Private Clients
OMAHA Corporate Client Services specializes in the establishment and administration of trusts, dedicated to managing and safeguarding private and family wealth. Our accomplished private client teams, comprised of seasoned trust and corporate professionals, skilled accountants, and experienced lawyers, are well-equipped to guide you through intricate matters of family wealth, business succession, and asset protection. Drawing from a worldwide network of knowledge and cutting-edge systems, our experts offer tailored strategies built on their extensive experience.
Committed to delivering excellence, OMAHA understands the complexities of wealth management and protection. Our collaborative approach combines the expertise of trust and corporate specialists, skilled accountants, and adept lawyers to offer personalized solutions. With insights from across the globe, our teams are at the forefront of industry advancements, providing guidance in family wealth, business succession, and asset structuring. Your private and family wealth’s well-being is our priority, and our professionals are dedicated to assisting you through their wealth of practical experience.
Services
Trusts
Trusts are established under the Trusts Act 2001 as charitable, discretionary or purpose trusts. There is a legal agreement between the settlor and trustees. The structure operates so that the trustees hold the property, value and assets in the Fund for the benefit of other certain (identified) parties. This structure creates a binding obligation in the trustees to act in accordance with the terms and obligations of the trust and as fulfill certain fiduciary duties to act in the best interests of the beneficiaries. Trusts do not have a legal personality. The creation of a trust does not require registration or incorporation, but it must be authorised by the FSC. No corporate filings are required, and a trust can be structured as a non-resident trust which is not liable to tax in Mauritius.
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| Trust Creation | A trust can only be created by an instrument in writing which should state its object, subject, intention and duties and powers of the trustees. |
| Written documents | Will generally take two forms: Settlement: to be entered and signed by both the settlor and the trustee. Declaration of Trust: is entered and executed by the trustee only. |
| Types of Trust | Discretionary Trust
Charitable Trust
Purpose Trust
Revocable and Irrevocable Trust
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| Beneficiary | A beneficiary of trust is the individual or group of individuals for whom a trust is created. The right of a beneficiary generally depends on the type of trust and state laws. |
| Letter of wishes | A Letter of Wishes allows the Settlor of a discretionary trust to indicate to their Trustees, who they would like the trust fund to benefit, when distributions should be made and in what shares. The letter is not legally binding on the trustee. |
| Taxation | Under the Mauritius Income Tax Act, a trust shall be deemed to be tax resident in Mauritius if:
A Trust being considered resident will be liable to tax in Mauritius on their worldwide income. However, a trust would be deemed to be non-resident in Mauritius if its central management and control would occur outside Mauritius. The determining conditions for a trust to have its central management and control outside Mauritius include:
A trust shall, on an annual basis, submit an annual return of income to the MRA. |
Foundations
A Foundation is a fusion by combining the features of a trust and a company. Foundations are attractive to clients who do not recognise the concept of Trust and familiar to clients particularly from civil law jurisdictions.
Foundations are established to achieve both charitable and non-charitable objectives. They may be used for wealth management, succession and inheritance planning, and general asset-holding purposes, including holding shares in underlying companies.
Foundations in Mauritius are governed under the Foundations Act 2012 and managed by the Foundation Council which carries out the objectives and purposes of a Foundation. The Foundation would need to be registered and would be issued a certificate of registration by the Registrar of Companies.
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| Set up | Foundations are established to reflect the wishes of the founder(s). It is a legal entity and can therefore own assets directly. It is increasingly being used in civil law jurisdictions where the concept of Trust is less well known. |
| Written documents | It could be set up by Charter or by Will, executed by a founder who may be a natural or legal person. |
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Family Office In Mauritius
Mauritius is a destination of choice for ultra-high-net-worth individuals (UHNWI) and high-net-worth individuals (HNWI) that wish to establish family offices.
Family offices are companies that are set up to manage funds and assets for wealthy individuals and families, they are often limited partnerships or limited liability companies. These companies will offer a range of financial services, including investment services and asset management, to help them manage and grow their wealth.
There are 2 types of Family Offices that can be set up in Mauritius:
- Family Office (Single) License (“SFO”)
- Family Office (Multiple) License (“MFO”)
The Family Office, whether it is an MFO or SFO may be:
- Wholly-owned by family clients; and
- Exclusively controlled by family members / family entities.
Both SFO and MFO are duly regulated by the Financial Services Commission (FSC). The FSC has now issued the Financial Services (Family Office) Rules 2020 (the “Rules”) to set-out the rules applicable to Family Offices, and better define the activities and functionaries of Mauritius Family Offices.
Activities of a Family Office
The classic vehicles to establish a Family Office are a trust, foundation or limited liability company. The activities that a Family Office may provide include, but are not limited to, the following:
- Trusteeship services
- Estate and Succession planning
- Wealth planning and protection
- Fund management, portfolio management and investment advisory
- Establishing family governance, strategies, board(s) including family charter(s)
- Asset protection
- Asset holding services
- Multi asset class administration and reporting
- Risk management, compliance, and reporting
- Administration, accounting, taxation and reporting
- Legal services from our international law firms
- Philanthropic and charitable structure
- Family education
- Concierge services (aircraft management, yacht management, real estate management, private events)
Criteria for a Family Office
| SFO | MFO | |
| Physical office in Mauritius | Yes | Yes |
| Minimum number of employees in Mauritius | 1 | 1 |
| Assets under management per family | USD 5 million | USD 5 million |
| Appointment of an approved officer, such as OMAHA | Mandatory | Mandatory |
| Money Laundering Reporting Officer (MLRO) | Yes | Yes |
| Deputy Money Laundering Reporting Officer (DMLRO) | Yes | Yes |
| Fully paid minimum unimpaired capital | USD 35,000 | USD 70,000 |
| Professional Indemnity Cover | Mandatory subscription | Mandatory subscription |
| Annual compliance | Submission of an annual statement of compliance to the FSC within 6 months after financial year end | Submission of an annual statement of compliance to the FSC within 6 months after financial year end |
| Risk Management | Risk Management Approach is required, and reviewed on an annual basis | Risk Management Approach is required, and reviewed on an annual basis |
| Auditor | Such appointment requires the approval of the FSC | Such appointment requires the approval of the FSC |
The family office, whether it is an MFO or SFO may be: (1) wholly-owned by family clients; and (2) exclusively controlled by family members/family entities: –
The following persons are connected persons in relation to an individual within an SFO or MFO:
- Spouse;
- The descendants of the individual and their spouses;
- Parents, including step-parents;
- Grandparents;
- Parents-in-law, including step-parents-in-law;
- Brother, step-brother, sister, step-sister and their spouses;
- Spouse’s grandparents;
- Spouse’s brother, step-brother, sister, step-sister and their spouses and children;
- Parent’s brother, step-brother, sister, step-sister and their spouses;
- Children of the brother, step-brother, sister or step-sister of the individual’s parents, both present and future, including stepchildren, and their spouses; and
- Children of the individual’s brother, step-brother, sister or stepsister, both present and future, including step-children, and their spouses.
