Mauritius a leading offshore centre among Africa’s IFAs

Added 1st July 2016

Mauritius is set to become the offshore centre of choice among financial advisers based in Southern Africa, a new survey has revealed.

Mauritius a leading offshore centre among Africa’s IFAs

The study, conducted by insurer Providence Life, questioned over 200 independent financial advisers in the region and found that 13% listed the volcanic island nation as their first choice as a trust domicile for their client’s retirement funds, with 49% naming Mauritius as their second choice.

Overall, around 15% of respondents said they use offshore products that are domiciled in international financial centres (IFCs).

Meanwhile, over a quarter of advisers said it is very likely that they would use Mauritius-based products.

Providence Life’s chief executive Austin Blair said Britain’s unprecedented decision to leave the European Union, announced on 24 June, had raised doubts over the future use of EU-based offshore jurisdictions, such as Luxembourg.

“Over the coming years, it could well be that IFAs in Southern Africa and elsewhere in the region look for innovative solutions that are domiciled much closer to home - in Mauritius, for example,” he said.

Carrick Wealth

Last month, South African advisory firm Carrick Wealth revealed to International Adviser that it has opened a satellite office in Mauritius to advise expats around the world using video-calling services such as Skype.

“We chose Mauritius as a location to set up offshore investments due to its advantageous tax status, it has 15% corporation which we feel is beneficial to our clients.

“In addition, the license that we have been granted there allows us to offer a wider level of advice compared to South Africa,” said the firm’s managing director Craig Featherby.

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Monira Matin

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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