Mauritius has one of the lowest tax platforms in the world. The Deputy Director of the International Monetary Fund categorically stated that “Mauritius is not a tax haven. Net international reserves are seen to be adequate. A number of international banks have branches in Mauritius including Barclay, Deutsche Bank, HSBC Bank, and South Africa's Standard Bank. In general, Mauritian music is a blending of European, Asian, and African sounds and rhythms which have been passed down through the generations. Advantages of Mauritius as a Tax Haven Mauritius has one of the lowest tax platforms in the world. The law is rooted in French civil and English common law. Mauritius is the tax haven of choice for companies investing in Africa. As per the four tests of the OECD, Mauritius is absolutely not a tax haven. Liechtenstein – long-established very traditional European tax Mauritius offshore banking laws makes provisions for banking privacy for offshore bank account holders in the tax haven. Copyright © TaxHavens.biz Though we try and keep information up-to-date, company and tax laws change. Portuguese explorers visited the islands but did not settle there. The capital and largest city is Port Louis. Port-Louis, Mauritius – 4 th June 2019. Mauritius tax haven in the Indian Ocean is a tax haven on the rise. The Mauritius Financial Services Commission is the governing body that overseas company formation and regulation. 1996. According to The Economist, What identifies an area as a tax haven (paradis fiscal) is the existence of a composite tax structure established deliberately to take advantage of, and exploit, a worldwide demand for opportunities to engage in tax avoidance.In Mauritius, law allows for the creation of companies with a Category 2 Global Business Licence. The tax haven of Mauritius gives clients security and stability. Although exchange controls have been abolished, the government of Mauritius still requires that profits from and repatriation of foreign investment is subject to proof of the monetary origin. The OECD has identified some basic criteria to identify a real tax haven. Also there is no capital gains tax levied in tax haven Mauritius. The government also has a judicial branch which is headed by the Supreme Court of Mauritius. This makes it easy for a Mauritius Global Business Company II to take advantage of trading opportunities. Only one shareholder and one director is need for incorporation of Mauritius Global Business Company II. Among the advantages of Mauritius offshore company formation is the high level of privacy protection made possible by the way that a company's shareholding structure can be defined. A 2012 report issued by the International Monetary Fund indicates the growth outlook for the country is broadly positive and that the Mauritian monetary and exchange rate policies are appropriate. A Mauritius Global Business Company type II cannot do any business in the tax haven of Mauritius and consequently it does not pay any local taxes. Thus, as a resident of Mauritius, the taxpayer has no property taxes to pay or inheritance tax. The largest island in the vicinity of the Republic of Mauritius is Reunion, which lies 141 miles to the west of Port Louis and is an overseas department of France. Many Mauritians speak both languages fluently. The tax havens of the world are known for having little or low taxes, providing privacy and efficient services. Mauritius has over the years has grown into a very respectable tax haven and an offshore jurisdiction. Since this type of business companies does no business in Mauritius its foreign earnings are not taxed locally. The Financial Services Commission, first set up in 2001, became an independent regulatory body in 2007, at which time various restrictions on resident business companies that conduct business activities outside of Mauritius were removed. Viewed this way, Mauritius fits right in. Offshore corporations in tax haven Mauritius are allowed to keep the financial statements and records private. Mauritius Tax Haven to Leave the FATF Grey List in 2021 Since February 2020, the jurisdiction of Mauritius was suddenly revised and recognized by the European Commission as a high-risk country due to some strategic deficiencies in its Anti-Money Laundering/Counter-Terrorist Financing (AML/CFT) control framework. Tax haven Mauritius had a well developed offshore financial centre. Without an offshore legal strategy, you put yourself at risk. No-Risk. The Parliament of Mauritius consists of the National Assembly together with the Executive Branch as headed by the President and Vice-President. Offshore-Protection.com. Almost everyone participates in the Chinese New Year celebrations, and most of the population takes part in the Pere Laval Pilgrimage, which honors a Catholic missionary. He concludes that Mauritius is not a tax haven quoting the Deputy Director of the International Monetary Fund who categorically stated that “Mauritius is not a tax haven. Please seek a qualified representative for advice. The tax haven of the Republic of Mauritius is located in the South Indian Ocean near the coast of the continent of Africa. Creole is the day-to-day language used by over 80% of the population but nearly all of the island's inhabitants speak either English or French when conducting business or in a tourist setting. 