HomeInsightsGuide to wealth management in Mauritius
Guide
Wealth management in Mauritius, explained.
Everything a family, executive or business owner should know before appointing a wealth manager in Mauritius: regulation, services, costs, custody, tax and the questions that separate good firms from the rest.
In this guide
- What wealth management means here
- Who regulates it
- The services
- Where your money is held
- Tax treatment
- What it costs
- How to choose a firm
- Twelve questions to ask
Written by the Intrasia Wealth investment team. Reviewed by the Head of Legal and Compliance under our editorial standards. Updated September 2026.
What wealth management means in Mauritius
Wealth management in Mauritius covers two distinct things that are often confused. The first is investment management: building and running a portfolio of global securities and funds to meet a client's goals. The second is structuring: holding those assets through trusts, foundations or companies for succession, protection and cross-border continuity. Most firms do one or the other. A few, including Intrasia Wealth through its parent Group, coordinate both.
Mauritius is used for wealth management by three kinds of client: residents of Mauritius; Africans, and especially South Africans, seeking a stable offshore base; and internationally mobile families from the Gulf, Asia and Europe who want assets in a jurisdiction with real substance and strong treaties.
Who regulates it
The Financial Services Commission (FSC) is the regulator for all non-bank financial services under the Financial Services Act 2007 and the Securities Act 2005. Banks are supervised separately by the Bank of Mauritius. The licences that matter for a private client are:
| Investment Adviser (Unrestricted) | May advise on securities and manage portfolios on a discretionary basis. This is the licence a firm needs to run your portfolio for you. |
|---|---|
| Investment Adviser (Restricted) | May advise only. Cannot manage on a discretionary basis. |
| Investment Dealer | Executes trades. Often held by brokers and banks. |
| Management Company | Administers global business companies, trusts and foundations. Required for structuring work. |
| CIS Manager | Manages collective investment schemes (funds). |
Every licence is listed on the FSC's public online register. If a firm's licence number is not on its website, ask why. Intrasia Wealth Limited holds Investment Adviser (Unrestricted) licence IX24200006, and is separately authorised in South Africa by the Financial Sector Conduct Authority as FSP 54955.
Mauritius was removed from the FATF list of jurisdictions under increased monitoring in October 2021 and from the EU's list in early 2022. It is a member of the OECD Inclusive Framework on BEPS and applies economic substance rules, transfer pricing documentation and the Common Reporting Standard.
The services
Discretionary portfolio management. You agree a written mandate: objective, risk profile, time horizon, allocation ranges and exclusions. The firm then makes and implements investment decisions and reports to you, usually quarterly. This suits clients who want decisions taken promptly by professionals and prefer not to follow markets day to day.
Advisory portfolio management. The firm researches and recommends; you approve every decision before it is executed. This suits clients who want to stay close to their investments or who hold positions they want advised around.
Execution only. The firm trades on your instruction with no advice. Cheaper, but you carry all the judgment.
Structuring. Trusts, foundations, global business companies and authorised companies, administered by a licensed management company. Used for succession, asset protection, confidentiality and holding assets across borders. See Why Mauritius.
Where your money is held
A wealth manager should never hold client money. Assets sit with a custodian, a bank or broker licensed to safeguard securities, in your name or a segregated account. The manager holds a limited authority to trade and to deduct agreed fees, and nothing more. Before you sign, ask three things: who is the custodian, in whose name is the account, and what happens to my assets if the adviser ceases trading. A good firm answers all three in writing.
Tax treatment
| Capital gains tax | None |
|---|---|
| Inheritance or estate tax | None |
| Withholding tax paid to non-residents | None on dividends. Interest and royalties: generally 15%, with exemptions for Global Business companies paying out of foreign-source income and for bank interest, and lower rates under some treaties (PwC Worldwide Tax Summaries, reviewed 15 June 2026) |
| Exchange control | None |
| Corporate tax | 15%, with an 80% partial exemption on qualifying foreign-source income for global business companies (effective 3%) |
| Personal income tax | Progressive, up to 20% for residents |
| Tax treaties | More than 45 double-taxation agreements, including with South Africa, India, the UK, France, China and the UAE |
Tax in Mauritius is only half the picture. Your home country may tax worldwide income and gains. South African residents, for example, are taxed on offshore gains and must declare offshore holdings. Any adviser who tells you otherwise is not one you should use. Intrasia Wealth does not give tax advice and works with your tax adviser.
What it costs
There are three layers of cost, and a good firm shows you all three before you commit.
- Management or advisory fee. An annual percentage of assets, typically between 0.5% and 1.5% depending on size and service.
- Custody and dealing. Charged by the custodian: safekeeping, transaction and foreign exchange costs.
- Underlying fund costs. The total expense ratio of the funds and ETFs held.
The question that reveals most about a firm is whether it receives commissions or retrocessions from product providers. A firm that does should tell you what it receives, in writing, before you invest. Ask for it. See Fees.
How to choose a firm
Bank or independent? Banks offer convenience and a balance sheet, and often manage money through their own products, though many also use third-party funds. Independent firms are not obliged to sell in-house products, but how wide their range genuinely is varies by firm, so ask. Read our honest comparison.
Local or offshore? A firm licensed only abroad is not accountable to your regulator. A firm licensed in Mauritius and in your home country is accountable in both.
Named people or a brand? You should know the name, background and qualifications of the person who will manage your money, not just the firm's logo.
Twelve questions to ask before you sign
- What is your FSC licence number, and is it Unrestricted?
- Are you licensed in my country of residence?
- Who is the custodian, and in whose name is my account?
- Do you receive any commissions, retrocessions or platform payments?
- What is the total cost of ownership, in currency, for a portfolio my size?
- Who exactly will manage my portfolio, and what is their experience?
- How is my risk profile assessed and documented?
- What benchmark will you report against, and how often?
- Can I see a sample quarterly report?
- What is your investment philosophy, in one paragraph?
- How do I complain, and to which ombudsman?
- What happens to my assets if your firm closes?
If a firm hesitates on any of these, keep looking.
Questions we are asked
Frequently asked
Who regulates wealth managers in Mauritius?
What is the difference between an Investment Adviser (Unrestricted) and (Restricted) licence?
Can a non-resident use a wealth manager in Mauritius?
Is there capital gains tax or inheritance tax in Mauritius?
How much does wealth management cost in Mauritius?
Where are client assets held?
Ask us the twelve questions.
We answer all of them in writing before the first meeting.