Tax in Mauritius

Tax in Mauritius for companies is based on a fiscal regime that was introduced in 1995 under the Income Tax Act, which is designed to encourage international business in Mauritius.  Taxation is...

Companies in Mauritius

Companies in Mauritius are called Global Business Companies but are classified as Category 1 and Category 2 companies based on the type of license that they hold.  Companies in Mauritius can be...

Mauritius Offshore Trust Formation

Mauritius Offshore Trust Formation: Settlor Mauritius offshore trust formation can be done by anyone who is legally able to settle a trust.  Settlors of offshore trusts in Mauritius are able to be...

Mauritius Offshore Trust Formation

Mauritius Offshore Trust Formation: Settlor

Mauritius offshore trust formation can be done by anyone who is legally able to settle a trust. Settlors of offshore trusts in Mauritius are able to be a protector, trustee or trustee. However, if a settlor is named as a beneficiary upon Mauritius offshore trust formation or thereafter, the settlor is not allowed to be the only beneficiary of that trust.

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Mauritius Offshore Trust Formation: Beneficiary

Mauritius offshore trust formation requires the all beneficiaries of Mauritius offshore trusts be identifiable by name and ascertainable by being classified or by way of relationship.

Any beneficiary of a trust in Mauritius may choose to disclaim all or part of his or her interest in the trust. Mauritius offshore trust formation allows for this to be done regardless of whether the beneficiary is in receipt of any of his or her inheritance. Such disclaimers are required to be in writing and can be taken as temporary measures or revocable according to the provisions of the trust with respect to disclaimers. Mauritius offshore trust formation rules make beneficiary disclaimers effective only upon receipt by the trustee.

Mauritius Offshore Trust Formation: Trustee

Provisions for Mauritius offshore trust formation only allow a body corporate that is licensed to provide offshore trustee services and an individual that is legally able to contract to serve as trustees for Mauritius offshore trusts.

Mauritius Offshore Trust Formation: Protective Trust

Provisions for Mauritius offshore trust settlement allow offshore trusts in Mauritius to be created as protective or spendthrift trusts. In doing, the trust can be created in the beneficiary’s interest in terms of how the offshore trust is terminated, clauses against alienation of the beneficiary’s interest or suspension. Such clauses are critical upon Mauritius offshore company formation to protect the beneficiary’s interest in the event that he or she becomes bankrupt or legal claims are made against him or her.

Mauritius Offshore Trust Formation: Purpose Trust

Mauritius offshore trust formation includes the formation of purpose trusts as well. Purpose trusts are created with any legal objective or purpose in mind. Upon trust settlement, a protector or enforcer must be appointed and provisions must be made to appoint a successor to a protector. If there are more than one trustee, at least one must be qualified to serve as a trustee in Mauritius offshore trust formation.

Mauritius Offshore Trust Formation: Charitable Trust

Mauritius offshore trust formation allows the creation of charitable trusts. This type of offshore trust is created to pursue causes such as the alleviation of poverty, preservation of the environment, human rights and freedom, for the development of education and religion. Mauritius offshore trust creation allows an offshore trust to be created as an offshore charitable trust even if it is formed for different charitable causes.

Mauritius Offshore Trust Formation: Duration

With the exception of a purpose trust, Mauritius offshore trusts must not have a life span of more than 90 years, counting from the date of settlement. However, charitable trusts can be settled to be perpetual, while a non-charitable purpose trust must be limited to a life span that is not more than 25 years.

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