Mauritius has been a safe haven for investors and entrepreneurs wishing to establish a business for some time already.

Mauritius has been a safe haven for investors and entrepreneurs wishing to establish a business for some time already. It is a secure fintech hub that has been attracting firms because of the several benefits it offers. One of those is the fact that it is a secure jurisdiction that can be trusted. In fact, there are several measures being implemented to ensure its reliability.

Mauritius is working with the Financial Action Task Force

The Financial Action Task Force (FATF) has issued a list of ‘jurisdictions under increased monitoring’. This is commonly known as ‘the grey list’ and for the first time, it included Mauritius alongside 17 other jurisdictions. These are actively working in collaboration with the FATF to find solutions and address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. While the FATF does not call for the application of enhanced due diligence to be applied to these jurisdictions, Mauritius’s Minister of Financial Services & Good Governance has announced that the island is introducing the necessary measures.

The Minister advanced that Mauritius is making considerable progress in the implementation of a number of recommended actions as set out by the Financial Action Task Force (FATF). These will improve technical compliance and effectiveness. At the time of writing, it remains largely compliant by adhering to 35 of the FATF’s 40 recommendations. The technical team of Mauritius has been working to scale up efforts to improve the island’s position. In 2018, an assessment was conducted which revealed that it adheres to only 14 recommendations. Now, this number has increased to 35, which demonstrates an unflinching commitment and undeniable progress.

How will the island implement its action plan?

The Minister of Financial Services & Good Governance has revealed that it is going to implement its action plan by:

  • Demonstrating that the supervisors of its global business sector and Designated Non-Financial Business & Professions had implemented risk-based supervision,
  • Ensuring access to accurate basic and beneficial ownership information by competent authorities in a timely manner,
  • Demonstrating that law enforcement agencies had the capacity to conduct money laundering investigations, including parallel financial investigations and complex cases,
  • Implementing a risk-based approach for the supervision of the Non-Profit Organisation sector to prevent abuse for terrorist financing purposes and
  • Demonstrating the adequate implementation of targeted financial sanctions through outreach and supervision.

Measures already being implemented

The Mauritian Financial Services Commission (FSC) issued its first ‘Anti-Money Laundering and Countering the Financing of Terrorism Handbook’ in January this year. This is designed to assist licensed financial institutions to adopt a ‘more effective, risk-based and outcome-focused approach’

This Handbook offers financial institutions guidance on applying national measures to combat money laundering and terrorist financing and on complying with the requirements of the Financial Intelligence & Anti-Money Laundering Act, 2002 (FIAMLA) and Financial Intelligence & Anti-Money Laundering (FIAML) Regulations 2018. Moreover, it covers the risk-based approach, customer due diligence, ongoing monitoring, reporting of suspicious transactions, record-keeping and employee training. These will be useful to financial firms when they assess the adequacy of their internal systems and controls and resolve any identified inadequacies. Moreover, the FSC will take the Handbook into account when assessing levels of compliance during onsite visits.

Mauritius is now considered Africa's Fintech Hub, but one question remains: is it for investors?

The fintech sector offers investors various opportunities, especially in Africa. However, entering such markets can be a complex task for a venture capitalist. While this industry will ensure your growth, it is not always easy to drive innovation through investment when you have to deal with local legislations and licensing issues. These can hamper tech development and consequently business and industry expansion. Nonetheless, the current era that we live in means that there is a call for businesses and governments alike to be open to tech disruption because this will improve the whole outlook for the continent. Moreover, we should not forget that tech ecosystems help ease the journey from innovation to market viable product.

