Offshore corporations in tax haven Mauritius are allowed to keep the financial statements and records private. Portuguese explorers visited the islands but did not settle there. 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. Mauritius has a President, who serves as the chief of state, and a Prime Minister who serves as the head of government. Mauritius named among ‘world’s worst’ corporate tax havens At one time the economy of Mauritius was heavily dependent on the sugar industry. And last year, not for profit organisation Oxfam named Mauritius among the 15 worst tax havens globally. The Mauritius offshore financial center is supported by the HSBC Group. Disclaimer: Information on this site does not constitute legal or tax advice. The government of Mauritius is based on the Westminster model. One of the more prominent symbols on the coat of arms of Mauritius is the Dodo bird. 1996. The capital and largest city is Port Louis. Members of the Council of Ministers are appointed by the President upon recommendation of the Prime Minister. 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. There is no wealth tax … Investment and Protection Agreements are in force between Mauritius and 18 other countries; 16 additional agreements are awaiting ratification.   Global Diversification Planning. The two largest banks on Mauritius have investment grade ratings. Slightly more than half of the country's exports are to the UK, France, the US, and South Africa. 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 success of the island’s economy has been called “the Mauritian miracle”. Viewed this way, Mauritius fits right in. A permanent resident can purchase property on the island. 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 all the above mentioned factors in place allowing the offshore jurisdiction to compete effectively with many other offshore jurisdictions in the world. 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. Though we try and keep information up-to-date, company and tax laws change. Rock, jazz, hip-hop, waltzes, and ballroom dancing music have also found their way into the culture. The World Health Organizations has ranked the air quality index on the island as the 2. 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 … Contrarily to the tax policy in France, Mauritius has opted for a simple and advantageous tax policy. The International Companies Act 1994 established the rules under which International companies can operate in Mauritius. ♣Mauritius – has become a major tax haven for both SE Asia (especially India) and African economies, and now ranking 8th overall. The second largest island in Mauritius, and the only other island having major economic significance, is Rodrigues. 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. Offshore banking in tax haven Mauritius offers clients a tax free environment for investing capital. 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. A new report names and shames 15 of the world’s worst tax havens, including the Indian Ocean island nation of Mauritius. 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. We are happy to exchange tax information with all our partners.” Duval defends Mauritius’s right to be a low-tax jurisdiction. You can open an offshore bank remotely, without have to physically visit the bank or the country. Offshore investors and businesses looking for an offshore business center should look into Mauritius and see if it is right for them. 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. But this image is a far cry from reality. 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. Mauritius is a leading corporate tax haven. Mauritius’ status as a tax haven is a major reason why. In the tax haven of Mauritius all information regarding offshore bank account is private. The French arrived in 1715 and colonized Mauritius. Mauritius enjoys preferential access to developed and emerging markets including the EU and USA. Mauritius also signed double tax avoidance … GDP (PPP) 2014 EstimateTotal $22.025 billionPer capita $16,820, Vernacular LanguagesMauritian Creole, French, English. New regulations continually shape the offshore industry. No-Risk. 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. Tailor-Made Customised Offshore Solutions. There are no longer one-size-fits-all offshore solutions. 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. The democratically elected government, based on the Westminster model, has enjoyed stability since the country's independence. How To Protect Yourself, Your Assets And Your Future. The rise of Mauritius as a tax haven in the 1990s, specialising in funnelling investments into India, reflects this reality. Mauritius has one major airport and several smaller ones. The Republic of Mauritius is situated in the Southwest Indian Ocean on the coast of the continent of Africa. Both corporate and individual income taxes are at 15%. Please seek a qualified representative for advice. Why You Need A Plan B The Mauritian population is comprised of a blend of Hindu, European, Muslim, Chinese, and Creole peoples, resulting in an extremely cosmopolitan culture.