A Foundation is a separate legal entity without shareholders and members but have beneficiaries. A Foundation can be considered as a medley between a trust and a corporate entity. A Foundation is generally established to reflect the wishes of a Founder(s), who may be an individual or a legal entity. In a Foundation, it is the Council who manage the day to day affairs of the property of the foundation.
Foundations in Mauritius are governed by the Mauritius Foundations Act 2012 (the ‘Foundations Act’) and managed by the Foundation Council which carries out the objectives and purposes of a Foundation.
Potential uses of Foundations:
- Private wealth management
- Inheritance tax planning/succession planning
- Estate planning
- Avoidance of forced heirship rules
- Pension funds
- Art collection
- Charitable purposes
- Financial planning tool for clients who want to maintain more personal control of the assets
Advantages of a Mauritius Foundation
- The founder of a Mauritian Foundation has the protection and comfort for a long-term wealth management
- The assets of the family are preserved over generations with maximum tax efficiency, succession laws, forced heirship rules
- Separate legal personality so that it may enter into contracts in its own right
What can be held in a Mauritius Foundation?
- Bankable assets (i.e. cash, bonds, securities);
- Real estate (commercial or residential);
- Shares and stocks in both listed and private companies;
- Insurance policies;
- Intellectual property;
- Most other types of assets.
How can MITCO help?
- Assist with the establishment of a Mauritius Foundation
- Provision of council members to act as the Foundation council
- Provide assistance in the setting up of holding companies to hold the Foundation assets
- Provision of statutory and accounting services
We invite you to contact our Business development team on firstname.lastname@example.org or your relationship manager at MITCO for any further information that you may require on Mauritius Foundation and other services available within MITCO Group.