Fiduciary
The Trusts Act 2001 provides the regulatory framework for the setting up, management and termination of Trusts in Mauritius.
Under the Trusts Act 2001, Trusts are required to have at least one Qualified Trustee.
We assist our clients in the set up of the following types of Trusts only in Mauritius:
- Discretionary Trusts
- Protective/Spendthrift Trusts
- Charitable Trusts
- Purpose Trusts
The services, we provide to our clients who wish to set up Trusts are the following:
- Trust Deed/Instrument
- Letter of wishes
- Bank Account opening
- Trusteeship services
- Declaration of Non-Residence to the Mauritius Authority or filling of tax returns
- Preparation of annual accounts
Trusts are predominantly used in Estate Planning and achieve the following results:
- Accumulation and preservation of wealth
- Succession planning
- Asset protection
- Tax planning
TAXATION
As a general rule, the income of Mauritius Trusts would be subject to income tax at the flat rate of 15%. However, if the Mauritius Trust has been settled by a non-resident Settlor with non-resident Beneficiaries or the purpose of the Trust is carried on outside of Mauritius, the Trustee can elect to file a declaration of non-residence with the Mauritius Revenue Authority during an income year. By so doing, the Mauritius Trust shall be exempt from income tax in respect of that income year. Distributions to non-resident beneficiaries from Mauritius Trusts are in all instances exempt from taxation.
Note:
To be tax resident in Mauritius, a Trust has to apply for a Tax Residence Certificate with the Commissioner of Income Tax. A tax resident trust may benefit from Mauritius double tax treaties.
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