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. 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.. 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%. Tailor-Made Customised Offshore Solutions. 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. 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. A permanent resident can purchase property on the island. The tax haven of Mauritius incorporates different types of offshore companies; Global Business Company I and II. The International Companies Act 1994 established the rules under which International companies can operate in Mauritius. 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. 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 country ranks 18th in the world in gross national savings with respect to the country's GNP. Mauritius is the tax haven of choice for companies investing in Africa. Mauritius enjoys preferential access to developed and emerging markets including the EU and USA. Offshore business laws are under the jurisdiction of the Mauritius Financial Services Commission (FSC). A Personalised Offshore Plan Makes Sure You Are Protected. At one time the economy of Mauritius was heavily dependent on the sugar industry. This email address is being protected from spambots. The Indian dances are especially elegant and among the most popular of the dances are the Chinese dragon dances. 57 of 1984 established the rules under which Offshore Companies can operate. The two largest banks on Mauritius have investment grade ratings. 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. Taxation: a tax haven. The law is rooted in French civil and English common law. 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. 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. 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. The Republic of Mauritius lies around 2,000 kilometres to the east of Africa. The Republic of Mauritius also includes the islands of Rodrigues, Agalega, and St Brandon. Disclaimer: Information on this site does not constitute legal or tax advice. The Mauritius Financial Services Commission is the governing body that overseas company formation and regulation. Both the corporate and individual income taxes here are at 15%. Tax haven Mauritius is an independent country situated in the Indian Ocean. Liechtenstein – long-established very traditional European tax Mauritius was ceded to Great Britain by the Treaty of Paris in 1810. These same conditions also make the offshore jurisdiction qualify as a tax haven. 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. The Companies Act, No. As per the four tests of the OECD, Mauritius is absolutely not a tax haven. The Mauritian population is comprised of a blend of Hindu, European, Muslim, Chinese, and Creole peoples, resulting in an extremely cosmopolitan culture. 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. 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. 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.   Threats to Your Assets Additionally, the Financial Services Act of 2007 also regulates Mauritius companies. 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. Justices serve until their retirement upon reaching age 62. No exchange controls means that funds can be transferred from offshore bank accounts and corporations without many limitations. The governing laws in Mauritius are based on French civil and English common law. 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. 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. 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. Another fast growing sector is information technology, where the focus is on software development, business process outsourcing, and the establishment of call centers. 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 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. A former British colony, Mauritius on its independence in 1968 relied on sugar production. 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. The second largest island in Mauritius, and the only other island having major economic significance, is Rodrigues. Mauritius has developed and gained respect in the world as a top offshore tax haven because of its strict legislature. The tax haven of the Republic of Mauritius is located in the South Indian Ocean near the coast of the continent of Africa. The national currency is the Mauritian Rupee. You can open an offshore bank remotely, without have to physically visit the bank or the country. The Parliament of Mauritius consists of the National Assembly together with the Executive Branch as headed by the President and Vice-President. The government of Mauritius is based on the Westminster model. 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. The remaining 8 seats are appointed to give representation to various ethnic minorities. Though we try and keep information up-to-date, company and tax laws change. The leading import partners are India, China, France, and South Africa. Mauritius forms part of a group of islands called the Mascarene Islands. 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. Mauritius upholds global compliance regulations and is recognized by numerous development organisations. Mauritius named among ‘world’s worst’ corporate tax havens 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. There are no longer one-size-fits-all offshore solutions. Port-Louis, Mauritius – 4 th June 2019. Visitors to the island can watch or participate these Christian, Muslim, Hindu festivals, as well as those based on local and African religions. Why You Need A Plan B 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. 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 does not have an official language, although English is the official language in the country's parliament. Mauritius tax havens can be considered one of the world’s more popular offshore havens because of its updated laws and diversified offshore product. The Dutch tried to establish settlements on several occasions, but eventually abandoned them. 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. The country has a strong banking sector with many international and national banks that are open for non-residents. Mauritius’s vice prime minister and finance minister Xavier-Luc Duval is emphatic: “We’re not a tax haven because there is no secrecy. Copyright © TaxHavens.biz Offshore investors and businesses looking for an offshore business center should look into Mauritius and see if it is right for them. Mauritius struggles with tax haven crackdown. Mauritius is therefore, a tax haven. The Companies Act 2001 stipulates, among other things, that offshore companies are allowed to do business in Mauritius, while international companies are not. Offshore corporations in tax haven Mauritius are allowed to keep the financial statements and records private. Mauritius’ status as a tax haven is a major reason why. 