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MAURITIUS ANNOUNCES THE REMOVAL OF THE TRAVEL BAN ON SOUTH AFRICA
After nearly 18 months, borders between South Africa and Mauritius are opening once again and the travel ban on South Africa has been lifted, effective 10th September and commercial flight operations will resume on 1st October 2021. This welcome announcement comes as a large relief to many South Africans who…
AMENDMENTS TO BVI’S PRIVATE TRUST COMPANY REGULATIONS – 2021
The BVI has become the jurisdiction of choice for private trust companies following the introduction of the Financial Services (Exemptions) Regulations, 2007 (as amended, “the PTC Regulations”). Currently there are more than 1000 of these private trust companies that have been established to date. A number of amendments to the…
RETIREMENT IN MAURITIUS AN OVERVIEW
Mauritius has a lot to offer those who are looking for an ideal location to spend their retirement years. With a tropical climate, mountains, beautiful beaches, and clear blue waters, there is something for everyone. In the 2021/2022 budget speech, the Mauritian government announced that they wish to attract 50,000…
HOLDING COMPANY FOR INVESTMENT INTO AFRICA: MAURITIUS V THE REST?
For a long time Mauritius has been perceived as the country of choice to facilitate entry into Africa, but the fact remains that Mauritius has made a lot of changes recently, not all of them positive, and so it is worth examining whether that is still the case or not.…
MAURITIUS ON COURSE TO EXIT THE FATF “GREY LIST”
During the June 2021 Plenary held by the Financial Action Task Force (FATF), it was determined that Mauritius has substantially completed its Action Plan of implementing the necessary anti-money laundering and combating terrorism financing (AML/CFT) reforms ahead of the agreed deadline and has been commended for the progress it has…
SOUTH AFRICA EXCHANGE CONTROL – “LOOPING” STRUCTURES
SUBMISSION OF REPORTS TO THE FINANCIAL SURVEILLANCE DEPARTMENT OF THE SOUTH AFRICAN RESERVE BANK (SARB) RELATING TO THE ACQUISITION OF SOUTH AFRICAN ASSETS VIA OFFSHORE LOOP STRUCTURES. In the Exchange Control Circular 1/2021 of the SARB, it is noted that the full ‘loop structure’ restriction has been lifted to encourage…
CHINESE HOUSEHOLD WEALTH AND THE WEALTH CONNECT PROGRAMME – WHAT IT MEANS FOR BVI AND CAYMAN
A recent article written by Thomas Hale and Tabby Kinder, published in the Financial Times on 5th July 2021 brought to light some of the tentative steps taken by Chinese authorities at liberalization of their capital markets and the effects of the strengthening of the renminbi. (For the full article,…
WHAT YOU NEED TO KNOW ABOUT THE LIBOR TRANSITION
Many financial markets have relied on Interbank Offered Rates (IBORs), the basic rate of interest used in lending between banks, as a basis for a variety of financial transactions and decisions for decades. The London Interbank Offered Rate (LIBOR), the most widely used interest rate benchmark, is reported daily in…
CHANGES IN THE LAW REGULATING ACQUISITION/DISPOSITION OF PROPERTIES IN MAURITIUS BY FOREIGNERS
Mauritius real estate market has seen an increasing number of foreigners during the last decade who have acquired immovable property. The government of Mauritius implemented various schemes through which such properties can be acquired and the necessary legislative framework to regulate such activity by providing that any such acquisition requires…
CONTRIBUTION SOCIALE GÉNÉRALISÉE: MAURITIUS
As from 1 September 2020, the National Pension Fund has been abolished and replaced by the Contribution Sociale Généralisée (“CSG”). The CSG is an uncapped contribution and it aims to aid the low earning, including self-employed individuals as well as Small and Medium Enterprises (SMEs). Every participant and every employer…