Advantages for investors wishing to join the MATH

While investors would benefit from venturing into the fintech market, they might need some assistance or guidance. That is why joining the Mauritius Africa FinTech Hub would be a good idea. The following are some advantages of being part of the organisation:

  • Having access to a network of pan-African, Mauritian governments, corporates, FSPs, investors, fintech businesses, tech experts, entrepreneurs, fintech businesses and SMEs that is already very well established.
  • Being introduced to vetted tech innovators, SMEs and entrepreneurs.
  • Businesses that are part of the hub can get access to licencing support and may even have their applications fast-tracked. This means that investing within the hub will allow your venture to have an increased likelihood of getting its licensing approved.
  • Sharing and benefiting from the resources and knowledge of other businesses and legal and tech experts that form part of the Hub.
  • Attending roundtable events with regulatory bodies and help shape future fintech regulation.
  • Mauritius has a number of investment agreements in place with African states. This means that these can act as a buffer on behalf of those looking to enter emerging markets or invest in African fintech businesses.
  • Enjoying facilitated free workshops with government representatives, regulators and other decision-makers, providing an opportunity to shape future regulations.
  • Enjoying free or subsidised office space in Mauritius’s city centre.

Why work with a fintech hub based in Mauritius?

Mauritius is the ideal location for a fintech hub because of several reasons besides its proximity to Africa, of course. For instance, it

  • has a strong reputation for safety thanks to its several Investment Promotion and Protection Agreements (IPPAs) established with a number of African states. As such, it can act as a protective barrier between local African governments and businesses looking to enter new markets, and
  • is a known International Financial Centre which is widely known for its safety. The Mauritian business world is popular for its corporate governance culture as well as it’s stability. As such, it is the ideal sandbox environment.
  • Several fintech businesses offering their products in Africa have set up operations in Mauritius. Thus, a template already exists for investors. This means that there is a pool of knowledge, networks and experience for them to draw from.

The Mauritius Africa Fintech Hub (MAFH) is a fast-growing ecosystem where its members collaborate and work together to build cutting-edge solutions for the emerging African market. Its members consist of all representatives on the value chain. They range from entrepreneurs, corporations, governments, tech experts, investors, financial service providers, universities and research institutions. The main aim of MAFT is to pave the way for international FinTech companies and financial service providers to access the African market which is increasingly growing. Moreover, its efforts aim to facilitate African fintech ventures to do business across borders.

Why invest into fintech?

Why choose this particular industry to invest in? How is it going to grow and help you and the general population of several African countries? Fintech is an opportunity that uplifts. It provides new ways for people to have access to life changing services, such as banking and insurance, which several developed markets take for granted. Besides from helping others, how will this sector help a business? The following positive predictions for Africa’s spending capacity and social improvement over the next decade will shed light on this matter.

  • The fintech sector is expected to reach $3bn in 2020 in Sub-Saharan Africa alone,
  • 52% of mobile transactions processed across the world will take place to and from Africa,
  • 90% of farmers earn less than $0.75 per day. This means that they cannot afford having a bank account. As such, fintech will offer a new way to access helpful services in low-income communities,
  • 80%  of people living in Africa do not have bank accounts,
  • 40% of people having the opportunity to access insurance for the first time are women,
  • 57.6% of the world’s mobile money accounts are registered in Sub-Saharan Africa,
  • Africa’s working population is expected to exceed that of China’s by 2025,
  • Consumer spending in Africa’s 18 megacities is expected to reach $1.3trn by 2030 and
  • Only 0.4% of fintech investment is directed at Africa.

As such, fintech offers several avenues that will help a business grow.

Why choose Mauritius?

Why choose Mauritius to be part of a fintech hub? The island offers several advantages. Thanks to its healthy and well-established legal system, favourable tax rate, fast internet connection and respected financial regulatory authorities, Mauritius is the perfect location with the right mix to power fintech growth in Africa. It functions as the fintech gateway to and from Africa while assisting the creation of collaborative partnerships. Moreover, even those who are not residents of the country can be part of MAFH and benefit from it.

Who should join the Mauritius Africa FinTech Hub?

This fintech hub is ideal for:

  • Entrepreneurs: reach the next stop of your growth phase!
  • Investors: be exposed to vetted Fintech start-ups and get access to its exclusive upcoming Investor Circle events.
  • FSPs & Corporate: stay on-top of the latest tech trends by taking advantage of brand-new developments in the fintech space in both Africa and Mauritius before anybody else has a chance!

As advanced in a previous article, in 2019, the government has made several changes to regulations involving the offshore sector to consolidate Mauritius as a fintech hub of excellence in the Indian Ocean. Below are more regulatory updates.

