Mauritius: The bid for wealthy South AfricansNovember 16, 2019
Reports suggest many wealthy South Africans are opting for the island life in Mauritius.
The Island Republic, they say, is emerging not only as a hub for international capital, but an attractive lifestyle destination.
The investors are attracted to financial and tax security turning it into a country where people can live comfortably, reports Business Tech.
The Business portal quotes Vidish Jugurnauth, a director at Sovereign Trust (Mauritius) Limited.
Many rich South Africans are fleeing the country where Nelson Mandela was born.
They fear they are the target of racial profiling in a country where a White government in the past imposed ‘Apartheid’ on non-white population.
Experts say the progressive investment environments in Mauritius means setting up a business is quick and easy.
Besides, there is already a sizeable community of South African expats says Van Der Merwe.
Nevertheless, Mauritius is trying to keep up with global trends offering fintech and blockchain development potentials.
South Africans have a long history of investment in Mauritius which is nearby their country.
They are also among the leading foreign purchasers of residential property in Mauritius.
But while Mauritius’ financial services sector has grown rapidly in the past 20 years, it was recently hit by the Panama Papers.
There is also the Sobrino scandal. This may have long-lasting repercussions on the image of the country, on the rating of its institutions, on the soundness of our financial services sector and on the integrity of governance.
The Sobrino scandal involves the Angolan billionaire banker, Alvaro Sobrinho whose investment in Mauritius raised questions.
The banker is also the founder of the Planet Earth Institute the activities of which in Mauritius became the cause of the downfall of the country’s President.
Ameenah Gurib-Fakim resigned as President of the country in March last year.
She quit after claims emerged of her shopping spree on jewellery and clothes costing thousands of dollars in Dubai and Washington DC.
She resigned over claims she used a credit card provided to her by the PEI for personal expenses.