Aspiring To Become A ‘Mid-Shore' Jurisdiction

Mauritius has a diverse world class regulatory framework, but to compete directly with New York City, London or Tokyo would be impossible, writes the author. Now is the time to take this platform to new heights.

Introduction

In the aftermath of Economic Mission Statement which articulated the vision and ambition of the Prime Minister of Mauritius Sir Anerood Jugnauth for Mauritius, let us dwell on how the financial services sector can contribute to achieving a second economic miracle.

Establishment of the international financial center

Mauritius began on its global business journey (then termed offshore) with the amendments to the banking legislation in 1989 to allow the setting-up of offshore banks and quickly after with the establishment of the legal and regulatory framework for offshore business in 1992. At the time, it was thought that the thrust of the business would have been from South Africans HNWI and UHNWIs who would view Mauritius as an alternative