- Who Can Open an Account in Mauritius?
- Online Account Opening in Mauritius for Non-Resident Companies
- Minimum Deposit Requirements in Mauritius Bank
- World Elite Black Credit Card from Mauritius
- What about the Banking System of Mauritius?
- What Other Benefits Does a Bank Account in Mauritius Give a Foreigner?
- Fees and Practical Details
- Currency for Account Opening and Transfers
- Types of Accounts
- Account Opening Terms and Service Arrangements
- How Do I Open a Private Bank Account in Mauritius?
- Procedure of Opening a Private Bank Account in Mauritius
- Documents Required for Opening a Private Bank Account in Mauritius
Why open a private offshore bank account in Mauritius? Can you open an account remotely? Yes! Here are some of the key benefits of opening a non-resident bank account remotely in Mauritius:
- Remote bank account opening in a strong regional bank with around 900,000 clients.
- Available without discrimination to all non-sanctioned individuals and countries (US citizens welcome)
- This Mauritius bank account is available for private wealth purposes meaning private individuals, but also international companies, foundations and trusts if they are not carrying out day-to-day commercial business through the account. Holding companies, personal service companies etc are welcome and investment business is OK.
- Absolutely top of the range Black World Elite credit card with many travel benefits available in USD or EUR (described in more detail below)
- Dedicated Private banker to answer all your questions and provide advisory services.
- Direct access to 24/7 trading desks for investment purposes
- Crypto is an acceptable source of funds. You can send and receive funds from your own accounts at reputable crypto exchanges.
With our assistance, you can have a direct channel to our private banker who will expedite your account opening. This way you can open a bank account in Mauritius and enjoy its numerous advantages.
Who Can Open an Account in Mauritius?
Our preferred Mauritius bank does not impose any restrictions whatsoever on the opening of private accounts by foreigners. It is normally not necessary to travel to Mauritius to open your bank account. Of course, if you choose to travel to meet the bank, you are very welcome – extra benefits like private banking style concierge services await you.
The only type of client that is not accepted is sanctioned clients: North Korea, Iran, etc, or individuals who are subject to US sanctions.
The main, unsurprising condition is that clients must provide comprehensive due diligence and KYC information about themselves and be willing to justify the source of funds. This information is standard across all banks in Mauritius and worldwide.
Mauritius is of course a signatory to CRS and FATCA so it is important to specify your tax number (TIN = taxpayer identification number or its functional equivalent) assigned in your country(ies) of residence.
Useful tip: If for some reason you are not able to get such a number, then you will have to specify the reason why it is so in your questionnaire. It is possible that your country does not assign tax numbers or they are not required, or the taxpayer does not receive a number because of his religious beliefs. If this applies to you, we suggest you request our assistance.
of personal bank accounts abroad for
persons depositing €5000+. Expert services
based on 7+ years of experience in banking.
of personal bank accounts abroad for persons depositing €5000+. Expert services based on 7+ years of experience in banking.
Online Account Opening in Mauritius for Non-Resident Companies
This account is available equally to non-resident corporate entities (including foundations, trusts etc) for private wealth management or family office purposes. The account is not intended for commercial transactions, so you cannot use it for making typical commercial payments. You can, however, have occasional SWIFT transfers in and out from related accounts or pre-approved third parties.
In what circumstances could this account be useful to a company for commercial payments? Here are some we can think of:
- If you work through an offshore personal service company and invoice your “salary” every month that’s fine. This system is often used by expats such as IT contractors, offshore oil workers etc.
- A holding company account would also work if you only send and receive dividends or disbursements a few times per year. In this latter case, we recommend you open both the corporate account and a personal account in the same bank.
- Online marketers who are receiving one regular weekly or monthly payment from a recognized ad platform could use this account.
- There’s no restriction on using the Black Credit Card (more information below) for business payments, such as travel, advertising etc.
As such, this account would be a good second company account to cover a back-up, savings and corporate treasury role, while you carry out day-to-day payments elsewhere. You could use other banks, e-wallets, EMI solutions or even cryptocurrency for your bulk day-to-day bulk payments – then send one transfer per month to this account to make your company’s spare cash work for you and/or to pay the monthly credit card bill.
