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The 3-step acquisition process for an IRS property in Mauritius:
Signature of the CRP (Contrat de Réservation Préliminaire): reservation agreement between the buyer and the IRS company (the vendor);
upon receipt of the required documents from the buyer, the vendor will submit an application for IRS acquisition to the Board of Investment (BOI) of Mauritius (on behalf of the buyer);
Signature of the DOS (Deed of Sale):once the BOI approval letter is received and all other relevant acquisition criteria have been met, the buyer and vendor shall proceed with the signature of the sale agreement before the Notary in Mauritius.
The Total Purchaser’s Cost (as shown on our price list) consists of the selling price + registration duty + other costs
(notary fees & administrative costs).
The buyer will make staged payments in line with the government-regulated VEFA system
(Vente en Etat Futur d’Achèvement) throughout the process of construction.
|Schedule of payment||% of Selling Price|
|1. Preliminary Reservation Agreement Funds to be deposited in an escrow account||15%|
|2. On signature of Deed of Sale
(+ Registration Duty + Other Costs)
|3. On completion of the foundations||5%|
|4. On completion of the roof slab||20%|
|5. On completion of doors, windows & waterproofing||15%|
|6. On completion of the villa||25%|
|7. On delivery of the villa||5%|
All the IRS properties are sold by the provision of a “Vente en l’Etat Futur d’Achèvement (VEFA)”. A sale in a future state of completion is the contract by which a seller transfers at once to the buyer his rights to the land as well as the ownership of the existing structures. Further construction works become the property of the buyer as they proceed; the buyer is bound to pay the cost of them.
With the “VEFA”, the price of the residence is payable in installments as the work proceeds, in accordance with the provision of articles 1601-1 to 1601-45.
In accordance with the requirements of the VEFA, the development has resorted to a performance bond (Garantie Financière d’Achèvement – GFA) with a trusted banking institution. The GFA acts as a means of ensuring to the buyer the delivery of the property according to the conditions stipulated in the contract. In the event of the promoter failing to perform his obligation, the banks will be the guarantors of the delivery of the development.
2 to 3 bedroomsfrom $ 833,000
600 m2 to 750 m2
2 to 3 bedroomsfrom $ 1,058,800
600 m2 to 700 m2
2 to 4 bedroomsfrom $ 1,120,500
1,000 m2 to 2,140 m2
2 to 4 bedroomsfrom $ 1,274,700
1,075 m2 to 2,140 m2