Offshore Trusts Report: Mauritius
Additional Provisions of the Trusts Act 2001
A purpose trust must have an enforcer whose duty
is to enforce the trust in accordance with its terms and purposes.
The settling of immovable property in Mauritius
on a trust of which a non-citizen is a beneficiary requires the
approval of the Prime Minister under the Non-Citizens (Property
The Act allows for a protector of a trust to be
appointed. His functions will be to advise the trustee of the
trust. The exercise by the trustees of any of their powers and
discretions shall be subject to the prior consent of the protector.
The trust instrument may appoint as protector any person of full
age and of sound mind, including the settlor, or any body corporate,
any firm, partnership or group of persons, whether incorporate
or unincorporate. The protector has a range of other powers and
may also be a settlor, a trustee or a beneficiary of the trust.
The Act provides for the appointment of a custodian
trustee which shall be a firm, a partnership or a body corporate
and who will act on the instructions of a managing trustee.
The Act provides for the appointment of a managing
trustee having the role and functions to manage the trust without
being vested with the trust property which is vested in a custodian
The settlor or beneficiary of a trust may give
to the trustees a letter of his wishes or the trustees may prepare
a memorandum of the wishes of the settlor with regard to the
exercise of any functions conferred on the trustees by the terms
of the trust.
The number of trustees of a trust shall not exceed
4 of whom, at any one time, at least one shall be a qualified
Except where ordered by the Court or a Judge in
Chambers a trustee shall keep as confidential and shall not
be required to disclose to any person not legally entitled to
it or be required to produce or divulge to any Court, tribunal,
committee of enquiry or other authority in Mauritius or elsewhere,
any information or document in his possession or under his control
the state and amount or any other details of the trust
the conduct of the trust administration;
the trustee's deliberations as to the manner in which
a power or a discretion was exercised, or a duty conferred
or imposed by the law or by the terms of the trust was performed;
the reason for any particular exercise of such power or
discretion or performance of duty or the material upon which
such reason will be or might have been based; or
the exercise or proposed exercise of such power or discretion
or the performance or proposed performance of such duty.
However, these secrecy provisions are heavily compromised
by a series of qualifications in respect of money laundering,
international mutual assistance treaties etc.
Mauritius Cuts Company Registration Fee Friday 8/1/2016 Mauritius has slashed the registration fee for a small private company with a turnover not exceeding MUR10m (USD276,700) from MUR2,500 to MUR500.
Nautilus Opens Office In Mauritius Friday 13/12/2013 Nautilus Group, an independent trust company based in Jersey, announced on December 09, 2013 that it has opened an office in Mauritius as part of its strategy for global growth.
Offshore Company Formations Have Slowed Wednesday 7/8/2013 The majority of offshore jurisdictions experienced a decline in company incorporation activity in the second half of 2012 compared with the first half, according to legal services consultancy the Applebly Group.
Offshore Merger And Acquisition Activity Rises Wednesday 9/5/2012 A new report from Appleby shows that transaction values for mergers and acquisitions (M&A) in major offshore financial centers rose by 25% in the first quarter of 2012.
Atlas Targets Asian Trust Services Market Tuesday 18/10/2011 Atlas Corporate Services Group, a leading international corporate and trust service provider, has announced that it has been granted new licences to operate in the Ras-Al-Khaimah Free Trade Zone and in Mauritius, as the firm expands its global reach into Asia.
Mauritius Unveils 2011 Budget Monday 22/11/2010 Mauritian Finance Minister Pravind Jugnauth has unveiled details of the country’s
2011 budget, designed to rebalance growth, to boost productivity, and to consolidate
social justice, and providing for a number of key fiscal measures, designed to
contain the budget deficit at 4.3% of gross domestic product.
India Presses Mauritius To Renegotiate Treaty Tuesday 25/5/2010 The Indian government would like to see an end to the provision in the India-Mauritius tax treaty which provides that capital gains from sale of securities in India can only be taxed in Mauritius.
India Investment Restrictions Take Effect Tuesday 13/4/2010 Indian government changes to foreign direct investment rules have taken effect from April 1, 2010. The new rules require foreign venture capital funds to obtain prior approval for investment in Indian venture funds, and investment in unregistered trusts is no longer permitted.
European Parliament ACP Report Targets Tax Havens Monday 25/1/2010 The European Parliament has called on the European Commission and the governments of the African, Caribbean and Pacific states to 'include the fight against abuse of tax havens, tax evasion and illicit capital flight as a matter of priority' in the revised Cotonou Agreement, which governs relations between the European Union and the ACP states.
Mauritius Not A Tax Haven, Says Vice Premier Thursday 21/1/2010 The Vice Prime Minister of Mauritius, Ramakrishna Sithanen, on a visit to India, is concerned that India should not set Mauritius aside for special treatment in its efforts to address tax treaty misuse.