Opening a bank account as a foreigner

Can a foreigner open a bank account and transfer money?

Valerie Lincoln, Private Banker, shares some insights

When planning to invest in property in Mauritius, one important question pertains to funds transfer.

Chris Lazare – Director of Mauritius Sotheby’s International Realty met Valerie Lincoln, Private Banker at AfrAsia to discuss the banking services available to foreigners in Mauritius. 

Opening a bank account as a foreigner is actually pretty easy. The process is relatively simple and requires only a few essential documents, such as a valid identification, proof of address, and in some cases, a bank reference letter. There is also a form to fill out. 

Generally, opening an account takes between 3 to 4 business days.

What about banking services?

Other than opening a bank account as a foreigner, another important information you will need concerns the banking services. Our banks offer a range of services tailored to the needs of foreigners, whether they are visiting, travelling for business, or considering settling in the country.

Bank accounts can be opened in multiple currencies, including the Mauritian rupee, euro, US dollar, and British pound. This allows clients to manage their finances flexibly according to their specific needs.

For those looking to invest or start a new life in Mauritius, it is possible to create various structures such as companies, which can also have their own bank accounts. These structures can be advantageous for optimising investments and benefiting from the island’s economic opportunities.

Can a foreigner take a loan in Mauritius?

Foreigners can easily obtain real estate loans to finance property acquisitions on the island. These loans can be granted in multiple currencies, depending on the client’s income, and the process is also relatively straightforward. 

Generally, banks can finance up to 70% of the property amount, but this percentage can increase to almost 100% if additional guarantees are provided. Financing can cover both built properties and off-plan projects, with funds called over a period of up to 24 months.

If you need more information, contact us – info@sir.mu

Published on May 31, 2024 by Laetitia Melidor

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