57 of 1984 established the rules under which Offshore Companies can operate. Visitors to the island can watch or participate these Christian, Muslim, Hindu festivals, as well as those based on local and African religions. At one time the economy of Mauritius was heavily dependent on the sugar industry. No Obligation.   Threats to Your Assets According to legislation anyone who is caught disclosing information regarding offshore bank account holder and offshore bank accounts will be penalized. Offshore investors and businesses looking for an offshore business center should look into Mauritius and see if it is right for them. An ultimate goal of the government is to turn Mauritius into a leading information technology free-trade zone and a 'cyber island'. Start My Free Offshore Plan               Book a Free Online Consultation. Offshore business laws are under the jurisdiction of the Mauritius Financial Services Commission (FSC). Of the 70 seats in the National Assembly, 62 are elected by popular vote and serve 5 year terms unless the Assembly has been dissolved in which case new elections will be held. The International Companies Act 1994 established the rules under which International companies can operate in Mauritius.Mauritius has a corporate tax rate of 15%, but if you have a GBC or Global Business Company then the tax rate can be as low as 3% with tax rebate. This is due, in part, to the strong banking system the country inherited when becoming independent and also to a variety of legislative reforms that have been passed down since that time. Mauritius upholds global compliance regulations and is recognized by numerous development organisations. These include: The Mauritius Ports Authority regulates and controls the port sector, with most of the activity taking place in the Port Louis region. The European Commission in 2015 on a temporary basis placed Mauritius among the top 30 blacklists of tax havens. The Republic of Mauritius is situated in the Southwest Indian Ocean on the coast of the continent of Africa. The diversity of the Mauritian population's culture and religious beliefs can be seen in its many festivals. In certain circumstances profits gained may be subject to payment of any outstanding Mauritian taxes due. Completely Confidential. The two largest banks on Mauritius have investment grade ratings. Mauritius Tax Haven Mauritius tax haven is also an offshore jurisdiction which specializes in offering offshore services in Mauritius tax haven. Mauritius named among ‘world’s worst’ corporate tax havens Taxation: a tax haven. Both the corporate and individual income taxes here are at 15%. Mauritius offers a number of incentives as a tax haven to offshore investing, including an open economy, favorable tax laws and a modern banking system all in a rich tropical environment. The governing laws in Mauritius are based on French civil and English common law. The tax haven of Mauritius has all the above mentioned factors in place allowing the offshore jurisdiction to compete effectively with many other offshore jurisdictions in the world. The democratically elected government, based on the Westminster model, has enjoyed stability since the country's independence. Both corporate and individual income taxes are at 15%. It will simply have to pay income tax, which represents 15% of income. Why You Need A Plan B The Republic of Mauritius lies around 2,000 kilometres to the east of Africa.   Global Diversification Planning. 2008-2011 All right reserved. Where necessary, the agencies said, Mauritius will continue to enhance the country’s transparency and strengthen rules against tax evasion, terrorist financing, money laundering and corruption. Rodrigues, the second largest island, has its own regional assembly. Denying the charges that double tax avoidance agreement (DTAA) has enabled some people to use Mauritius for reinvesting Indian money back in India to save taxes, vice-PM of Mauritius Rama SITHANEN dismissed the allegation that Mauritius is a tax-haven nation. The director of an offshore company in tax haven Mauritius can be a corporation or individual. You need JavaScript enabled to view it. The national currency is the Mauritian Rupee. Disclaimer: Information on this site does not constitute legal or tax advice. These same conditions also make the offshore jurisdiction qualify as a tax haven. A new report names and shames 15 of the world’s worst tax havens, including the Indian Ocean island nation of Mauritius. Please seek a qualified representative for advice. Mauritius offshore