Intermediaries have been placing more trust money into Mauritius as a result of its low cost base an...
Intermediaries have been placing more trust money into Mauritius as a result of its low cost base and the fact that investors have lost faith in the strength of the confidentiality arrangements European centres offer, according to Investec Trust.
At the same time, more South African investors have been using Mauritius to place money following the tax amnesty.
Keith Turberville, managing director at Investec Trust Mauritius, said: "Prior to the tax amnesty, the choice of trustee location was concerned with confidentiality and requests for tax matters were not grounds for disclosure. Post-amnesty this is not an issue and many South Africans no longer wish to pay a premium to have a trust administered in a European jurisdiction."
These investors have been looking at Mauritius. Turbeville says that clients can realistically expect to receive 40% more hours for the same fee. There is also no tax on trusts and investors in Mauritius can take advantage of the double taxation treaties the country offers.
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