SET UP A MAURITIUS TRUST TO PROTECT YOUR ASSETS
Brenthurst aquires major interest in Mauritian Trust Company
IT IS WITH GREAT PLEASURE THAT WE ANNOUNCE THE ACQUISITION OF A MAJOR STAKE IN A MAURITIAN TRUST AND MANAGEMENT COMPANY, NOW RENAMED BRENT CONSULTA.
Brent Consulta has two offices in Mauritius, one in Grand Baie in the north and the other in Black River. This will enable Brent Consulta to offer services to the main markets for expats from South Africa and around the world.
Brent Consulta has a staff of more than 10, including three very senior and highly qualified key individuals with many years of experience in the field of company structures, setting up of trusts and relocation services for companies and individ-uals wanting to set up structures in Mauritius to benefit from the low taxes and lack of exchange controls, amongst other reasons.
The senior partners at Brent Consulta are Samina Jagoo Jaffer (Managing Director), and Kjell Ekstrom, a specialist in fund structures, who will head up the Black River office.
They will be assisted by Gavin and Yolande Butchart, who have been spear-heading Brenthurst’s operations in Mauritius for more than four years, which includes its property marketing company, relocation services as well as Brent Wealth, its licensed wealth manager on the island.
Chairman of the new company will be Magnus Heystek, investment strategist and director at Brenthurst Wealth.
All the senior directors from Brent Consulta will be in South Africa from the 8th to 11th February and will be available at Brenthurst Wealth’s Sandton office to meet with existing and new clients.
MAJOR GROWTH AREA
Mauritius has become a major destination for South Africans either relocating and retiring or wanting to set up global company and trust structures for new business ventures or for housing existing global assets.
Post-Covid, the small island state has shown exceptional growth with property values increasing by between 20 and 40%, as pent-up demand from global buyers rapidly snapped up most property stock in the areas popular amongst South Africans, which include Black River, Tamarin and Grand Baie.
Many South African buyers have purchased properties in their personal capacity, which could cause problems in the case of death and resultant spousal inheritance.
Samina Jaffery stated, “A trust is a particularly good legal vehicle (as opposed to personal name) to house fixed assets, such as a house, as the property inheritance laws are based on the Napoleonic code which prescribes how property devolves in the case of death.”
Venture capitalists setting up new companies are also urged to set up structures to house these assets, typical an operating company owned by the trust.
A LAYER OF PROTECTION WITH MASSIVE ESTATE DUTY IMPLICATIONS
► It is also possible to transfer existing trusts to Brent Consulta at no additional costs, and more competitive pricing.
► The interest in Mauritius has also been boosted, post-Covid , by the work-from-anywhere phenome-non and the collapse of Eskom.
► In terms of existing tax laws, it is possible to earn as much as R1,25 million per annum and not pay any tax, based on the so-called 183-day rule. This means that taxpayers who spend at least 183 days per tax year outside of SA can avoid paying taxes in South Africa.
OFFSHORE TRUST OVERVIEW
Trusts are legal structures used for wealth management purposes. Under Mauritian laws such structures are mainly governed by the Trusts Act 2001 and the Income Tax Act 1995.
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