Mauritius Financial Services Commission revises Asset and Fund Manager Certificate eligibility to allow up to two officers based on assets under management

The Mauritius Financial Services Commission has issued a circular replacing CL300921 that updates how many officers can qualify for an Asset Manager Certificate or Fund Manager Certificate, which supports the Income Tax Act’s ten-year tax holiday for employees of certain FSC licensees managing at least USD 50 million. For an Asset Manager Certificate, one officer may apply where the managed asset base is at least USD 50 million but below USD 100 million, and two officers may apply where the asset base is USD 100 million. For a Fund Manager Certificate, a Collective Investment Scheme (CIS) manager managing only one fund may have one eligible officer at USD 50 million to below USD 100 million and two eligible officers at USD 100 million; where more than one fund is managed, eligibility is assessed per fund, with one officer per fund where each fund’s asset base is at least USD 50 million but below USD 100 million, and two officers per fund where each fund’s asset base is USD 100 million. All other conditions are unchanged, including that certificates are issued annually to FSC-approved officers employed by CIS managers or asset management companies, subject to Mauritius residency, maintaining at least USD 50 million asset base, and an employer declaration signed by two directors. Employers must promptly inform the Mauritius Revenue Authority if assets fall below USD 50 million (ending the exemption and triggering PAYE) and must provide the officer with an end-of-year statement detailing the qualifying period, assets managed, monthly asset base values, emoluments, and any PAYE withheld.