS property

  • Enables the proprietor to get de facto permanent residence in Mauritius for him and his dependents
  • Due to their exclusivity, there is good potential for investors to benefit from Capital Gains
  • Properties can be purchased off plan
  • With an hotel adjacent and possible rental agreements, the property will generate constant income
  • Banks in Mauritius are prepared to part finance acquisition of property (conditions apply)
  • A body corporate ensure proper maintenance of resort

Real Estate Scheme (RES)

The Real Estate Scheme was introduced under the Investment Promotion Act and Investment Promotion (Real Estate Development Scheme) Regulations 2007.

Characteristics of a RES

  • A RES framework consist of property developments of smaller scale than IRS projects
  • Under the RES, villas and other residential properties can be sold freehold
  • A RES property can be acquired by non residents of Mauritius. This scheme is targeted for those investors, retirees or professionals who want to invest and live in Mauritius
  • The RES can be utilized as a second home or holiday retreat in Mauritius
  • Can be acquired by an individual or via a domestic company
  • Can be acquired for private use or for buy-to-let schemes
  • A choice of property type is available from apartments to villas

Benefits of acquiring a RES property

  • More affordable than an IRS property
  • If the price of the property acquired is USD 500K, it enables the proprietor to get de facto permanent residence in Mauritius for him and his dependents
  • Banks in Mauritius may part finance acquisition
  • A RES includes commercial facilities and leisure amenities
  • The RES with its day to day management services such as security, maintenance, gardening, solid waste disposal and household services taken care of by a body corporate, it ensures ongoing safeguarding of the property