Bank Accounts in Mauritius

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Opening a bank account in Mauritius is one of the first steps for foreigners relocating to the island or setting up a company here, and it is a requirement for all residence and occupation permit applications. The good news is that a Mauritius bank account can usually be opened remotely, before you arrive, as long as the bank's Know Your Customer (KYC) and compliance checks are passed. This guide explains how to open a personal or offshore bank account in Mauritius as a foreigner or non-resident, which banks are available, and the documents, minimum deposits and processes involved. TBI guides you through the banking process as part of our relocation service.

Bank accounts for foreigners and non-residents

Yes. Foreigners and non-residents can open both personal and company bank accounts in Mauritius, including offshore accounts. You do not need to be physically present, and in many cases you do not need to be resident yet, although a Mauritius bank account is required for all residence and occupation permit applications. Personal offshore Mauritian bank accounts for people living abroad can typically be set up within a few weeks once KYC and compliance tests are passed. Mauritius offshore bank accounts are available to both Mauritian and foreign companies, and are popular with businesses incorporated in jurisdictions such as Hong Kong, Dubai and Cyprus, thanks to the strength of the local banking sector and the absence of exchange controls.

Setting up a bank account remotely in Mauritius

Mauritian bank accounts, companies and funds can be set up without ever travelling to Mauritius. This includes the registration of Global Business Companies (GBCs), Authorised Companies (ACs) and domestic Mauritian companies, as well as more complex financial licences such as a Payment Intermediary Services (PIS) Licence, an Investment Dealer Licence, an Investment Adviser Licence and a Collective Investment Scheme (CIS) Licence. You can also invest in property remotely (make sure you have someone trustworthy on the ground) and set up an investment vehicle to hold it. You can even apply for a residence permit through the Economic Development Board (EDB) online portal from abroad. With internet banking, the limitations of holding an account in a foreign jurisdiction are minimal.

Types of bank accounts available in Mauritius

The Mauritian banking sector is sophisticated, stable and well-regulated, offering multi-currency accounts, internet banking and international debit and credit cards to a global customer base. The main types of account available to foreigners and non-residents include:

• Personal bank accounts and personal offshore accounts for individuals living abroad

• Company and business bank accounts, including offshore company accounts

• Multi-currency and foreign currency accounts

• Current accounts and savings accounts

A company that is tax resident in Mauritius, such as a GBC, must hold its primary bank account in Mauritius.

Banks in Mauritius

Mauritius has around 19 banks licensed and regulated by the Bank of Mauritius, the country's central bank. They range from large domestic institutions and global names to niche private banks, strong African competitors and an Islamic bank. The banks most commonly used by foreigners, non-residents and offshore clients include the Mauritius Commercial Bank (MCB), Absa Bank (Mauritius), AfrAsia Bank, Investec Bank (Mauritius), the State Bank of Mauritius (SBM), HSBC Mauritius and Bank One. For the full, current list of licensed banks, see the Bank of Mauritius list of licensees. (Note: the former BanyanTree Bank now operates as Silver Bank.)

Main banks used by foreigners and minimum deposits

The main banks used by foreigners in Mauritius are MCB, Absa, Investec and AfrAsia. Other options include the State Bank of Mauritius (SBM), HSBC Mauritius and Bank One. When an account is opened remotely, before arrival, banks generally require a minimum deposit. Indicative minimum deposits for remote opening are set out below.

Bank	Indicative minimum deposit (remote opening)
Mauritius Commercial Bank (MCB)	USD 500,000
Absa Bank Mauritius	USD 10,000
Investec Bank (Mauritius)	USD 50,000

These figures are indicative and set by each bank at its own discretion, so they can change over time. Requirements are often lower once you are resident in Mauritius or applying alongside a residence permit.

Foreign currency and multi-currency accounts

You can hold a Mauritius bank account in any of the major world currencies. Many individuals and companies hold EUR, GBP, USD and MUR (Mauritian rupee) accounts. Internal exchange rates are competitive across most local banks, so holding several currencies in a multi-currency account is a real advantage for international clients.

Documents required to open a bank account in Mauritius

Each bank has its own procedure, which usually takes a few weeks. To open a bank account in Mauritius you will typically need:

• A valid passport (certified copy)

• Proof of address, such as a recent utility bill

• Proof of source of funds

• A bank reference letter (sometimes; six months of recent bank statements plus a signed authorisation for the Mauritian bank to contact your current bank can often be accepted instead)

For company accounts, the same checks apply to directors, shareholders and ultimate beneficial owners (UBOs), and the bank will review the company's business plan in detail.

Source of funds and compliance (KYC and AML)

The key focus of any application is the source of funds: showing where the money is coming from, and that it is not connected in any way to illegal activity or money laundering. Mauritius takes its anti-money-laundering obligations seriously, reflected in its OECD and EU standing. Expect the business plan behind any company account to be examined in detail.

Unlike some jurisdictions, Mauritius has no exchange controls. The harder part is bringing money into Mauritius; once it is here, it moves freely, which makes the island a strong banking base for trading companies. For example, a GBC buying goods in Asia and selling them in Africa or Europe can pay all of its suppliers from Mauritian bank accounts. With an 80% partial exemption on qualifying foreign-source income, an eligible GBC can achieve an effective corporate tax rate as low as 3%, with no capital gains tax, making this a popular structure. You can read more about the Mauritius tax framework and offshore company formation.

How to open an offshore bank account in Mauritius

The key elements of a successful application break down as follows:

1. The activity of the company or individual. If the activity is illegal in Mauritius, such as cannabis oil, online gambling or weapons, or is considered very high risk, such as cryptocurrency exchanges serving clients from countries that make banks nervous, an account will rarely get off the ground. Mauritian banks remain cautious where an activity involves cryptocurrency, even when it is licensed by the Financial Services Commission (FSC). It is possible to ask the FSC for a dispensation for a GBC to hold its primary bank elsewhere, and some Mauritian banks now have more appetite for fintech.

2. The shareholders and the UBOs. Expect thorough KYC checks on all parties involved, especially owners, from World-Check to media checks. If there are potential issues, such as historical media attention, tackle them from the start rather than hoping no one notices. It is generally easier to open a bank account in Mauritius for a Mauritian company than for a foreign company, so it can be worth setting up a holding or trading company to make use of the local banking sector.

3. Preparation of the application. The most successful applications are those where the client's agent in Mauritius, usually holding an Eligible Introducer Certificate (EIC), has anticipated every question the bank will ask, so the initial application is comprehensive and the evidence pre-empts concerns. Many clients sit in a grey area and, with the right assistance, can still have an account opened.

4. Picking the right bank. Some banks are more risk-averse, while others are more fintech-friendly. When setting up a company with a Regulatory Sandbox Licence or a PIS Licence, you can seek guidance from the EDB or the FSC on which bank is more likely to open an account. Some banks also offer far better internet banking, or much faster account opening, than others.

Bank accounts and Mauritius residence permits

A Mauritius bank account is required for all residence and occupation permit applications, including Residency by Investment, the Occupation Permit, Residency by Retirement and the Premium (digital nomad) Visa. Because accounts can be opened remotely, you can have your banking in place before you arrive, which keeps your relocation and permit timeline on track. TBI guides you through the banking process as part of our relocation service, from choosing the right bank to preparing a compliant application. Foreigners buying property can also explore home loans for foreigners in Mauritius.

Frequently asked questions