The enduring trend to pursue a better quality of life holds the spotlight firmly on Mauritius because of the island’s appeal to expats looking for a new home and investors wanting to develop business interests there. Having access to cash is a priority for all concerned and it’s a good idea to do your homework beforehand so that you know what’s required when opening bank accounts on the island.
The National Budget 2022-2023 ensures that Mauritius remains among the most business-friendly countries in the world. It literally costs nothing to start a business and incorporate a company on the island. In addition, the Bank of Mauritius will make certain that a bank account can be opened within one week regardless of whether it is for an individual or a business.
Enlist a financial or investment expert on home turf to guide you through financial emigration and make the necessary introductions to colleagues on the island who can facilitate banking and investment-related requirements.
Brent Wealth, the Mauritian sister company of SA-based Brenthurst Wealth, can assist with opening a bank account with a choice of currency without the client having to be on the island, global portfolio management, establishing or relocating a business to Mauritius, and property purchase, among others. “Most financial institutions in Mauritius offer mortgage bonds between 60% and 70% on the value of the property with the balance being funded by the investor. They charge around 4.5% interest per annum,” according to Brenthurst Wealth.
Absa Bank (Mauritius) is one of the island’s oldest financial institutions. They offer a full suite of service offerings in retail, business, and corporate and investment banking. This includes the opening of cheque, foreign currency, and local rupee accounts.They also offer credit facilities in the form of credit cards, overdraft facilities, and auto loans and provide finance for private individuals up to 65 years of age. They offer noncitizens of Mauritius home loans up to 70%, loan to value, based on the purchase price of the property, and provide finance in US dollars or euros as requested. Interest rates range between 3.35% and 3.15%.
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Need to know
Noncitizens can open a savings account for regular transactions, transfers, withdrawals, and internet banking. You will get a debit card to withdraw cash from ATMs and facilitate direct debit payments.
To open a current account in Mauritian rupees you must provide a copy of your passport and relevant visa as well as proof of address (a utility bill in your name from a Mauritian supplier). In return, you will be given a chequebook, debit and credit cards, and access to internet banking.
You will need a minimum deposit to open a current account. This varies between MUR 1,000 and MUR 5,000.
You can have access to foreign currency accounts, but these may only receive funds via domestic and international bank transfers. These accounts attract fixed interest rates (term account) or variable interest rates (remuneration based on the available amount).
Remember that if a relationship exists between your home countryand your preferred Mauritian bank, it is mandatory to be able to verify the source of large deposits into a Mauritian bank account.
Home loan propositions are generally tailor-made for each individual and the documents required to apply for a bank loan are specific to them. Once the bank has all the necessary documents, and a written offer for the desired property, they can process the application within 14-21 working days.
Best banks in Mauritius
AfrAsia Bank is the Best Bank in Mauritius 2022, judged by Global Finance Awards – Best Banks in Africa. Absa is a previous winner of this award.
Global Finance is an international magazine that covers news and insights for corporate financial professionals spread over 193 countries and territories. This 29thedition rewarded the financial institutions that exceeded their customers’ needs in challenging markets and accomplished strong results while laying the foundations for future success.
Malachy McAllister, CEO of AfrAsia Bank, said, “With the constant evolution and high competitiveness of the African banking industry, we continue to maintain our footprint and aspire to be the financial conduit bridging the continent to global opportunities. This achievement testifies to our underlying commitment to deliver a purpose beyond banking while creating a sustainable future for our stakeholders and the communities that we serve.”
Useful links for expats
- AfrAsia Bank: afrasiabank.com
- Absa Bank (Mauritius): absabank.mu
- The Mauritius Commercial Bank: mcb.mu
- State Bank of Mauritius: sbmgroup.mu
- BCP Bank (Mauritius): bcpbank.mu
- Bank One: bankone.mu
- Investec Bank (Mauritius) Limited: investec.com
- SBI International (Mauritius) Ltd: sbimauritius.com
- HSBC Bank (Mauritius): hsbc.co.mu
For rolling stones
HSBC Expat is an all-encompassing bank account that connects your life overseas with your finances elsewhere in the world no matter where you choose to live. You get easy access to your accounts via a mobile banking app, online banking, and telephone banking. Current accounts are available in pound sterling, US dollar, and euro, while additional savings accounts can be opened in up to 19 currencies.
An HSBC Expat account suits people who have recently moved, are planning to move overseas, or move regularly between different countries. It enables regular international payments and is useful for people who have assets or family abroad, such as children studying overseas. Terms and conditions apply.
