Open a Bank Account in Mauritius: Guide for Residents, Foreigners, and Businesses

Mauritius has a steady government, a strong banking system, and it sits in a good spot between Africa and Asia. That makes it a great place for people and companies to open bank accounts.

If you're moving there, running an online biz, or growing your company, it's important to know about banking there. This guide will tell you how to open a bank account in Mauritius as a foreigner or for your business. We'll cover what you need, what it costs, and the right way to do it to make everything go smoothly.

Why Open a Bank Account in Mauritius?

Before diving into the practical steps, it’s important to understand why Mauritius stands out as a banking destination.

Stability and Reputation

• Mauritius enjoys a stable democratic government and strong rule of law.
• Its financial sector is highly regulated under the supervision of the Bank of Mauritius and the Financial Services Commission (FSC).
• The jurisdiction is recognized globally for compliance with international standards, making it a credible alternative to traditional offshore hubs.

Strategic Location

Mauritius is a gateway between Africa, Asia, and Europe, ideal for businesses engaged in cross-border trade.

Access to Multi-Currency Accounts

Banks in Mauritius offer accounts in major currencies such as USD, EUR, GBP, and more, essential for international businesses and individuals.

Ease of International Transactions

Businesses and individuals benefit from advanced online banking systems that make managing money globally easy.

Why Mauritius stands out as a banking destination

Types of Bank Accounts in Mauritius

Understanding your options is key when deciding to open a bank account in Mauritius. The main types include:

1. Personal Resident Accounts

• Available to Mauritian citizens and foreign residents with valid permits.
• Used for salary deposits, personal savings, and local transactions.

2. Mauritius Bank Account for Non-Residents

• Specifically designed for individuals living outside Mauritius.
• Popular for wealth management, savings diversification, or facilitating international transactions.

3. Business Bank Accounts

• Essential for companies operating in or through Mauritius.
• Tailored solutions for trade finance, multi-currency management, and corporate lending.

4. Offshore Accounts

• Also known as Global Business Banking (These accounts are typically linked with Global Business Companies (GBCs) registered in Mauritius).
• Ideal for international business operations with minimal ties to the local economy.
• Offers confidentiality and potential tax efficiencies when structured properly.

Each option has specific eligibility requirements, costs, and compliance standards.

Main types of Bank Accounts in Mauritius

Opening a Bank Account in Mauritius as a Foreigner

A common question among expatriates and foreign investors is: Can foreigners open a bank account in Mauritius? The answer is a definite yes, but there are important steps and documents involved.

Eligibility

Foreigners can open:

• Personal non-resident accounts
• Resident accounts (if holding a residence permit)
• Offshore accounts
• Corporate accounts for business entities

Required Documents for Individuals

While requirements may vary slightly among banks, foreigners typically need:

• Certified copy of passport
• Proof of address (utility bill, bank statement) dated within 3 months
• Reference letter from an existing bank
• Source of funds declaration (salary slip, tax return, business income)
• Minimum initial deposit (varies by bank)

For non-residents, the bank may request additional due diligence information, especially if you’re from a high-risk jurisdiction.

Additional Notes: Countries on the FATF grey/blacklist may be denied account opening or have particularly high requirements.

Mauritius Bank Account for Non-Residents: Benefits and Challenges

Opening a Mauritius bank account for non-residents is increasingly popular among:

• Digital nomads
• Investors seeking asset diversification
• Retirees
• Entrepreneurs with international operations

Benefits of a bank account for Non-Residents

• Access to multi-currency accounts
• High-quality banking services with online access
• Reputation of Mauritius as a compliant, respected jurisdiction
• Potential tax advantages when combined with proper structuring

Challenges of a bank account for Non-Residents

• Strict due diligence and KYC checks
• Possible minimum balance requirements
• Banks may require clear explanations of source of funds and intended account usage
• Longer account-opening timelines compared to domestic accounts

Despite these challenges, many find Mauritius’ financial environment worth the effort.

