The Overseas Family Office (“OFO”) was announced in the Mauritius Budget 2016/2017. The Scheme aims at the enhancement of our position as a wealth management destination via management of assets of High Net Worth Individuals (“HNWI”) and families in Mauritius.
The Financial Services Commission issues two sets of licenses: the single OFO & the multiple OFO. The OFO is required to actively manage a prescribed minimum investible and liquid wealth base of USD 5 Million.
The Scheme primarily provides the OFO Licensee the benefit of a 5-year tax holiday on income derived from the activities covered under the OFO licence and the opportunity to oversee all family operations together from a single base.
The OFO licensing requirements include physical establishment in Mauritius and employment of professionals resident in Mauritius.
Moreover, the OFO will benefit from the network of Double Tax Avoidance treaties of Mauritius, the eligibility to acquire immovable property in Mauritius and the opportunity to live and work in Mauritius (subject to conditions) which is extended to immediate family members in Mauritius.
With a view to assist HNWIs, safeguard their wealth and benefit from the abovementioned new scheme, MITCO’s dedicated team can assist with the following specialist services:
- guidance on the OFO licence types for application;
- guidance on the set up of relevant business structures;
- advice and assistance in the implementation of the necessary conditions and criteria to be met by the HNWI;
- provision of physical establishment;
- permit applications guidance;
- management and administration of the day-to-day activities of the family business;
- accounting and reporting services;
- financing advice, structuring and support
- legal and compliance services; and
- ongoing reporting to the family.