Offshore banking: benefits and why open an offshore bank account

May 26, 2021 - 4 min read


What are the benefits of offshore banking?

Offshore bank accounts are also attributed with protection of your assets, conducting international transactions with ease, wealth management and privacy. In some countries, the Consumer Protection Policy protects your deposited wealth in case a bank goes bankrupt or in case of a financial crisis. In Mauritius, the privacy of your personal banking information, of offshore bank accounts and of banking transactions are guaranteed benefits of offshore banking.

Having an offshore bank account offers a plethora of benefits:

  1. A secure way of managing your wealth;
  2. Growing your investments;
  3. Privacy and confidentiality of information assured;
  4. Protecting your assets;
  5. Diversifying your assets;
  6. Conducting safe and secure international transactions;
  7. Online Banking Services;
  8. Protecting the estate of the consumer from inheritance taxes (Mauritius);
  9. Easy access of funds;
  10. Foreign Exchange Services;
  11. Personal freedom for managing funds;
  12. Protection from potential devaluation of currencies, inflation, deflation and economic instability;
  13. Offshore banks are safe, reliable in Mauritius;
  14. Flexibility of offshore accounts; and
  15. Access to more liquidity.


Benefits of offshore banking - A secure wealth management tool
One of the core benefits of offshore banking in a foreign jurisdiction are fiscal incentives. Mauritius has a unique tax rate of 15% for both corporate and individual income. However, Global Business Companies can benefit from a Partial Exemption Regime. Other incentives include no Foreign Exchange Control, no Withholding Tax, no Capital Gains Tax and a wide-ranging network of Double Taxation Agreements. Offshore banks in Mauritius are regulated by international standards with stable credit ratings, which makes it one of the best countries to open an offshore bank account.

Tax incentives in Mauritius


Other benefits of some offshore banks include:

Other benefits of offshore banking


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Characteristics of Mauritius as one of the best countries for offshore banking

Offshore banking is a way to manage your money with convenience while you are abroad. It is not drastically different from a local bank account opened in your country of residence. The major variances come in the country where the bank is located, as well as the types of banking services offered in that country.

The reputation of the jurisdiction of the offshore bank also plays a key role in attracting investors and High-Net-Worth Individuals. Economically and politically stable, Mauritius attracts international banks that offer premium offshore banking services to global investors.

  • Economic and political stability
  • Tax rate of 15% for corporates and individuals
  • Ranks 13th globally in the World Bank’s Ease of Doing Business Report
  • Strict KYC and AML regulations
  • Presence of renowned banks serving international clients
  • International transactions made easy with IBAN system
  • Compliance with international banking standards guaranteeing asset protection

Opening an offshore account in a Mauritian bank is simple and takes one to two weeks, contingent on the offshore bank and official procedures. Mauritius also counts the presence of Shariah Compliant banks.

Offshore banks in Mauritius offer services such as:

  1. Wealth Management;
  2. Special Investment openings;
  3. International Bank Account Numbers;
  4. Fixing currency prices;
  5. Consumer Protection Policies;
  6. Multi-currency Accounts;
  7. Multi-currency automatic bill payment; and
  8. Discounted International Payments.

Why choose Mauritius for offshore banking

It is crucial to note that having an offshore account is legal. Illegal practices lead to severe penal sentences and can even result in jail. For transparency, offshore banks commonly request the sources of the income when funds are deposited in the account.


Features of the best offshore banks

The reputation of an offshore bank and that of the jurisdiction where it is established are intertwined. Indeed, no individual would want to bank in a jurisdiction where there is social, economic, political insecurity, even if a bank in the country is delved as the best offshore and safest bank in that jurisdiction.

Best countries for offshore banking - Features of best offshore banks

Reputable offshore banks are a good choice for the management, diversification and asset protection, conducting secure international transactions and privacy amongst others. They are financially sound and experienced, and qualified professionals manage your fund efficiently.


Set up your company in Mauritius and open an offshore bank account

Sunibel accompanies you in all the processes related to offshore banking. We help you to open an offshore account with the bank that best fits your objectives. We offer tailored advisory, corporate and business services, and are here to help you find solutions that will enable you to optimise your costs and benefit fully from the advantages that Mauritius offers.

Considered for decades to be reserved for financial experts, investors, multinationals or High-Net-Worth Individuals, offshore banking continues to gain in popularity.

Take advantage of the benefits of offshore banking by choosing Mauritius, one of the best countries to open an offshore bank account – Contact us via the below contact form:

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