Estate Living Magazine Issue 30 Smart Environments June 2018 | Page 51

ABAX is a licensed
trustee and provides
comprehensive
trust formation and
administration services.
For more information on
how we can help, please
get in touch with our team:
Nousrath Bhugeloo, Partner
[e-mail]
La Balise Marina
Why would someone set up a trust in Mauritius?
There are many reasons why one would set up a trust,
including: confidentiality and asset protection; protection
against political uncertainty; pre-emigration planning;
probate relief; flexible inheritance planning; separation of
personal and business assets; discrete inheritance planning
for complex families; providing financial maintenance for an
infirm dependent and for philanthropic reasons.
A trust is often considered by foreign nationals when buying
property in Mauritius. The property can be purchased
through a trust and the trustee will then take care of all the
administrative procedures, the registration and also apply for
residence permits for the settlor and the family if applicable. If,
as is often the case, the Mauritius property will be used mainly
for holiday purposes, the trustee will look into renting the
property and ensuring a regular income is generated.  The
trustee will also ensure that all maintenance charges are met
and tax returns are filed on time.
Kenny Curpen, Director –
Private Wealth Services
[e-mail]
Other than to hold property in Mauritius, a high net-worth
individual (HNWI) can set up a trust to consolidate other of
their personal assets, e.g. shares or a portfolio of investments.
This is a very effective way to plan for one’s succession,
ensuring that the family’s needs are taken care of. Very often,
the trustee will also take care of such things as paying for
school fees, accommodation fees and personal expenses of
the children during their studies.
A trust is a tool whereby an
individual, also called a settlor, will transfer
his or her personal assets for estate
planning purposes."
www.abaxservices.com
www.estate-living.co.za | 49