legislation allows flexibility for offshore companies in the tax haven. You can’t open a bank account here without giving your full details. The World Health Organizations has ranked the air quality index on the island as the 2. mauritius tax haven taxes This is not because the court Mauritius is a 'low tax jurisdiction, it must qualify as a tax haven.The Mauritian offshore goes on the offensive. English is spoken along with French and Mauritian Creole. Most people simply imagine a tax haven to be a country with lenient tax laws, and more often than not, they conjure up images of a tropical island fringed with palm trees. Mauritius is a small island located in the Indian Ocean, and since independence in 1968, it has maintained a stable democracy that is based on French and English law. Mauritius was ceded to Great Britain by the Treaty of Paris in 1810. There is no wealth tax … One of the more prominent symbols on the coat of arms of Mauritius is the Dodo bird. Both the President's term in office and the Vice President's term of office is 5 years and both are eligible for re-election. Mauritian law in this respect provides protection to the offshore investor and takes all necessary steps to prevent misuse of Mauritius' role as an offshore jurisdiction. Investment and Protection Agreements are in force between Mauritius and 18 other countries; 16 additional agreements are awaiting ratification. English is the main language spoken, but French and French Creole are also spoken. The rise of Mauritius as a tax haven in the 1990s, specialising in funnelling investments into India, reflects this reality. The Ports Authority was given the "Most Improved Cruise Terminal Facility" award in 2010 and Mauritius was also cited as being home to the Indian Ocean's Leading Cruise Port in that same year. Mauritius’ status as a tax haven is a major reason why. Mauritius as a tax haven has no taxes for offshore companies and offshore bank accounts; the jurisdiction provides confidentiality and privacy for both individuals and corporations and has laws which allow flexibility. The International Companies Act 1994 established the rules under which International companies can operate in Mauritius. A significant amount of effort is presently being put into further development of the tourism sector of the economy with new luxury villas and a number of conference centers constructed or being constructed. Approximately half of the population subscribes to the Hindu religion and another 23% are Roman Catholic, with Muslims and other Christian denominations making up the bulk of the remainder. That industry is slowly and purposefully being phased out although it still dominates the agricultural sector of the economy and remains an important contributor to the economy as a whole. Though we try and keep information up-to-date, company and tax laws change. For taxation purposes the category I business company is regarded as a resident company whiles the type II business company can be referred to as an offshore company. GDP (PPP) 2014 EstimateTotal $22.025 billionPer capita $16,820, Vernacular LanguagesMauritian Creole, French, English. Offshore businesses located in Mauritius that do not do business with Mauritians nor use Mauritian currency are exempt from Mauritian taxes. Mauritius rolled out Global Business Licence 1 , which allows companies with operations elsewhere to be “resident” in Mauritius for tax purposes and pay its low rates. Contrarily to the tax policy in France, Mauritius has opted for a simple and advantageous tax policy. Mauritius became an independent Commonwealth realm in 1968 and became a republic within the British Commonwealth in 1992. A former British colony, Mauritius on its independence in 1968 relied on sugar production. It is on the white list of the OECD”. Proactive in its intent on being a wealth management center for sub-Sahara Africa and the Indian Ocean region, the Mauritius offshore jurisdiction is on a par with Liechtenstein, Jersey, Panama, and similar offshore jurisdictions as being a good place to do business. The primary industries driving the economy are agriculture, food processing, textiles, mining, metal products, tourism, and financial intermediation. The bulk of inhabitants of Mauritius live on the largest of these islands, Mauritius, which has an area of 787 square miles. New regulations continually shape the offshore industry. The banking system in Mauritius is considered to be one of the most sophisticated in Africa. The ICIJ investigation says Mauritius has been used as a conveyor belt by the companies and wealthy individuals to engage in legal tax evasion by not paying taxes to the African countries in which they earn their money. Offshore businesses located in Mauritius are exempt from Mauritian taxes that do not do business with Mauritians nor use Mauritian currency Investors can rely on Mauritius for asset protection. Mauritius has a President, who serves as the