The luxury villas
Villas sold under the scheme form part of a complex of luxury villas of international standing with facilities including: golf course, marina and individual swimming pool, nautical and other sport facilities, health centre, catering. Maintenance, waste disposal, gardening, security and other household services are also included.

The extent of land in respect of each villa shall not exceed 1.25 arpents (0.5276 hectares). The villa can be acquired on the basis of a plan or during the construction phase.

Residence Permit under IRS
The acquisition of a villa under the Scheme shall grant 'resident status' to the investor, his spouse and dependents. A residence permit granted under the IRS shall remain in force until the non-citizen holds immovable property in Mauritius under the scheme. Application for Residence Permit shall be made at the time of applying for IRS.

Cost of a luxury villa
A minimum investment of USD 500,000 is required in the investment of a luxury villa. Out of the USD 500,000, the sum of USD 70,000 shall be extracted as payment of a fixed duty (Land Registration Duty) to the Government of Mauritius.

Who can apply to buy a villa under IRS?

Any one of the following can apply under the Scheme:

• Non- citizen of Mauritius (including his spouse and dependants);




• A foreign company under the Companies Act (of Mauritius) 2001;




• A citizen of Mauritius;




• A company incorporated under the Companies Act 2001.

Selling back of immovable property
Possible provided written notice is given to the Board of Investment 30 days prior to the sale. 'Resident status' will be lost on selling back the villa.

Investment incentives under IRS
The IRS is basically a project for the construction of luxury villas of international standing with high class amenities and facilities. This involves substantial investments and thus various investment incentives are available for companies endowed with an investment certificate under the Scheme:

• Buyer pays fixed rate registration Duty of USD 70,000 (or sum equivalent in MUR if natives or local company).

• No authorisation from Prime Minister's Office required for acquisition of immovable property by non-citizens or companies registered as foreign companies under Companies Act.

Source: www.moorestephens.mu

Being at home while benefiting from all the facilities a hotel offers. This seems to be what life would be for all those who can afford a villa depending from an Integrated Resort Scheme (IRS). While Tamarina Golf Estate and Beach Club is the only one that is already in a position to welcome its first residents, others should not take long to follow. IRS projects are expected to mushroom in all corners of the island in the next ten years because the package is attractive. But how are they different from other villas or luxury bungalows?

All promoters agree that the biggest difference is the fact that it makes it possible for foreigners to purchase a property in Mauritius and have the residential permit – as well as work permits since the last budget – if they become owners of an IRS villa. “The Integrated Resorts Scheme (IRS) is a program designed to facilitate the acquisition of resort and residential property by non-citizens on the island. Through the IRS, international buyers can become Mauritian residents as soon as they acquire a luxury property on the island,” states the website of the Board of Investment. However, this is not applicable to the most recent types of IRS allowed – those on less than 10 Ha.

Shyama Soondur, the communication manager of Villas Valriche, – whose construction will start next month in Bel-Ombre – confirms: “IRS villas are like a fast-track for foreigners and their dependents to obtain residential permits.”

In fact, IRS villas are not only a way of having a pleasant lifestyle and environment; but they can also represent an investment for owners. The law gives owners the right to rent their property if they are not to live there all year long. “If the owner chooses to spend only one month’s holiday in Mauritius, for instance, he can choose to step into the rental pool of the Anahita Villas so that he obtains a source of revenue from his villa,” David Martial points out. This is also the case for Villas Valriche,facilitated by a resort management company. Besides managing all common areas of the IRS project, this company is in charge of the rental pool. As the law forbids individual rental, management companies of all IRS projects do the marketing, look for potential tenants and take care of the renting.

Maintenance included

But the administrative aspect is not the sole difference with other properties. “There is much of a hotel reasoning behind the concept of an IRS,” explains the communication manager of Ciel Corporate Services, David Martial. “It is not only about developing and selling a product; an IRS project also includes maintenance of the whole property.”

Although the IRS has all the leisure activities a hotel could provide – golf course, fitness centre, restaurants – the residents must feel at home. “The main difference is that you stay in a hotel for about ten days while you can remain in your villa for the whole year,” says David Martial. The owners should thus like in a cocoon. The Anahita project appears as a small village with its fruit and vegetable market as well as handicraft shops, for instance. “Even though owners are supposed to have a high purchasing power, we have to propose affordable prices within the property. If we want him to feel at home, we can’t offer him a beer for Rs 300 for instance.”

The special architecture and interior decoration are also arguments for sale. David Martial agrees that Anahita can offer a “quality guarantee thanks to the international and local architectural and design references that have been collaborating to the concept since the beginning”.

Villas of Tamarina, for instance, have individual private pools, 24hr security, air-conditioning, a phone line and such services as landscaping, gardening, housekeeping, chauffeurs, cooks and childcare, on request. The security and communication facilities as well as a signature spa – in addition to all other leisure activities – are among the services offered by Villas Valriche. The butler is one of the new jobs created by the IRS concept. More than a housekeeper, the person in charge of the villas can really act as a secretary or personal assistant…

 

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COMMUNITY
The social aspect…

■ IRS development is subjected to strict government regulations. One of the conditions, introduced in the 2007-2008 national budget, requires the developer to invest 6,000 USD per villa sold into social development projects with a view to promoting the integration of the local community. However, developers haven’t waited for government to introduce this clause to devote resources to social integration. Villas Valriche has already worked out an action plan for the empowerment of the local community and is in the process of setting up structures for implementation. The three key areas of intervention: employment, empowerment and entrepreneurship.Just as Anahita has invested a lot in the training of people living in the area as well as the development of the region.

Source: www.lexpress.mu