Minimum Deposit Requirements in Mauritius Bank
Having read about the benefits of this Mauritius Bank account online, you may be thinking that a huge minimum deposit is required. Fortunately, that is not the case. In order to qualify for private banking (including the remote account opening benefit) there are two simple requirements:
You need a minimum relationship value of USD 400,000. This can be in the form of investments, deposits or loans. For example if you invest USD 300,000 in a share portfolio then take out a USD 100,000 lombard loan against it, you will have reached the USD 400,000 requirement; OR
If you commit to deposit at least USD 10,000 per month, you are completely exempt from the minimum deposit requirement. This could be your salary, pension, dividends from your own company overseas, etc. The point is USD 10,000 or more should hit your account each month from a regular source.
Additionally, the Mauritius bank provides convenient and favorable conditions to offshore or non-resident clients. The opening of your account can be carried out within a reduced period of time (within a week or less) provided that all the fields of the questionnaire are properly filled out. Please feel free to contact us first for a pre-check and to analyze the documents that will be needed based upon your individual circumstances and source of funds. We will help you fill out everything and explain the required documents in simple language.
Of course, you will be able to manage your account remotely using an online platform. You can access it not only from a PC, but also from your mobile devices (tablets, phones). The Mauritius bank offers reasonable fees, and carries out SWIFT transactions the same business day upon receiving client’s instructions.
World Elite Black Credit Card from Mauritius
One of the biggest benefits of opening this Mauritius Bank account online is a very special credit card reserved exclusively for account holders. This is a contactless card with chip security, and a high monthly credit limit to suit your needs. It is ideal for jet setting clients of the type that read our portal! Just some of the many VIP benefits include:
- Card always working guarantee (if the bank’s server is offline, your transactions are authorized by default)
- Unlimited LoungeKey business lounge access for cardholder + guest
- Automatic Gold membership status on Qatar Airlines, which also includes the respective OneWorld Alliance benefits like airport lounge access and free extra baggage.
- Automatic Hertz Gold membership status
- Complimentary nights offer and upgrades with SPG Hotels and Marriott Bonvoy
- Discounts ad VIP treatment at “Bicester Village” Outlet shopping villages across Europe
- Front row seating at Dubai Opera
- Discounts with Careem Chauffeur app
- Complimentary spa treatment at Fairmont, Raffles and Swissôtel
- Travel inconvenience insurance covering lost or delayed baggage, missed connections etc.
- Travel accident and emergency medevac insurance
- CDW coverage on car rentals worldwide
- Worldwide Travel Concierge Service, same day lost card replacement etc.
The card costs an annual fee of just USD 110/ EUR 95. Of course with all these benefits, you can see that the cost of the card is heavily subsidized by the bank as an incentive to attract clients. It’s also worth pointing out that a standard offshore debit card offering is available as an alternative.
What about the Banking System of Mauritius?
A private account with the bank in Mauritius will help you manage your liquid assets and gain the maximum benefit from your funds. Obviously, you will have unlimited access to your account. Mauritius is a very promising country with a strong developed banking sector. Traditionally Mauritius is a financial hub between Europe, Africa and the Indian subcontinent.
Mauritius, with its British and French colonial heritage, has a European-style banking system – account numbers are in IBAN format – with a Central Bank based on English norms and traditions. Banks (the number of which is over 20) have been a mainstay of the economy since the early 19th century. In recent decades, more sophisticated offshore banking services have started to develop here. At the same time, banks demonstrate classic stability and predictability that attract private investors.
Banks of Mauritius are eager to cooperate, offering their clients acceptable service fees and rates and the top-quality service which you do not often come across these days in many jurisdictions. Here, accounts are opened quickly, and clients only have to meet the minimum requirements.
What Other Benefits Does a Bank Account in Mauritius Give a Foreigner?
Mauritius has a low level of corruption, and banks here work reliably, providing the most sought-after services at reasonable rates. It is a real paradise for tourists and those who want to spend their vacation visiting their bankers, but at the same time the country has a business-friendly environment. In addition to that, Mauritius is located at the intersection of Asian and African trade lines, so international trade and commerce of all types is very much developed.
This island is very popular with the European travellers. And this is not surprising, because it is never cold or frosty here. The temperatures are very comfortable all year round.