chief of state, and a Prime Minister who serves as the head of government. Air Mauritius operates 30 flights weekly to major European destinations which includes combined flights with Air France to Paris. “The EU must strengthen the criteria for its tax haven blacklist to make it an effective tool in the fight against tax dodging. British Airways operates four weekly flights while Emirate Airlines operates three. Mauritius offshore companies are very easy to manage since the director and shareholder can be the same person. The tax haven of Mauritius has top quality offshore banks with services such as multi currency accounts, bank accounts for both corporations and individuals, debit and credits cards are also issued. Claim Your FREE no-obligation consultation and get your offshore solution. Tax haven Mauritius allows for the incorporation of different types of companies including the Mauritius Global Business Company I and the Mauritius Global Business Company II. The official language spoken in Mauritius is English. The Mauritian population is comprised of a blend of Hindu, European, Muslim, Chinese, and Creole peoples, resulting in an extremely cosmopolitan culture. Tax haven Mauritius is an independent country situated in the Indian Ocean. Mauritius is a volcanic island surrounded by coral reefs. Offshore bank account holders at offshore banks in the tax haven of Mauritius can be assured that interest gained in such bank accounts is not taxed. EU removes UAE, Switzerland, Mauritius from tax haven lists Updated time: 12 Nov, 2019, 18:27 (UTC+08:00) In mid-October 2019, European Union finance ministers agreed to remove the United Arab Emirates, Switzerland and Mauritius from the bloc’s lists of countries deemed to be acting as tax havens, a move that activists called a “whitewash”. The country has invested heavily in telecommunications, including that of offshore e-commerce development. Mauritius forms part of a group of islands called the Mascarene Islands. Opportunities of having access to Mauritius offshore banks and offshore bank accounts that can be paired with a Mauritius company. Contact Mon - Fri 15:00-24:00 GMT   +44 20 3287 6560   |   +1 305 517 7570, Offshore Legal Service Provider EST. Mauritius enjoys preferential access to developed and emerging markets including the EU and USA. The Ports Authority regularly updates and implements a Master Plan with a  number of recent changes and developments having taken place in response to Mauritius' role in the rapidly evolving global trading environment. Mauritius has developed and gained respect in the world as a top offshore tax haven because of its strict legislature. The tax haven of Mauritius believes in protecting the privacy of offshore clients and has put many factors in place to ensure that this is done. Mauritius introduced a flat corporate income tax rate of 15% with foreign tax credits that can drive that down to an effective rate of 3%. The GDP for Mauritius was estimated at US$19.98 billion for 2012, with a growth rate for the year of 3.3% and a per capita GDP of US$15,400, one of the highest in Africa. The remaining 8 seats are appointed to give representation to various ethnic minorities. An Infocom Development Authority has been established for this purpose. The Prime Minister and the Deputy Prime Minister are appointed by the President and are responsible to the National Assembly. Members of the Council of Ministers are appointed by the President upon recommendation of the Prime Minister. The powers of the Rodrigues Regional Assembly and its officers are prescribed in the Constitution and are subservient to the powers of the National Assembly. All Rights Reserved. Slightly more than half of the country's exports are to the UK, France, the US, and South Africa. Introduction • Andorra, the Bahamas, Belize, Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, the Cook Islands, Hong Kong, the Isle of Man, Mauritius, Lichtenstein, Monaco, Panama, Switzerland and St. Kitts and Nevis are all considered tax havens. And last year, not for profit organisation Oxfam named Mauritius among the 15 worst tax havens globally. A permanent resident can purchase property on the island. Mauritius was the only home to this now-extinct species. Gone are the days of adding an offshore package to your virtual shopping cart. The economy of Mauritius has enjoyed one of the most stable, open, and financially sound economies in the sub-Sahara region of Africa. Tailor-Made Customised Offshore Solutions. With the possible exception of a few Arab traders, Mauritius was uninhabited until well into the 17th century. The Republic of Mauritius also includes the islands of Rodrigues, Agalega, and St Brandon. Home / Other Tax Havens / Tax Haven Mauritius. When filing company information this is not made public record. Mauritius’s vice prime minister and finance minister Xavier-Luc Duval is emphatic: “We’re not a tax haven because there is no