A Trust is an arrangement for the holding and administration of property under which property or legal rights are vested by the owner of the property (the Settlor) in a person or persons (the Trustees). The Trustees then hold the property for or on behalf of other persons (the Beneficiaries).
A trust can only be created by an instrument in writing which should state its object, subject, intention and duties and powers of the trustees. It can be formed by a resident or non-resident of Mauritius. There is no register of Trusts in Mauritius nor is there any disclosure of beneficial owner to any authority.
The points below refer to the principal characteristics of trusts managed by St Lawrence Management Limited for the benefit of individuals resident outside Mauritius, and aim to provide initial guidance only.
- Trusts will normally be free of mauritius income tax if certain conditions are met. mauritius does not charge any capital taxes such as capital gains tax and inheritance tax. a declaration with tax authority for exemption from mauritius needs to be filed annually.
- Trusts are not registered with any authority.
- In mauritius there is no need to obtain government approval for the trust name, trust deed or accounts.
- Trust can own assets anywhere in the world subject to the laws of the country where the asset is located. in some circumstance a limited company needs to be interposed.
- Companies offering trust services are subject to supervision by the local regulatory authorities.
- Trusts in mauritius are governed by the trust act 2001.
- The number of trustees should not exceed four and one of the trustees must be a qualified trustee. st lawrence management limited is a qualified trustees as defined under the trust act 2001.
- Possibility to establish letters and memorandum of wishes.
- Anti forced heir ship rules.