Trusts
Trusts are used worldwide for asset protection and estate planning. In Mauritius, Trusts are governed by the Trust Act 2001.
The duration of a trust other than a purpose trust shall not exceed ninety-nine years from the date of its coming into existence, unless it is earlier terminated. Trustees have a strict duty of confidentiality as imposed by the Trust Act 2001.
They have a duty to keep confidential and unless ordered by the Court of Judge in Chambers, they are not allowed to disclose information or documents relating to a trust to any person not legally entitled to it.
From a tax perspective, there is a flexibility of election as either a resident or a non-resident trust. Where the trust opts to be resident in Mauritius, it will be taxed at 15% after distribution and may benefit from the extensive treaty network. A trust can also apply for a GBC licence.
There are various types of trusts which can be set up such as:
Protective or Spendthrift Trust
Charitable Trust
Purpose Trust
Discretionary trust
Antrix Corporate sets up your Trusts in Mauritius
Salient Features
1. Registration of a trust is optional
2. Possibility to appoint a protector and/or Enforcer
3. Choice of foreign laws as proper law of Trust
4. Possible to have custodian trustee
5. Anti-forced heirship rule exists
6. Possible for tracing of trust assets in case of breach of trust
7. May accumulate all or part of the income of the trust for a period not exceeding the maximum duration of the trust
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Trusts
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