Administrative and legal procedures for the acquisition of an IRS unit

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Applicable conditions:

  • The amount of the investment dedicated to an IRS residence in Mauritius, including a land not exceeding 1.25 acres, will have to exceed 500 000 USD (excluding taxes)
  • In case where an IRS is acquired either by a foreign citizen, a society where the shareholders are foreign citizens, a trust which beneficiaries are foreign citizens or a company with foreign partners, the payment may be effectuate in dollars (USD) or its equivalent in the form of another freely convertible currency.
  • A Mauritian citizen may acquire an IRS unit and effectuate the payment in Mauritian rupees or its equivalent in the form of any other freely convertible currency.
  • In case of payment effectuate in currencies other that dollar (USD), the Board of Investment will use the exchange rate prevailing at the date of the application to calculate the equivalent in dollars (USD) and to ensure that the price exceeds 500 000 USD.
  • If an IRS is acquired by a foreign citizen, the investment dedicated to its acquisition shall be finance by the buyer from funds outside Mauritius and transferred to the country through a renown banking institution listed in the Banking Almanach recognized by the Bank of Mauritius.
  • If a bank loan is contracted in Mauritian rupees with a Mauritian bank, the first 500 000 USD will have to be paid in dollars (USD) or its equivalent in the form of any freely convertible currency.

How to proceed to the acquisition of an IRS?

  • A foreign citizen, a Mauritian citizen, a company or a trust wishing to buy an IRS in Mauritius must apply with to the Board of Investment.
  • Each application includes non-refundable registration fees amounting Rs 10 000 payable through the IRS promoter and addressed by cheque to the Board of Investment Director
  • An application is judged receivable and ready to be treated by the Board of Investment when all the information, modalities and documents have been received by the later and as soon as they are considered complete by the BOI.

In the case of an acquisition by a foreign citizen, the following documents are compulsory:

  • Authentic copies of the 5 first pages of his/her passport
  • Authentic birth certificate
  • Morality certificate not older than 3 months
  • A letter from the bank certifying the KYC (Know Your Client) exercise for the buyer.

To obtain the Mauritian resident status, the following documents have to be completed:

  • The application for the residence permit
  • A medical certificate stating that the applicant is not subject to any contagious disease
  • If the applicant is accompanied by dependants (spouse, companion, children, step-son/daughter or adopted children, he must provide proofs such as : birth and wedding certificates, authentic copies of the five first pages of each applicant, the medical certificate of each dependant and the morality certificate of the spouse/companion.
  1. The concept of IRS
  2. Prices of IRS in Mauritius
  3. Administrative and legal procedures for the acquisition of an IRS unit
  4. Our tips to purchase IRS

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