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RESIDENT NON-DOMICILED STATUS: MAURITIUS BECOMES A REAL ALTERNATIVE WITH SUBSTANTIAL BENEFITS AND LOW RISK
For the last several decades, the UK has been the go-to location to attract wealth. Its stock exchange rivalled that of New York, it was teeming with investment managers, it was the place to have a second home, and if you were really wealthy, you could relocate there to build…
MAURITIUS – HONG KONG DOUBLE TAX AVOIDANCE AGREEMENT IS IN FORCE
Mauritius – Hong Kong Double Tax Avoidance Agreement is in Force Following the ratification procedures by both treaty partners, the The Double Taxation Avoidance Agreement (“DTAA”) between Mauritius and Hong Kong has come into effect as from 23 June 2023. The new DTAA between Mauritius and Hong Kong aims to…
MAURITIUS BUDGET 2023/2024: CHANGES IN PROPERTY OWNERSHIP FOR FOREIGNERS
During the recent Mauritius budget speech for the fiscal year 2023/2024, a range of measures aimed at bolstering the country’s real estate sector and attracting foreign investment were announced. One significant aspect outlined in the budget speech pertains to the changes in property ownership regulations for foreigners. Easing Restrictions on…
MAURITIUS BUDGET 2023/2024: PROPOSED CHANGES TO OCCUPATION/RESIDENCE PERMITS
The budget speech of Mauritius for the fiscal year 2023/2024 has unveiled several significant proposals aimed at fostering economic growth, attracting foreign investment, and enhancing the country’s competitiveness on the global stage. Among the notable changes outlined in the budget speech are the proposed amendments to the occupation permit system.…
MAURITIUS JOINS THE MADRID SYSTEM FOR TRADEMARKS: A MAJOR BOOST FOR BUSINESSES
In a significant move that highlights its commitment to fostering a favourable business environment, on 6 February 2023, Mauritius joined the Madrid System for trademarks administered by the World Intellectual Property Organization (WIPO) making it the 114th member. Of the 114 members, 19 are African countries. This development opens up…
HAS THE TIME COME TO AVOID PURCHASING A HOLIDAY HOME IN SOUTH AFRICA?
The South African Revenue Service (SARS) recently released a set of rules for transferring monies out of South Africa. Currently South Africans who want to transfer funds abroad of more than their R1m annual allowance are required to have a “Tax Clearance Pin”. For “non-residents” however, they will be required…
BENEFITS OF IMMIGRATING TO MAURITIUS
Mauritius, an island nation located in the Indian Ocean, is a popular destination for those looking to emigrate. Here are a few of the benefits of living in this tropical paradise. Stable Economy: Mauritius has a strong and stable economy, which is a major draw for those looking to start…
EUROPEAN COURT RULES AGAINST PUBLIC REGISTERS OF BENEFICIAL OWNERSHIP
A judgement made on 22 November 2022 in a European Court of Justice has ruled against public access to the information on the register of beneficial owners and cited that this “constitutes a serious interference with the fundamental rights to respect for private life and to the protection of personal…
MAURITIUS AND HONG KONG SAR ENTER INTO A DOUBLE TAX AGREEMENT
On 7th November 2022, Hong Kong signed a comprehensive double tax agreement (CDTA) with Mauritius which will enter into force following the completion of the ratification procedures in both jurisdictions. Some of the key features of the CDTA are: Tax Residency An entity shall only be tax resident in the…
MAURITIUS AND ANGOLA – DOUBLE TAX AVOIDANCE AGREEMENT
Mauritius and the Republic of Angola have executed a double taxation avoidance agreement (DTAA) which was published in the gazette of Mauritius on 30 August 2022. The agreement will come into effect on the date that Mauritius receives notification of the completion of the procedures under the domestic laws of…