Kamlesh Bhuckory

Mauritius

Correspondent at Bloomberg News

Bloomberg News Correspondent in Mauritius and Radio Columnist

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Articles

Mauritius Plans Temporary Tax Hikes to Stabilize Public Finances

1 day ago | bloomberg.com | Kamlesh Bhuckory |Prinesha Naidoo

Residential buildings in Port Louis, Mauritius. (Bloomberg) -- Mauritius will temporarily raise taxes on individuals and corporations and cut spending on some social programs to shore up revenue and stabilize public finances. The island nation known for having one of the most competitive tax jurisdictions in the world will introduce a so-called fair-share contribution on high-income earners and impose additional levies on profitable sectors for three years through June 2028.
A Guide to the UK’s Chagos Deal With Mauritius

2 weeks ago | bloomberg.com | Kamlesh Bhuckory |Joe Mayes

The Diego Garcia military base. (Bloomberg) -- More than two centuries of British control over the Chagos islands are coming to an end after the UK government agreed to cede ownership of the Indian Ocean archipelago to Mauritius and pay an annual fee to continue operating a military base there. Terms were agreed in October 2024, but then power changed hands in Mauritius and the new premier, Navinchandra Ramgoolam, questioned the benefits of the agreement.
UK to Pay Mauritius £101 Million a Year to Use Military Base

2 weeks ago | bloomberg.com | Kamlesh Bhuckory |Joe Mayes

Diego Garcia(Bloomberg) -- The UK agreed to cede an Indian Ocean archipelago to Mauritius while retaining control of a strategic military base on one of the islands, ending a long-running negotiation that had become a point of controversy for British premier Keir Starmer. Under the deal with Mauritius, the UK will pay an average of £101 million ($136 million) annually for continued use of the facility, Starmer told a news briefing on Thursday, in the first confirmation of the terms of the pact.
Како Маврициус ги привлекува богаташите?

2 weeks ago | mk.bloombergadria.com | Prinesha Naidoo |Kamlesh Bhuckory

Сподели ја веста WhatsApp Viber Link copied Copy link Свет 20 мај 2025, 12:08 Маврициус се појавува како еден од најбрзорастечките пазари на богатство во светот, со прогноза за двојно зголемување на неговата милионерска популација до 2033 година. Сега островската нација работи на искористување на бумот и отстранување на својата репутација како даночен рај.
Mauritius Wants to Ride a Wealth Boom Out of Its Tax Haven Reputation

2 weeks ago | bloomberg.com | Prinesha Naidoo |Kamlesh Bhuckory

A beach at a resort in Le Morne Peninsula. (Bloomberg) -- Mauritius is emerging as one of the world’s fastest-growing wealth markets, with its millionaire population projected to double by 2033. Now, the island nation is working to harness the boom — and shed its reputation as a tax haven. The new government, in office since November, is courting family offices, wealth managers and fintech firms as it looks to diversify the $14.6 billion economy beyond tourism and real estate.
Foreign Demand for Luxury Real Estate in Mauritius Surges

1 month ago | bloomberg.com | Kamlesh Bhuckory

Heritage Villas Valriche in southern Mauritius. (Bloomberg) -- Foreign demand for luxury properties continues unabated in Mauritius, an Indian Ocean island nation known for its long stretches of white-sand beaches, blue lagoons and an absence of capital gains and inheritance taxes. Foreign direct investment in Mauritius’ real estate industry climbed 13% to almost 24 billion rupees ($530 million) in 2024, according to preliminary estimates published by the Port Louis-based Bank of Mauritius.
Mauritius Former Finance Minister Secures Bail in Fraud Inquiry

1 month ago | bloomberg.com | Kamlesh Bhuckory

Renganaden Padayachy(Bloomberg) -- Mauritian police released former Finance Minister Renganaden Padayachy on bail after he spent five days in custody as part of a fraud probe by the Financial Crimes Commission. Last week, the FCC arrested Padayachy and ex-central bank governor Harvesh Seegolam over allegations of “fraud by abuse of position.” The arrests related to the acquisition of shares by Mauritius Investment Corp., a subsidiary of the central bank.
Mauritius Former Finance Minister Secures Bail in Fraud Inquiry

1 month ago | news.bloombergtax.com | Kamlesh Bhuckory

Mauritian police released former Finance Minister Renganaden Padayachy on bail after he spent five days in custody as part of a fraud probe by the Financial Crimes Commission. Last week, the FCC arrested Padayachy and ex-central bank governor Harvesh Seegolam over allegations of “fraud by abuse of position.” The arrests related to the acquisition of shares by Mauritius Investment Corp., a subsidiary of the central bank. MIC bought shares in Eastcoast Hotel Investment Ltd.
Mauritius Plans New Spending as IMF Warns on Next Budget Outlays

1 month ago | bloomberg.com | Kamlesh Bhuckory

Port Louis, Mauritius. (Bloomberg) -- Mauritius’ lawmakers will vote on additional spending of 21 billion rupees ($472 million) for the fiscal year through June, as the International Monetary Fund urges the government to reduce outlays in the next budget in order to stabilize its finances. The extra amount will add to the 290 billion rupees of expenditure approved by lawmakers last year, as part of a budget that drew criticism from the new government.
U.S. tariffs hit unlikely target: Monkeys used in COVID research

2 months ago | seattletimes.com | Kamlesh Bhuckory

President Donald Trump’s new tariffs will likely make imports of long-tailed macaques that U.S. pharmaceutical companies use for trials 40% more expensive. Mauritius supplied 60% of the primates needed by American pharmaceutical research in 2023 and shipped 13,484 monkeys last year, according to the Indian Ocean island nation. Mauritius’ new tariff rate under Trump, one of the highest in Africa, may also hurt sugar and textile sales, the country’s two other main exports.