It was in 2011 that MFMER, described in the data of offshore specialist firm Conyers Dill & Pearman as a not-for-profit corporation, registered Mayo Clinic GBS Mauritius to be wholly owned by Mayo Foundation.
Leaked data show that before countries like India decided to rein in tax treaty benefits to increase their own tax base, bankers and companies like Conyers Dill & Pearman raised red flags over tightening regulations and compliance.
The Double Taxation Avoidance Agreement (DTAA) was signed between India and Mauritius in 1982. Under this, any entity could apply for tax residency and pay zero capital gains tax. This became the principal reason why Mauritius emerged as a top channel for investments being routed into India.
At the heart of the 18-country collaborative investigation by the International Consortium of Investigative Journalists (ICIJ) and The Indian Express are data from Conyers Dill & Pearman, an offshore specialist law firm with several Fortune 500 companies as clients.