The Family Office Scheme

The Family Office scheme caters for the domiciliation of high net worth single family and multifamily offices characterised by two licences, namely the Family Office (Single) licence (SFO) and the Family Office (Multiple) licence (MFO). The scheme is regulated by the Financial Services Commission, Mauritius (FSC), the integrated regulator for the non-bank financial services sector.

Under the Family Office scheme, families will be able to hold international assets and funds.

To be eligible for a licence, each family will be required to domicile and actively manage a prescribed investible and liquid wealth base of more than USD 5 million. The family office would also be required to maintain, at all times, its physical establishment in Mauritius, as well as, other requirements.

No person shall carry out family office services (Single or Multiple) without a Family office licence issued by the FSC.

An application for a Family office licence shall be made in accordance with Part IV of the Financial Services Act in such form and manner as may be specified in the Financial Services (consolidated Licensing and Fees) Rules 2008. An application for a Family office services (single or multiple) licence must be made by a person with relevant experience in the field of wealth management, private banking, investment management (and/or any relevant field as deem appropriate by the FSC).

For more information on Family Office, please refer to The Financial Services (Family Office) Rules 2020. These rules shall be read in conjunction with the relevant Acts and any guidelines which the FSC may issue from time to time.

Incentive

In order to be eligible for availing tax holidays for ten years, a Family Office (Single) shall employ at least one professional and have assets under management of more than USD 5 million. For a Family Office (Multiple), it shall employ at least three professionals and have assets under management of more than USD 5 million for each family.

Regulatory Framework

Part I Second Schedule of the Financial Services Act 2007
The Financial Services (Family Office) Rules 2020
The Income Tax Act 1995

Licensing Requirements

Please see the licencing criteria for SFO available here.
Please see the licencing criteria for MFO available here.