MAURITIUS IFC 1.0 TO 2.0
Traditionally, the Mauritius IFC has been extensively used for cross-border investment structures into India and Africa and fund administration activities leveraging the benefits of the double taxation treaties.
The Mauritius IFC contributes about US$ 1 billion constituting about 8% of the Mauritian GDP, US$ 180 million amounting to about 8% of tax revenues and approximately 11,000 direct jobs. Firstly, the core area of specialisation is the facilitation of cross-border investments and related fund administration activities, which comprise 60% of the IFC’s economic value add, an estimated 88% of IFC tax revenues and ~70% of the IFC employment. Then, cross-border corporate banking, which includes deposits from investment vehicles and revenue accrued from re-investment of these deposits, accounts for 32% of the IFC’s economic value add.
Furthermore, private banking for foreign customers accounts for less than 5%, but local and regional banks report high growth in this segment. Therefore, the Mauritius IFC will consolidate and expand its existing revenue generating sectors and seek additional opportunities in international capital markets, captive insurance in Africa, cross-border asset management, and financial technologies and fintech platforms for Africa, Latin America and other IFCs.