Tips for foreigners opening a bank account in Mauritius

Foreigners out to buy a property in Mauritius‘s real estate development schemes must open a local bank account. The government requires this step as part of the due diligence process in authorising foreign purchases under the schemes.

The buyers must open this bank account as an escrow account designed for a Know-Your-Client (KYC) exercise of the concerned bank. The government requires this letter amongst the prerequisite documents in the foreign buyers’ property purchase application.

The local bank account required for foreign homebuyers in Mauritius also notably opens access to wide-ranging financial products and services. To get the most out of these benefits, buyers can choose from 20 banks on the island. These include local banks and foreign-owned bank subsidiaries. Here are some pointers to help buyers of a property in Mauritius pick the best bank suited for their needs.

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Find a trustworthy real estate agent

Engage a real estate agent well-versed in the banking policies and financial products available in Mauritius.

A foreign investor in real estate can buy a property in Mauritius without visiting the island. It is possible for foreign homebuyers to remotely set up an investment vehicle for the transaction, including bank account opening. They can also apply for a residence permit through the online platform of the Economic Development Board.  The buyers have to ensure first though that a trustworthy real estate agent in Mauritius is helping carry these out.

Check international bank relationship

Compare the international relationships of the Mauritian banks and open the account with one having ties with your home country. This is important because you must show proof of the source of funds when making large deposits in a bank account in Mauritius.

Consider the benefits of multiple currency accounts

Foreign buyers of Mauritius real estate have to pay their purchase amount in US dollars or its equivalent in another freely convertible foreign currency. Besides a foreign currency bank account for the purchase, it is advisable to also have Mauritius bank accounts in other main currencies. The internal exchange rate amongst most of the banks in Mauritius is competitive. Hence, maintaining multiple accounts can bring significant benefits.

It is important to note, however, that current accounts in foreign currencies are only allowed to receive funds via domestic and international bank transfers.

Opening a bank account to buy a property in Mauritius lays the groundwork for the systematic management of your wealth on the island.

Contact a 2Futures consultant for a walkthrough of our one-stop-shop for all the services you need to be part of Mauritius’ vibrant future.

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