secrecy. In the tax haven of Mauritius all information regarding offshore bank account is private. Most of the inhabitants participate in festivals based on the religious or cultural beliefs of the major ethnic sectors of the population. The Republic of Mauritius is an island nation which consists of the islands of Agalega Islands, St Rodrigues and St Brandon. Rock, jazz, hip-hop, waltzes, and ballroom dancing music have also found their way into the culture. It counts Mauritius among the 15 worst tax havens in the world. ♣Mauritius – has become a major tax haven for both SE Asia (especially India) and African economies, and now ranking 8th overall. This email address is being protected from spambots. The Companies Act, No. The Dutch tried to establish settlements on several occasions, but eventually abandoned them. Mauritius has exceptional offshore services such as offshore banking and banking services, insurance, the registration of ships and vessels, investment fund management and the incorporation of Mauritius Global Business Company Category II (GBC II) or offshore company. But this image is a far cry from reality. Mauritius tax haven is surrounded by many other groups of small islands that together are known as the Republic of Mauritius. Mauritius as a tax haven has many opportunities to save on taxes. Asset Protection Strategies to Secure your Future, Apdo 0819-10660 Eldorado, Panama City, Panama, Mauritius Offshore Company, Category 1 (GBC-1), Mauritius Offshore Company, Category 2 (GBC-2), • Best Countries to Set up an Offshore Company, • Best Citizenship by Investment Programs. Mauritius tax havens can be considered one of the world’s more popular offshore havens because of its updated laws and diversified offshore product. In the tax haven of Mauritius companies who do no business sin the territory are not mandated by law to present their annual financial statements to any government authority in the tax haven. The largest Mauritian bank is Mauritius Commercial Bank, while the second largest is the State Bank of Mauritius. Foreign nationals who have resided in Mauritius for at least 3 years and are drawing a salary above a certain minimum can obtain permanent residency. Tax havens are places where ... which allowed the incorporation of foreign entities with little financial disclosures and extremely low taxation, according to Quartz. Tax haven Mauritius has top quality offshore banking institutions. The Companies Act, No. We are happy to exchange tax information with all our partners.” Duval defends Mauritius’s right to be a low-tax jurisdiction. Disclaimer: Information on this site does not constitute legal or tax advice. The offshore tax haven of Mauritius has all the right conditions which are conducive for encouraging investments to grow. As a result there are countless lagoons on its tropical beaches. Nor has the EU characterised Mauritius as a tax haven. The President and Vice President are elected by the unicameral National Assembly upon a motion by the Prime Minister and by a majority of members of the Assembly. Mauritius’ role as a tax haven has been exposed in the MauritiusLeaks, and the country won’t stop allowing corporations to shift billions in profits from other African countries. A citizen of Mauritius is called a Mauritian. Mauritius is a leading corporate tax haven. 57 of 1984 established the rules under which Offshore Companies can operate. An update of the Act, the Companies Act 2001 was modeled after a corresponding law in New Zealand. Since Mauritius became a tax haven, it has been criticized for impoverishing African governments and widening wealth inequality. The second largest island in Mauritius, and the only other island having major economic significance, is Rodrigues. Mauritius is a member of and is active in a number of international organizations including the International Monetary Fund, the World Bank, and the World Trade Organization, and has strong economic ties with its African neighbors, the European Union, India, and China.Mauritius has a burgeoning Offshore Financial industry that offers an array of offshore formation structures as well as offshore accounts and licenses. Mauritius' economy has grown steadily over the past decade. The leading import partners are India, China, France, and South Africa. Mauritius Signing Ceremony - Convention on Mutual Administrative Assistance in Tax Matters I am delighted to welcome you this morning for the signing of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, the most powerful single instrument for international tax … Mauritius struggles with tax haven crackdown. No exchange controls means that funds can be transferred from offshore bank accounts and corporations without many limitations. Government agencies in Mauritius responded to ICIJ questions with an 11-page statement that denied that the island is a tax haven or secretive. You can open an offshore bank remotely, without have to physically