• International Proximity is a management company which specialises in advising some of the world's leading multinational corporations, investment funds and financial institutions on maximising the opportunities offered by the Mauritius international financial services centre and the region.

 

Foundations

The Foundations Act 2012 provides for a new type of wealth management, succession and estate planning vehicle in Mauritius, which provides the succession advantages of a trust but within an entity which has separate legal personality. A foundation, once it is registered and issued with a certificate of registration from the Mauritian Registrar of Foundations, will have legal personality and, as such, will have the right to hold good title in the property endowed to it by (i) a founder who may be (a) a natural person or a corporate body and (b) a beneficiary of the foundation; or (ii) a testator referred to as the founder.

The assets of the foundation will be used in accordance with the purpose and objects as stipulated in (i) the constitution of the foundation which is referred to as a charter or the articles of the foundation or (ii) the will of the foundation. The foundation may be (i) charitable or non-charitable or both or (ii) for the benefit of a person or class of persons or to carry out a specified purpose, or both.