Mauritius at the Forefront of Tax-Friendly Countries for High-net Worth Foreigners
PORT LOUIS, Mauritius, March 13, 2014 /PRNewswire/ --
From "Tiger of the Indian Ocean" to "Cyber island", Mauritius has turned now into a "Safe and Reliable Investment Hub" in terms of good governance as well as ethical, economic, political and social stability.
Ranked 1st in Sub-Saharan Africa in the World Bank's Doing Business Report 2013, Mauritius offers a particularly favorable setting for doing business. The country has in fact achieved one of the fastest growth rates in Sub-Saharan Africa, expertly combining lively feeling for business with an attractive lifestyle. Mauritius is appealing to foreign investors (individuals and companies) for various reasons namely: a very favorable taxation system - a durable political and social stability - free-trade economy - double-taxation treaties and protection of assets - qualified workforce - strategic geographical location - Free zones / free ports.
One of the key reasons why Mauritius is so popular in attracting foreign investment remains the fact that the island is at the forefront of tax-friendly countries. According to an interview given to Luxury Mauritius Magazine, Tim Taylor, Chairman of Cim Group, a major player in the financial sector in Mauritius in the management of foreign investment funds said: "Mauritius has developed its trust laws and today high-net worth individuals can create a trust or a fund into which they can transfer some of their assets. Such structures can be used for the better management of inheritance tax and may also be used by expatriates. Moreover, all back-office and administrative services are much cheaper here and fiscal policy is favorable. Tax is a cost!"
Mauritian authorities have implemented a low-rate taxation system aimed at encouraging local and foreign companies to set up in the island. The main fiscal advantages include: absence of inheritance tax - absence of tax on dividends (capital gains) - tax of 15% on company profits and personal income - tax credits up to 80% for offshore companies - refundable Value-Added Tax at 15% - no custom duty or VAT on equipment -absence of restriction on repatriation of profits, dividends and capital - no tax on short-term appreciation.
"Mauritius is a tax-friendly island which is more than ever banking on luxury to attract a wealthy customer-base. That's the reason why we have created a new magazine to fulfill the need for foreigners to have reliable and objective information"states Delphine Taylor, founder of Luxury Mauritius Magazine and Managing Director of http://www.lexpressproperty.com, the 1st real estate portal in Mauritius.
Mauritius has in fact positioned itself as a regional investment hub and has signed some 40 double taxation treaties modeled on the OECD, hence ensuring lower rates of taxation on dividends, interest and royalties.
André Bonieux, Country Senior Partner at Price Waterhouse Coopers Mauritius, asserts: "For example the treaty between Mauritius and India, the most used up to now, stipulates that capital gains are taxed in the country of residence of the investor's company - Mauritius, in this instance. So the capital gains realized in India are taxed in Mauritius…which does not tax capital gains! Investors can benefit from the expertise of a firm like ours to do a market study, obtain the appropriate license to operate. We also look after immigration permits and work permits for employees from abroad and their families."
About Luxury Mauritius
Luxury Mauritius is the first international magazine entirely dedicated to the luxury sector in Mauritius.
It is an annual, bilingual magazine (in both French and English), inviting readers to really find out about the country through local and regional operators. It is a complete and practical guide for those who want to settle, work, retire, invest or do business in Mauritius. It also includes testimonies and success stories of foreigners who settled in Mauritius.
The magazine can be accessed online for FREE:
Nextbook: http://europe.nxtbook.com/nxteu/lexpressproperty/luxurymauritius/index.php#/130
iTunes: https://itunes.apple.com/mu/app/luxury-mauritius-magazine/id768609907?mt=8&ign-mpt=uo%3D4
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Press contact:
Delphine TAYLOR, General Manager Property Finder Ltd
Tel: +230-262-80-00 / Mob: +230-542-39-93-05
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http://www.lexpressproperty.com
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For more info regarding investment opportunities, please contact:
Régine Hardy - Zerrouki
Sales & Marketing Manager
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[email protected]
http://www.lexpressproperty.com
SOURCE Luxury Mauritius Magazine by lexpressproperty.com
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