Keeping your bank accounts and investments when moving to Mauritius

Do you need to move everything to Mauritius?

Not necessarily. Your country of residence, the location of your accounts and the markets you invest in can be different. Mauritius abolished exchange controls in 1994. That does not remove banking checks or the conditions attached to particular accounts and residence permits. Bank of Mauritius

Start by considering which arrangements suit your new circumstances. Keeping an account for expenses in your previous country and opening one in Mauritius for everyday spending may make sense. Your investment portfolio should be considered separately.

What should you ask your bank before moving?

Tell each institution about your change of residence and ask for written confirmation of the services it will continue to provide. For people leaving France, the French tax authority expressly instructs customers to inform their financial institution. French tax authority, banking products

Points to clarify include:

• Accounts you can keep: current accounts, securities accounts, savings and any joint accounts.
• Permitted transactions: purchases, contributions, withdrawals and access to particular products after you move.
• Day-to-day access: cards, international payments, online banking and authentication from abroad.
• Charges: account maintenance, custody, currency conversion and transfers.
• Records to update: address, supporting documents, tax residence and tax identification number where required.

Use this checklist to prepare for the discussion; restrictions can vary between banks. Continuing to bank with an institution and remaining eligible for a particular product are separate questions.

Can you keep every French investment product?

No: products need to be reviewed individually. The French tax authority distinguishes resident-only savings products, including the Livret Jeune and LEP, from products available to non-residents. For an LDDS you already hold, ask your bank to confirm whether you can keep it after you leave. Leaving France does not generally trigger automatic closure of a PEA, except when relocating to a non-cooperative jurisdiction under French law. French rules on banking products

For life insurance, an investment portfolio or a shareholding in a business, seek a review specific to the contract and your circumstances. Keeping an investment does not guarantee the same tax treatment: an exemption in one country may not be recognised in the other.

These examples concern a departure from France. Accounts in Switzerland, Belgium or elsewhere require a separate assessment of local rules and your institution’s terms.

If you hold securities or a shareholding in a business, also check before leaving whether French Exit Tax applies. Subject to its conditions, it can cover unrealised gains even without a sale.

Does an overseas account change the tax position?

Taxation depends on your tax residence, on the type and source of the income, and on whether it is received in Mauritius or used there in your interest or on your behalf. The source country may also retain taxing rights. MRA, foreign income

Reporting obligations can apply even when your accounts remain in Europe. Financial institutions also collect tax-residence information for automatic exchanges of financial account information. MRA, CRS

Our guide to foreign income in Mauritius explains the distinction. Establishing your tax residence comes before reaching conclusions about the income involved.

What should you set aside for local expenses?

Prepare a budget for your expenses in Mauritius, separate from your long-term investments: housing, day-to-day spending, healthcare and regular commitments. Compare the currencies of your income with those of your expenses. The amount to keep available depends on these needs, not on a standard percentage of your wealth.

Some permits also require specific transfers or investments. Address these separately from your portfolio arrangements. Check the chosen permit’s conditions in the Economic Development Board guidelines, rather than assuming you must move all your investments.

Keep records that show the origin and nature of transferred funds, such as statements and documents relating to sales or income. These documents let the bank verify the origin of the funds and serve to analyse their tax treatment.

Where does Necker Finance fit in?

Banking arrangements and portfolio management are connected but distinct. Accounts are held in your name with custodian banks. The mandate then defines Necker Finance’s role: managing the portfolio or advising on your investment decisions.

We review your accounts, your investments and your liquidity needs with you. In particular, we check whether we can work with your current bank and which adjustments would help your move to Mauritius. A portfolio transfer is not always necessary.

Explore our mandates or talk to an adviser about how to organise your investments in Mauritius.