taxation on offshore assets if retired in Mauritius

ovtchae Active member

25POSTS

9 years ago

Dear Members,
I posted the questions under "formalities" but it seems I should have done it under "tax".

What are the tax liabilities of a person on Retirement Permit(RP) in Mauritius?
听
鈥⑻� 听 is the capital (40K USD per year or 120K before applying) brought to Mauritius in the process for RP taxable?
鈥⑻� 听 Does one (retiree om RP) have to declare his worldwide assets and are they taxable in Mauritius? I think they are taxable only if remitted to Mauritius and not a capital, right?
鈥⑻� 听 Is it needed one to report to MTA If one is a shareholder and/or Beneficial Owner of a company outside Mauritius (not doing business in MUR). Does one have to declare the assets of such a company and is such company taxable if one live in Mauritius as retiree?
鈥⑻� 听 If one transfer USD 120,000 at time of application he should be allowed to purchase an apartment. Can one use portion of those 120K for the purchase?

Regards

See also

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gawesh Serial expat

282POSTS

9 years ago

Dear Eugene,

It depends on the jurisdiction in which you have elected to reside (and the laws in that jurisdiction) and various Double Taxation Treaties that are in place in that jurisdiction.

But tax matters are not trivial especially if you have investments in different jurisdictions.

Depending on the size of your investments, either you can take an educated guess based on opinions received on the forum (for which there is no guarantee whether it's right or wrong in your context) or refer to professional advice.

Regards
Gawesh

ovtchae Active member

25POSTS

9 years ago

Hello,
I am investigating in case that I reside in Mauritius as retired non-citizen.

neil watson Member

3POSTS

9 years ago

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Nadeem ViP

1287POSTS

9 years ago

ovtchae wrote:
Dear Members,
I posted the questions under "formalities" but it seems I should have done it under "tax".

What are the tax liabilities of a person on Retirement Permit(RP) in Mauritius?
听
鈥⑻� 听 is the capital (40K USD per year or 120K before applying) brought to Mauritius in the process for RP taxable?
鈥⑻� 听 Does one (retiree om RP) have to declare his worldwide assets and are they taxable in Mauritius? I think they are taxable only if remitted to Mauritius and not a capital, right?
鈥⑻� 听 Is it needed one to report to MTA If one is a shareholder and/or Beneficial Owner of a company outside Mauritius (not doing business in MUR). Does one have to declare the assets of such a company and is such company taxable if one live in Mauritius as retiree?
鈥⑻� 听 If one transfer USD 120,000 at time of application he should be allowed to purchase an apartment. Can one use portion of those 120K for the purchase?

Regards

- tax in Mauritius is based on surplus / profit. You are supposed to bring in USD40,000 for your own expenses. The residual (after expenses) might be taxed, but then If they are from your savings they are not taxed anyway (similar to capital you would bring in a business).听 I'm trying to explain in a laymen language.

-听 worldwide assets should declared normally, but taxes only charged on income realized in Mauritius, assets are not taxed per say, therefore whether you declare or not is not that relevant. Only surplus income or profits are taxed here, there are no tax on revenue.

-听 the answer to your point 3 is NO.

-听 yes you can use a portion of the USD120,000 to purchase the property.

Kind regards,
Nadeem