Mauritius is an attractive destination to do business, live and invest, thanks to its combination of a favorable tax regime, strategic location, political stability, tropical climate, and high quality of life.
Whether for business or investment, opening a bank account in Mauritius is essential, in order to get finances in order.
Advantages of opening a bank account in Mauritius
Opening a bank account in Mauritius is a popular choice for individuals and businesses alike due to the numerous benefits and advantages it offers.
Here are just a few:
- Political stability: the government of Mauritius has made a concerted effort to encourage foreign investment, resulting in a robust and stable banking sector.
- Strong financial system: Mauritius boasts a well-developed financial system that is carefully regulated by the Bank of Mauritius.
- Tax benefits: the country has a low-tax regime, which is particularly attractive to individuals and businesses looking to open bank accounts.
- Access to international markets: strategically located in the Indian Ocean, Mauritius is well-connected to international markets, with a modern and efficient infrastructure that makes trading with other countries a breeze.
- Cultural diversity: as a multicultural and multilingual society, Mauritius is an ideal place for businesses that want to tap into a variety of markets.
Requirements to opening a bank account in Mauritius
Opening a bank account in Mauritius is relatively straightforward for both resident and non-resident foreigners, although the specific procedures and documents required may differ.
For foreigners, there are two types of accounts available:
- a savings account for regular transactions, withdrawals, and transfers, and
- a current account that can be opened with either local or foreign currencies.
It’s important to keep in mind that foreign currency accounts in Mauritius can only receive funds through domestic and international bank transfers, and the minimum deposit required may vary depending on the specific regulations of the selected bank.
Document requirements for residents of Mauritius:
For Mauritian residents, the following documents are required:
- Original and copy of a valid passport (in color)
- Proof of address (Original and copy of a utility bill in the applicant’s name)
- A certificate detailing the origin of income or assets.
- Residence permit issued by an approved body.
Once these documents are submitted, a checkbook, debit card, and access to Internet banking will be provided once the account is opened. It is also important to note that a minimum deposit is required, which varies depending on the bank.
Document requirements for non-residents in Mauritius:
Non-resident foreigners must be physically present on the island to open a bank account, and the required documents are as follows:
- Original and copy of a valid passport
- Documentation indicating the applicant’s residency status in their home country
- A valid CV (Curriculum Vitae).
Note that extra documents may be required by the chosen Mauritius bank.
What to consider before opening a Mauritius bank account
As a foreigner looking to open a bank account in Mauritius, there are a few important things to consider.
- Firstly, it’s worth noting that citizens from certain countries that are experiencing political instability or military conflicts may be prohibited from opening a bank account in Mauritius.
- Additionally, banks in Mauritius have strict regulations in place to prevent money laundering and terrorist financing, so it’s important to ensure that your funds come from legitimate sources.
- Another important consideration is the relationship between your home country and the Mauritian bank you choose. Some banks have international relationships that can make it easier for you to transfer funds between countries, but it’s important to check the specific requirements of each bank.
Opening a Mauritius bank account online
In addition to traditional methods, there is now an option to open a Mauritius bank account online through a management company approved by the Financial Services Commission (FSC). It is recommended to check with your chosen bank if they have a specialized department for expatriates to assist with the application process.
Are you looking to open a Mauritius bank account, either personal or your business? – Contact your Damalion experts now.
