10 Jul '18, 3am

#Mauritius funds likely to shift to #Singapore for #India investment

#Mauritius funds likely to shift to #Singapore for #India investment

Offshore funds from recently tagged high-risk jurisdictions such as Mauritius and Cayman Islands are likely to re-route their investments through Singapore, as the threshold for being deemed beneficial owner (BO) is much higher for the latter. Mauritius, Cyprus, Cayman Islands, UAE and China are among 25 high-risk jurisdictions identified by global banks, acting as custodians for offshore funds. “It is very likely that existing offshore funds from high-risk jurisdictions migrate to Singapore,” said Girish Vanvari, founder, Transaction Square, a tax and regulatory consultancy. “Investors will want to be in places which are genuine financial hubs and which have the capability to carry out financial activities.” “The NRI (non-resident Indian) fund manager may no longer be able to continue his investment in a Mauritius fund under the new norms. Consequently, investors, too, mi...

Full article: https://www.business-standard.com/article/markets/mauriti...

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