Bank Account Opening Considerations
In recent years, Mauritius has become a leading financial centre, with increasing economic growth, excellent schooling, low crime rates, and political stability. The process to open a bank account with the appropriate assistance can be your first step towards a successful relocation to Mauritius. Whether your intention is to permanently reside, benefit from tax structures, or invest, a Mauritian bank account is your foot into the Mauritian market.
Physical Presence Not Required For Opening A Bank Account In Mauritius
Unlike other jurisdictions, your physical presence and residency in Mauritius is not required for you to qualify to open a bank account. The documentation required is straight forward and basic documentation such as passport copy, proof of residence such as a utility bill, and your last payslip must be submitted interalia with your application to your bank of preference. The turnaround time of the process can take 8 – 12 weeks to be completed.
USD / Foreign Currency Accounts
Both residents and non-residents can have access to current accounts in foreign currencies, however, foreign currency accounts are only allowed to receive funds via domestic and international bank transfers. Foreign currency accounts also bear interest at fixed rates (term account) or variable interest (remuneration of the available amount). You can either open a bank account in the local currency or have access to your current account in your foreign currency. A minimum deposit amount tends to vary and is dependent on the bank. In general, it is between MUR1,000 and MUR5,000 or its equivalent in convertible currency.
A Requirement For Issuance Of Permits
A bank account is required as part of the application process for a Retired Person Permit, Occupation Permits as Self-Employed, and Investor. Your process can be streamlined if the bank account opening has already been completed prior to submission of your application.
Transferring Your Funds from South Africa to Mauritius
The ZAR volatility has made it equally important for one to have an optimal remittance strategy in place. Once your account is open, it is important to choose the most effecting route of transferring funds from your South African bank account to your new Mauritian account. You will need to ensure this is done both in compliance with exchange control and South African Reserve Bank rules. The timing of the transfer is also key to ensure you receive a favourable rate of exchange, thus making it imperative that you have flexibility hereon.
Should you require any future information, or are interested in opening and bank account in Mauritian, please feel free to contact us.