Choosing the Mauritius bank for opening a private account is worth it based on the fact that this financial institution does not have overstated or inflated requirements compared to most European and Swiss banks. Here, you have a better chance of opening your account quickly, professionally and without bureaucratic obstacles. In addition to that, you will be able to control your account remotely. Apart from that, the bank can be a good solution for keeping and multiplying your savings and assets.
To recap, here are some advantages of opening a private bank account in Mauritius online or remotely:
- Very affordable service fees and rates;
- Remote access to the account via online banking;
- Complete privacy for the client;
- English-speaking support.
Fees and Practical Details
Currency for Account Opening and Transfers
Clients are free to open current accounts and multi-currency offshore bank accounts. The main currency is the Mauritian rupees (MUR), but other major currencies for Mauritius bank accounts are US dollar (USD), euro (EUR), pound sterling (GBP), Australian dollars (AUD), Swiss francs (CHF), and UAE dirham (AED) are allowed. Other currencies are available too upon special request.
Types of Accounts
Clients are encouraged to open the following accounts:
- Deposit account in USD, GBP, EUR, CHF, AUD and MUR;
- Current account (multi-currency).
Account Opening Terms and Service Arrangements
To open a private bank account in Mauritius, a non-resident should be introduced via a qualified intermediary. Offshore Pro Group provides this service. At the elite private banking level, every client has different requirements – but we take the time to examine each case individually, giving you personalized advice on how best to make the application so you have the highest chances of being accepted by the bank. An initial consultation with us is fee and without obligation, so do not hesitate to contact us and explain your needs.
All banking fees are negotiable. There is a standard banking tariff for private banking clients. We are happy to share this on request, but we have agreed with the bank that we will pre-qualify clients first, so we will ask you to complete a short two-page form about your offshore banking requirements. You should also be aware that these fees are very much negotiable. The bank’s main goal is to make money on investment services rather than account fees, so we can help you package your account opening proposal to negotiate the best possible fees.
How Do I Open a Private Bank Account in Mauritius?
If you want to open a private bank account in Mauritius as soon as possible, do not hesitate to contact us and discuss your individual circumstances. To start our cooperation, please make contact by email (email@example.com) or via the phone numbers at the top of this page. Provide all the required information and documents that the bank will request during the onboarding phase.
Important: Please note that in the future, the compliance department might request other documents from the client at any time.
Procedure of Opening a Private Bank Account in Mauritius:
- To open a private bank account in Mauritius, please make contact via: firstname.lastname@example.org or via phone or live chat.
- After we have reviewed all your documents we will send you the invoice to be paid. The service cost is from 2999 EUR. You can use one of the ways that you find convenient, i.e. payment cards, bank transfer, crypt currenciesl, Western Union. Ask about our discounts if you order multiple services at the same time, like company formation + bank account as a package.
- As soon as we receive your payment, we will finalise the submission between you and the bank.
Documents Required for Opening a Private Bank Account in Mauritius
- A clear copy of your passport.
- Confirmation of your actual address of residence.
- Reference letters, and/or statements of account for the last six months from your current banks.
- A completed bank questionnaire and your application.
- Documents showing source of funds and source of wealth (we will advise on this)
It is important: The compliance department may request other documents. We will help you figure it all out.
If I am self employed or independent, ie not receiving a salary, is a commitment to deposit USD 10,000 per month acceptable?
Yes, the bank will review your total funds and source of wealth and make a decision on this basis. The only way to find out for sure if you qualify for this account is to ask!
Are the same terms available where wealth is held through a trust or LLC (for example Nevis Trust or LLCs)?
Yes, terms remain the same. You’ll need to send a few examples of the banking transactions for us to ascertain that they are permissible in a private banking account.
Does the bank offer any online trading facilities?
You will unfortunately need to liaise with a contact department to place your orders. This is fairly rapid though as they work 24/7 on shifts for market opening hours.
Please reconfirm that you accept all non-sanctioned citizens… in particular are US citizens accepted?
Is crypto trading an acceptable source of funds?
The fact is that no banking institution in Mauritius is currently able to offer crypto trading due to the lack of regulatory guidelines on the same. However if the client can convert funds elsewhere and send the cash equivalent, that is no problem for the bank, provided the client can justify the source of funds.