visit the bank or the country. The success of the island’s economy has been called “the Mauritian miracle”. The French arrived in 1715 and colonized Mauritius. The Mauritius offshore financial center is supported by the HSBC Group. Mauritius tax haven is an attractive jurisdiction for incorporating offshore companies intended to do business in the African region. It was the only country from Africa on that list. The Mauritius Global Business Companies Type II can keep their accounting records for the purpose of knowing the financial status of the company. Additionally, the Financial Services Act of 2007 also regulates Mauritius companies. Mauritius also signed double tax avoidance … When incorporating a Mauritius Global Business Company II o r offshore company in Mauritius there is no need to disclose the names or information about the company beneficial owners. The beneficial owners of offshore companies in tax haven can also choose to incorporate a company with the use of nominee shareholders and nominee directors as a means of providing additional privacy. Mauritius has one major airport and several smaller ones. Some of the 1.3 million people who live on the island see the ranking as more of a compliment – a haven, after all, isn’t such a bad thing to be. The Indian dances are especially elegant and among the most popular of the dances are the Chinese dragon dances. Mauritius tax haven has offshore services such as offshore banking, the incorporation of Mauritius offshore companies and the registration of Mauritius offshore trusts in Mauritius tax haven. The tax haven of Mauritius incorporates different types of offshore companies; Global Business Company I and II. Even with a downturn in GDP experienced due to problems in the EU, which accounts for 60% of the country's exports, the banks managed to maintain reasonable profit levels while keeping the number of non-performing assets to a minimum. A Personalised Offshore Plan Makes Sure You Are Protected. The country has a strong banking sector with many international and national banks that are open for non-residents. In the offshore tax haven of Mauritius there is no exchange controls in place at present. How To Protect Yourself, Your Assets And Your Future. This statement is in response to the publication of the “Corporate Tax Haven Index” (CTHI), by Tax Justice Network (TJN) on the 28 th of May 2019, and subsequent articles published by the TJN.. Both corporate and individual income taxes are at 15%. © 1997–2021. Curaçao – the Dutch dependency ranked 8th on the Oxfam's tax haven list, and the 12th largest Sink OFC, and recently made the EU's greylist. The HSBC Group is one of the world's largest banking and financial services organizations and operates 11 full-service branches in the country along with a locally owned subsidiary dedicated to offshore banking. The estimated population in the country in 2013 was 1,322,000. The government of Mauritius is based on the Westminster model. The tax haven of Mauritius has privacy and confidentiality laws in place for offshore clients in Mauritius tax haven. Another fast growing sector is information technology, where the focus is on software development, business process outsourcing, and the establishment of call centers. The country ranks 18th in the world in gross national savings with respect to the country's GNP. The Republic of Mauritius consists of a group of islands in the Indian Ocean located 2,000 miles east of Africa's southeast coastline and to the east of the island of Madagascar. There are no longer one-size-fits-all offshore solutions. That’s why this story by the International Consortium of Investigative Journalists (ICIJ), has made front pages in Africa . Mauritius is therefore, a tax haven. The FSC has been both diligent and prudent in adopting safeguards for investment that follow best international practices. The British ruled Mauritius until its independence in 1968, but the French influence has remained strong. The accounting records of Global Business Companies II incorporated in the tax haven of Mauritius can be kept with the company’s registered agent or anywhere in or out of tax haven Mauritius. For offshore business, tax haven Mauritius offers the Category 1 Global Business Company and the Category 2 Global Business … Mauritius does not have an official language, although English is the official language in the country's parliament. The Companies Act 2001 stipulates, among other things, that offshore companies are allowed to do business in Mauritius, while international companies are not. Justices serve until their retirement upon reaching age 62. Mauritius has its own specific dance form, the sega, which is based upon a combination of African rhythms, Creole lyrics, and locally-inspired musical themes. Offshore banking in tax haven Mauritius offers clients a tax free environment for investing capital.

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