The IRS Main Buyers of French and South Africans

The IRS is a government initiative to facilitate the acquisition of residential properties in Mauritius by foreigners. It was in 2002 that the state had decided to open the market to allow the construction and sale of luxury villas to foreigners. Five projects have emerged, Tamarina, Anahita, Villa Valriche, Club Med d’Albion and Rivière. Three new projects will be ready this year  Azuri, La Balise and Matala. To obtain a permanent residence permit, an alien must invest a minimum of Rs 4.5 million to the IRS.

The Indian Ocean Real Estate Company (IOREC), a South African company, has invested Rs 4.5 billion in the Azuri residential project comprising 269 units. Of the 132 units, 92 have already been sold. The rest (30%) was sold to South Africans.

Within a framework of IOREC, several factors make this attractive market, including economic growth and the position occupied by Maurice in the classification of the World Bank as' Ease of Doing Business. According to the latest statistics, the country's economy will grow this year. Mauritius offers foreign investors the advantages such as non-payment of 'capital gains tax', and the repatriation of profits, dividends and capital.