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”. We are happy to exchange tax information with all our partners.” Duval defends Mauritius’s right to be a low-tax jurisdiction. 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. 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. It counts Mauritius among the 15 worst tax havens in the world. 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. 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 French arrived in 1715 and colonized Mauritius. As a result there are countless lagoons on its tropical beaches. Most of the inhabitants participate in festivals based on the religious or cultural beliefs of the major ethnic sectors of the population. Start My Free Offshore Plan               Book a Free Online Consultation. No Obligation. According to legislation anyone who is caught disclosing information regarding offshore bank account holder and offshore bank accounts will be penalized. Mauritius' economy has grown steadily over the past decade. The capital and largest city is Port Louis. 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. Mauritius offshore companies are very easy to manage since the director and shareholder can be the same person. 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. Please seek a qualified representative for advice. A number of international banks have branches in Mauritius including Barclay, Deutsche Bank, HSBC Bank, and South Africa's Standard Bank. It will simply have to pay income tax, which represents 15% of income. Mauritius Tax Haven Mauritius tax haven is also an offshore jurisdiction which specializes in offering offshore services in Mauritius tax haven. 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. It is on the white list of the OECD”. Offshore banking in tax haven Mauritius offers clients a tax free environment for investing capital. 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. © 1997–2021. Both corporate and individual income taxes are at 15%. Completely Confidential. That’s why this story by the International Consortium of Investigative Journalists (ICIJ), has made front pages in Africa . Since this type of business companies does no business in Mauritius its foreign earnings are not taxed locally. The Deputy Director of the International Monetary Fund categorically stated that “Mauritius is not a tax haven. The Republic of Mauritius is situated in the Southwest Indian Ocean on the coast of the continent of Africa. Advantages of Mauritius as a Tax Haven Mauritius has one of the lowest tax platforms in the world. 57 of 1984 established the rules under which Offshore Companies can operate. 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 European Commission in 2015 on a temporary basis placed Mauritius among the top 30 blacklists of tax havens. An ultimate goal of the government is to turn Mauritius into a leading information technology free-trade zone and a 'cyber island'. These include: One of the more prominent symbols on the coat of arms of Mauritius is the Dodo bird. Both corporate and individual income taxes are at 15%. New regulations continually shape the offshore industry. 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. 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. You need JavaScript enabled to view it. Claim Your FREE no-obligation consultation and get your offshore solution. Mauritius tax haven is an attractive jurisdiction for incorporating offshore companies intended to do business in the African region. Nor has the EU characterised Mauritius as a tax haven. The estimated population in the country in 2013 was 1,322,000. With the possible exception of a few Arab traders, Mauritius was uninhabited until well into the 17th century. 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. In certain circumstances profits gained may be subject to payment of any outstanding Mauritian taxes due. 1996. The tax havens of the world are known for having little or low taxes, providing privacy and efficient services. The offshore tax haven of Mauritius has all the right conditions which are conducive for encouraging investments to grow. Mauritius is a leading corporate tax haven. An update of the Act, the Companies Act 2001 was modeled after a corresponding law in New Zealand. Tax haven Mauritius has top quality offshore banking institutions. All Rights Reserved. Mauritius has over the years has grown into a very respectable tax haven and an offshore jurisdiction. The Companies Act, No. 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. For offshore business, tax haven Mauritius offers the Category 1 Global Business Company and the Category 2 Global Business … Mauritius was the only home to this now-extinct species. Mauritius became an independent Commonwealth realm in 1968 and became a republic within the British Commonwealth in 1992. The diversity of the Mauritian population's culture and religious beliefs can be seen in its many festivals. Rock, jazz, hip-hop, waltzes, and ballroom dancing music have also found their way into the culture. Slightly more than half of the country's exports are to the UK, France, the US, and South Africa. There is no wealth tax … The British ruled Mauritius until its independence in 1968, but the French influence has remained strong. Tax haven Mauritius had a well developed offshore financial centre. When filing company information this is not made public record. Since Mauritius became a tax haven, it has been criticized for impoverishing African governments and widening wealth inequality. Net international reserves are seen to be adequate. Mauritius also signed double tax avoidance … 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. 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 … Also there is no capital gains tax levied in tax haven Mauritius. How To Protect Yourself, Your Assets And Your Future. 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. Portuguese explorers visited the islands but did not settle there. GDP (PPP) 2014 EstimateTotal $22.025 billionPer capita $16,820, Vernacular LanguagesMauritian Creole, French, English. And last year, not for profit organisation Oxfam named Mauritius among the 15 worst tax havens globally. 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. 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. 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. Mauritius tax haven in the Indian Ocean is a tax haven on the rise. 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. A citizen of Mauritius is called a Mauritian. 2008-2011 All right reserved. 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. The economy of Mauritius has enjoyed one of the most stable, open, and financially sound economies in the sub-Sahara region of Africa. The government also has a judicial branch which is headed by the Supreme Court of Mauritius. Disclaimer: Information on this site does not constitute legal or tax advice.
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