All banks in Mauritius are licensed and supervised by the Bank of Mauritius, and are fully compliant with international regulations such as the Common Reporting Standard (CRS) and Anti-Money Laundering (AML)/Combating the Financing of Terrorism (CFT) obligations. This ensures a high level of transparency and financial security.

Opening a Mauritius bank account for non-residents

Open Bank Account in Mauritius: Step-by-Step Guide

Let’s walk through the practical steps involved in opening a bank account in Mauritius as a foreigner or for a business:

1. Choose the Right Bank

Consider:

• Minimum deposit requirements
• Fees and charges
• Online banking services
• Multi-currency options
• Reputation and customer service
• Specific services tailored to non-residents or businesses

Popular banks in Mauritius for international clients include:

• AfrAsia Bank
• SBM Bank
• Bank One
• ABC Banking Corporation
• Investec Bank Mauritius
• Standard Chartered Bank Mauritius

2. Contact the Bank or a Professional Advisor

While individuals can approach banks directly, many opt for professional advisors who:

• Recommend the right banks
• Help prepare documents
• Navigate regulatory requirements
• Speed up the process

3. Prepare Documentation

Ensure documents are:

• Certified copies
• Recent (proof of address within 3 months)
• Translated into English or French if necessary

4. Submit Application

Complete the bank’s application forms and submit your documents. The bank will review:

• Purpose of the account
• Expected transaction volumes
• Source of funds

5. Compliance Review

Expect:

• KYC checks
• Enhanced Due Diligence (EDD) for high-risk profiles
• Cross-checking with sanctions and watch lists

6. Account Activation

Once approved:

• Bank issues your account details
• You receive online banking credentials
• Minimum initial deposit is transferred

Timelines vary but typically range from 2 to 6 weeks.

Practical steps involved in opening a bank account in Mauritius as a foreigner

Costs Associated with Opening a Bank Account in Mauritius

Here’s a rough estimate of the costs associated with opening a bank account in Mauritius:

Service	Estimated Cost (USD)
Account opening fee	$250 – $1,000
Minimum initial deposit	$5,000 – $50,000
Monthly maintenance fees	$20 – $100/month
International wire fees	$20 – $100 per transaction
Compliance/KYC fees (one-time)	$100 – $500

Fees can vary significantly depending on the bank and the type of account.

Challenges of Opening a Bank Account in Mauritius

While Mauritius offers excellent banking services, challenges remain:

• Stricter Regulations: Compliance with international AML and tax transparency standards makes the process rigorous.
• Higher Minimum Deposits: Particularly for offshore and business accounts.
• Longer Timelines: Due diligence processes can be time-consuming.
• Limited Availability for Certain Jurisdictions: Clients from high-risk countries may face additional hurdles.

Despite these challenges, many find the benefits of opening offshore accounts in Mauritius or local ones thoroughly worth considerable effort afterwards.

Advantages of Working with Professionals

Given the complexities, working with professionals can make the process smoother:

• Faster processing times
• Fewer document errors
• Proper bank selection for your needs
• Expert navigation of regulatory changes

This is especially crucial when opening a business bank account in Mauritius or handling offshore structures.

Future Trends for Banking in Mauritius

The Mauritian banking sector continues to evolve:

• Digital Onboarding: More banks offer online account opening, reducing the need for physical presence.
• Green Finance: Sustainable banking products are gaining traction.
• Increased Compliance: The push for global transparency will keep regulatory standards high.
• Growth in Fintech: Digital financial solutions are expanding, providing more options for non-residents and businesses.

Conclusion

Mauritius presents a compelling banking destination for both individuals and international businesses seeking financial stability, global reach, and regulatory integrity. While opening an account may involve detailed compliance, the long-term benefits, such as multi-currency flexibility, asset protection, and international transaction ease, make it a highly strategic choice.

Thinking about going offshore company in Mauritius, or just need a local account for yourself or your company? Check out what Mauritius has to offer as a solid place for your cash.