With a view to diversifying the country’s financial services sector and increasing wealth management activities in the country, the Mauritian Government has introduced the Overseas Family Office Licence (“OFO”). The aim of the Mauritian government is to position the country as an international financial centre with a reputation for ease of doing business. Owing to a growing number of multi-millionaires in the region, it is anticipated that Africa will see its Ultra High Net Worth Individual (UHNWI) segment grow by 31% by 2023. In this spirit, in order to explore its diversification strategy and to enhance the sector of wealth management, the government of Mauritius came with the introduction of the Overseas Family Office License in its 2016-2017 budget speech.

The Overseas Family Office Scheme (the “Scheme”) caters for the domiciliation of high net worth single-family and multi-family offices, characterised by two licences under the Scheme respectively. The Scheme is regulated by the Mauritius Financial Services Commission (“FSC”) and the licences are governed by the Financial Services Act and the new Financial Services (Family Office) Rules 2020.

In 2016, the Financial Services Act 2007 was amended to introduce the:

• The Overseas Family Office (Single) Licence (“SFO”); and
• The Overseas Family Office (Multiple) Licence (“MFO”).

The OFO aims at the enhancement of Mauritius as a wealth management destination via management of assets of High Net Worth Individuals (HNWI), Ultra-High Net Worth Individuals (UHNWIs) and families in Mauritius. The main activities of the OFO include to:

• Focus on the management and comprehensive administration of a family’s wealth,
• Create tools that allow the family to efficiently protect and develop its assets,
• Plan key activities,
• Provide tax, accounting and legal advice, and
• Assist with property management, plan philanthropic and similar activities.