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MAURITIUS A PREMIER DESTINATION FOR FAMILY OFFICES
Mauritius is not just a tropical paradise. It is also a haven for wealth management.
The island nation has seen a rise in the establishment of family offices. This is due to its robust legal and regulatory framework.
Mauritius offers political stability, a key factor for wealth preservation. It also boasts a favourable tax regime, attracting high-net-worth individuals worldwide. The country’s commitment to confidentiality and privacy is another draw. This is crucial for families seeking discretion in their financial affairs. In short, Mauritius offers an ideal environment for family offices, making it a premier destination for wealth management.
UNDERSTANDING FAMILY OFFICE SERVICES
Today Family Office plays an important role in assisting families to oversee and manage their wealth. The Financial Services Commission of Mauritius issued the financial services family office rules in 2020, where two main types of family office can exist: the Single Family Office (SFO) and the Multiple Family Office (MFO) License. As a matter of fact, family office is the new era of wealth management and Anagha Capital Ltd is here to cater for all your needs and help you attain your set goals.
In a SFO the investments, assets and estates of a Single Family are managed, whereas in MFO, Property and wealth of multiple families not necessary connected to one another are managed.
Family offices are private wealth management advisory firms. They serve high-net-worth investors. These firms are different from traditional wealth management shops. They offer a total outsourced solution to managing the financial and personal aspects of a wealthy individual or family.
For example, family offices can handle estate planning, risk management, and family governance. They can also manage tax services, philanthropy coordination, and succession planning.
In essence, family offices are not just about wealth management. They are about making life easier for wealthy families.
Here are some key services offered by family offices:
- Wealth management
- Estate planning
- Risk management
- Tax services
- Philanthropy coordination
- Succession planning
- Administer and manage investments, assets and/or estate(s)
- Manage the accounting and reporting
- Administer and manage philanthropic services
- Cater for training & development of upcoming generations
- Conduct and manage disaster recovery planning
- Make sure compliance with domestic and international legislations is adhered
- Establish impregnable family governance, wealth management strategies,
- family board(s) including family charter(s)
- Provide best tax advisory and compliance services
OUR THREE-STEP APPROACH
Our dedicated family office team provides a seamless and holistic approach to the challenges and opportunities that families face.
In a nutshell, we take care of the details so that you can enjoy the big picture!
Our Concept can be summarized as follows:
- Step 1 – Asset Protection: To secure, protect and structure your current assets
- Step 2 – Preservation, Growth and Transmission: To preserve and grow your wealth with the minimum risk while managing your lifestyle needs.
- Step 3 – Succession Planning, Values, Reputation and Governance: Planning of your succession by ensuring that along with your wealth, your values are also transmitted thereby leaving behind your legacy.
IMMIGRATION SERVICES
Amongst the most popular residency and citizenship schemes, we specialize in:
- Provision of Occupation permits as investors, self-employed or retirees in Mauritius
- Provision of Permanent residency in Mauritius (through property acquisition)
- The transition from one destination to another can be a cumbersome journey. At Anagha Capital, we take in charge all this complex process and make everything satisfying and memorable on your side.
THE FAMILY OFFICE SCHEME EXPLAINED
The Family Office scheme caters for the domiciliation of high-net-worth single family and multifamily offices characterised by two licences, namely the Family Office (Single) licence (SFO) and the Family Office (Multiple) licence (MFO). The scheme is regulated by the Financial Services Commission, Mauritius (FSC), the integrated regulator for the non-bank financial services sector.
Under the Family Office scheme, families will be able to hold international assets and funds.
To be eligible for a licence, each family will be required to domicile and actively manage a prescribed investible and liquid wealth base of more than USD 5 million. The family office would also be required to maintain, at all times, its physical establishment in Mauritius, as well as, other requirements.
No person shall carry out family office services (Single or Multiple) without a Family office licence issued by the FSC.
An application for a Family office licence shall be made in accordance with Part IV of the Financial Services Act in such form and manner as may be specified in the Financial Services (consolidated Licensing and Fees) Rules 2008. An application for a Family office services (single or multiple) licence must be made by a person with relevant experience in the field of wealth management, private banking, investment management (and/or any relevant field as deem appropriate by the FSC).
SFO AND MFO INCENTIVE
In order to be eligible for availing tax holidays for 5 years, a Family Office (Single) shall employ at least one professional and have assets under management of more than USD 5 million. For a Family Office (Multiple), it shall employ at least three professionals and have assets under management of more than USD 5 million for each family.
One of Mauritius’ most compelling advantages is its extensive network of Double Taxation Avoidance Agreements (DTAAs) with numerous countries. These agreements ensure that families can optimise their tax planning, minimise tax burdens, and facilitate efficient cross-border investments. Consequently, Mauritius has become a gateway for international investment, allowing families to diversify their portfolios while maintaining a tax-efficient structure.
Some of the main features of the family staff Mauritius regulatory regime as enacted by Rules made by the Mauritius Financial Services Commission:
- An application for a Family Staff Service Licence (single or multiple) may be made by a person with relevant experience in the field of wealth management, private banking, investment management (and/or any relevant field as deem appropriate by the Regulator).
- The family staff, whether it is an MFO or SFO may be:
- wholly-owned by family clients; and
- exclusively controlled by family members/family entities: –
- Spouses;
- Descendants of individuals and their spouses;
- Parents including step-parents and grand-parents;
- Parent-in-laws including step-parents-in-laws, brothers, step-brothers, sisters, step-sisters and their spouses;
- Spouses’ grand-parents, spouses’ brothers, spouses’ step-brothers, spouses’ sisters, spouses’ step-sisters and their spouses and children, as well; and
- Parents’ brothers, parents’ step-brothers, parents’ sisters, parents’ step-sisters and their spouses, children of the brothers, step-brothers, sisters, and step-sisters.
- The value of the assets and/or investments of each family under SFO or MFO management must be more than USD 5 million. The requirement refers to the minimum asset base of the Family and not of assets to be managed by the MFO/SFO.
- Each family staff shall, at all times, have a designated Money Laundering Reporting Staffr and a Deputy Money Laundering Reporting Staffr approved by the Regulator.
- A Family staff (Single) shall, at all times maintain a fully paid minimum stated unimpaired capital of at least USD 35,000 while a Family staff (Multiple) shall, at all times maintain a fully paid minimum stated unimpaired capital of at least USD 70,000.