LIVE IN MAURITIUS

Named after the Dutch prince Maurice van Nassau, Mauritius has an area of 1,865 k m² and measures at its largest points 65 km long and 45 km wide. Its population is a little over 1.3 million and its capital Port Louis. A republic since 1992, Mauritius is the most prosperous of the Indian Ocean islands and the countries of the African continent.One of its secrets is top- range tourism, respectful of the environment.

Known as the star and key of the Indian Ocean, Mauritius has achieved a remarkably successful economic performance, moving from the status of developing country to that of a newly industrialised country.It has brought about significant structural changes over the past thirty years in order to adapt to the conditions of a modern economy. Originally an agricultural economy relying solely on sugar cane cultivation, the country set out to diversify its economy by developing sectors such as textiles, tourism and financial services. As a result of the economic stability thus achieved, the island has become a hub for the African and Asian regions.

In 2010 Joseph Stiglitz, the Nobel laureate in Economics, highlighted the way the country faced up to the world financial crisis, describing it as a “Mauritian miracle”.

In 2017 the growth rate of the Mauritian economy was 4%. The unemployment rate is stable at 7.9%.The banking sector is particularly well developed with 21, of which 5 local banks, 10 foreign-owned subsidiaries, 1 is a joint venture, 4 are branches of foreign banks and 1 is licensed as a private bank. Two local banks, the Mauritius Commercial Bank and the State Bank of Mauritius, dominate the market but subsidiariesof the big international banks such as Barclays Bank, the HSBC, the Standard Chartered Bank and the Deutsche Bank are also present. Mauritius also has a stock exchange, the Stock Exchange of Mauritius (SEM).

To reshape its economy and prepare for the future, the Mauritian government intends to attract a maximum of foreign investment to the country. Advantages include:

• A favourable tax regime
• Thriving banking and offshore centres
• An emerging country with advanced IT and telecommunication facilities
• A minimal time-zone difference from the main European capitals

With a stable political system, an economy with positive growth for over 25 years and a strategic geographical position at the heart of the Indian Ocean, Mauritius has become a privileged destination for foreign investors, but also, since the implementation of schemes such as the IRS and Smart City, a favorite place for well-to-do foreign owners seeking an exclusive lifestyle.

Mauritius takes pride in being one of the rare multicultural countries with an exemplary climate of social harmony.

Independent since 1968, the country respects freedom of expression and religion, among others, and remains a safe destination. It is also the most prosperous country of the Indian Ocean and among the most flourishing in Africa. Its institutions are modelled on the British (Westminster) parliamentary system with a government elected every five years and headed by a prime minister.

Since independence the country has opted for a liberal economy favouring free enterprise and foreign investment. In recent years it has fine-tuned its legislative framework so as to boost economic development within the country but also to open it up to the rest of the world.

With a growth rate of nearly 4%, Mauritius offers plenty of opportunities.

An anti-money laundering law has been put in place to favour economic development while at the same time guaranteeing observance of the rules of transparency, good governance and ethical standards.

The legal framework concerning economic development is a combination of British law and the French Code Napoléon.

More information on http://www.govmu.org/

Mauritian society,diverse, original and dynamic, sees itself as a harmonious blend of tradition and modernity.

The literacy rate of over 90% is the highest in Africa. English and French are the official languages and Creole is widely spoken. Many hotel employees are fluent in German, Italian and Spanish.

The originality and charm of Mauritius derive from its diversity and cultural richness. People of European, African, Indian, Chinese and mixed origins live in harmony and practice Islam, Hinduism, Buddhism and Christianity.

French, English and international schools, a multi-lingual press, and international satellite channels are everyday things in this cosmopolitan society open to the world and its influences.