Private Wealth Management Licence in Mauritius: What to Know Before 2027

Mauritius is building a more specialised framework for private wealth and Family Office services. The 2026–2027 Budget announced a Private Wealth Management Licence, now with a statutory basis in the Financial Services Act.

What is the Private Wealth Management Licence in Mauritius?

The Budget Annex introduces it “with additional permitted activities to be specified in FSC Rules, to support the development of Mauritius as a wealth management and family office hub”. The Annex describes it as a modular private wealth management licence, to be introduced by the FSC alongside a shared fintech licensing and passporting framework and a pension income drawdown framework.

Section 79B allows the licence holder, subject to the Commission’s approval, to conduct “such activities as may be specified in FSC Rules”. As at 1 October 2026, the FSC’s published Rules page did not list a dedicated instrument setting out the licence’s permitted activities, eligibility criteria, application process, fees or ongoing obligations. Applicants should therefore monitor FSC publications before relying on the licence for a specific regulated activity.

The distinction matters: an applicant’s day-to-day position depends not on the headline reform but on the detailed rules, conditions, fees and capital requirements issued by the regulator. Until those rules are published, the licence exists in law, but its practical perimeter remains undefined — it is not yet a generic authorisation for investment, advisory, custody, fiduciary or asset-management services.

Is it the same as a Family Office licence?

No. The Financial Services (Family Office) Rules 2026 (GN No. 62 of 2026), in force since 1 June 2026, replaced the revoked 2020 Rules. A Family Office organises and coordinates the affairs of one family — or several, in a multi-family model — covering governance, administration, reporting and succession support. A Private Wealth Management Licence may have a different or broader commercial focus, to be defined by the FSC Rules and each licence’s terms. A business should be licensed for what it actually does, not what its marketing suggests.

Structuring around the licence

A wealth structure is a governance system, not a corporate formality. The vehicle should match the purpose: a trust for succession and fiduciary planning; a foundation where separate legal personality and formal governance are desired; a Global Business Company for holding investments; a VCC for fund or sub-fund strategies; a Family Office to centralise governance, reporting and coordination. The new licence could add a further component — provided the intended functions are expressly permitted under it.

What to do before 2027

Map activities. Corporate administration, trustee services, investment advice, discretionary management, custody and payments carry different regulatory requirements.

Review governance. Directors, protectors, trustees and advisers need documented responsibilities, clear decision-making authority and managed conflicts of interest, supported by a risk management framework.

Strengthen the compliance file. The 2026 reforms also strengthen beneficial-ownership record-keeping. Existing partnerships must comply with the new beneficial-ownership register requirements by 31 March 2027. Existing companies must record the date of birth of each beneficial owner or ultimate beneficial owner by 30 June 2027; equivalent transitional requirements should be checked separately for foundations, limited liability partnerships and limited partnerships. Economic and Financial Measures (Miscellaneous Provisions) Act 2026 Specialist compliance and regulatory services help maintain the required documentation.

Assess substance and monitor the FSC. Decision-making and operations in Mauritius should match the entity’s stated role. Follow the FSC’s rules and circulars, including the Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026, in force since 1 July 2026.

Compliance is part of the proposition

Compliance is not a barrier to wealth planning; it is part of the proposition. The Budget also provides for crypto-asset reporting under the OECD Crypto-Asset Reporting Framework. Structures must withstand due diligence by banks, regulators, auditors and tax authorities.

How Blue Azurite supports wealth-structuring projects

Blue Azurite Limited is a Mauritius-based Management Company licensed by the Financial Services Commission under licence number MC/19/C1/060. We assist with the formation and administration of Global Business Companies, Authorised Companies, trusts, Private Trust Companies, foundations, VCCs, limited partnerships and Family Office structures — including the licensing analysis needed for projects involving the new licence or another regulated activity. This does not replace jurisdiction-specific legal or tax advice. Contact us today.

The bottom line

With section 79B enacted, Mauritius’ signal is now law; the opportunity lies in structures that are properly governed, appropriately licensed and ready for the FSC Rules to come. For families whose interests span France, the UAE, India and the EU, a well-structured Mauritius platform must serve the real commercial and family purpose — not a generic label.

Frequently asked questions

What is the Private Wealth Management Licence in Mauritius?

A new licence category created under the 2026–2027 Budget measures and now enacted into law (s. 79B Financial Services Act; Economic and Financial Measures (Miscellaneous Provisions) Act 2026, Act 13 of 2026, dated 13 August 2026). The permitted activities are to be specified in FSC Rules, not yet published as at October 2026.

Is the Private Wealth Management Licence already fully operational?

Not fully. The licence has a statutory basis, but the FSC Rules setting out permitted activities, conditions and application procedures were still awaited as at 1 October 2026. The FSC’s rules page carries the current position.

Is a Private Wealth Management Licence the same as a Family Office licence?

No. The Financial Services (Family Office) Rules 2026 (GN No. 62 of 2026, in force since 1 June 2026) govern Family Offices; a Private Wealth Management Licence may cover a distinct set of activities, subject to the FSC Rules and licence conditions. FSC Rules

Which Mauritius structures can support private wealth planning?

Depending on the family’s objectives and the legal and tax advice received: a trust, Private Trust Company, foundation, Global Business Company, Authorised Company, limited partnership, VCC or Family Office structure.

Sources of this article:

• Financial Services Act (consolidated as at 1 September 2026) — FSC Mauritius
• Annex to the Budget Speech 2026–2027 — Government of Mauritius
• Economic and Financial Measures (Miscellaneous Provisions) Act 2026 (Act 13 of 2026) — Laws of Mauritius
• Financial Services Commission of Mauritius — Rules and Regulations
• Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2026 — GN No. 119 of 2026