Financial Services (Global Business Corporations) Rules 2019

The FSC has amended several regulations related to Global Business Corporations in 2019. These FSC rules were made under sections 71 and 93 of the Financial Services Act 2007. The changes entail the following:

Previously, it was mandatory for corporations to apply for a global business licence or an authorised company on if the majority of its shares are held or controlled by someone who is not a citizen of Mauritius and if said corporation proposes to conduct or conducts business principally outside Mauritius or with such category of persons as may be specified in the FSC Rules.

However, on the 1st of January 2019, the FSC has issued new rules. These are in accordance to the government’s objectives of enhancing business processes. The regulations advance that as from the stipulated date, the following residents do not have to apply for a Global Business License:

  • Corporations incorporated before 31 December 2018 not holding GBL1 or GBL2,
  • Corporations established after 31 December 2018 and which have among their investors or proposed investors development financial institutions, multilateral agencies or sovereign funds. However, the resident corporations must have been granted an approval by the FSC on such terms and conditions as the FSC sees fit,
  • A trust established under the Trusts Act 2001 governed by the laws of Mauritius and
  • A foundation established or registered in Mauritius under the Foundations Act 2012.

Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2019

This act was drawn up so that the country’s activities are in line with international standards on anti-money laundering and combating the financing of terrorism and proliferation. Moreover, it aims to address threats to international peace and security in relation to the following:

  • The Banking Act 2004: Every financial institution and holder of a license, along with its branches and subsidiaries operating in a group structure, have to introduce group-wide programmes against money laundering and terrorism financing. These include processes to ensure group-level compliance, audit and anti-money laundering with the power to request customer, account and transaction information from branches and subsidiaries as necessary to perform their functions to combat money laundering and terrorism financing.
  • The United Nations (Financial Prohibitions, Arms Embargo and Travel Ban) Sanctions Act 2019: This requires that no person shall deal with the funds that are owned or controlled by a designated/listed party or any other assets whether tangible, intangible, actual or potential, however acquired, of a designated/listed party.

According to the act, a designated party is defined as a party who has committed or commits or attempt to commit, a terrorist act.

On the other hand, a listed party means any party listed by or under the authority of the United Nations Security Council.

As advanced in a previous article, Protected Cell Companies are set up, as Global Business Corporations, under the legislation that the firm will remain a single entity with different segregated cells. This provides more opportunities, additional flexibility and security for international investment structuring since the assets and liabilities of each cell are legally separate from one another. A PCC has significant features with regards to factors such as its names, taxation rules, capital requirements or legal entity.

More important features of a PCC

Issuance of shares: A Protected Cell Company has the right to issue shares in the capital of its cells. These are known as cell shares. The income gained from the issuance of cell shares will be merged together with the cell’s assets.  If earning is derived from the issuance of shares other than the shares of its cell, this will form part of the non-cellular assets of the PCC.

Core shares are going to carry voting rights of the PCC. On the other hand, cellular shares have all voting rights pertaining to a specific cell. This will ensure maximum protection to the investors of each cell regarding its corporate governance issues.

Dividend: Dividends to the shareholders of each cells are paid independently from one another. They are payable only by reference to the profits made by each cell. However, the PCC will be taxed as a single organisation. It is worthwhile noting that dividends from a local resident company in Mauritius, are not subject to any tax.

Why is Mauritius the ideal jurisdiction to establish a PCC?

Several factors should be taken into consideration when setting up a PCC. Its establishment is a matter that should be taken very seriously since a PCC has different strategies, different internal rules for different cells. There are also several group of investors/ stakeholders involved. Additionally, a PCC will have to conduct cross-border and global transactions. As such, it is essential for your PCC to carry out operations in an International Financial Centre (IFC) that can communicate with other jurisdictions efficiently and in a timely manner. The Mauritius IFC boasts interesting features such as:

  • A flexible and appropriate legislation,
  • Exchange liberalisation,
  • Free repatriation of profits and capital,
  • No capital duty on issued capital,
  • Confidentiality and banking secrecy and
  • Strong regulatory framework.

Advantages of setting up a PCC in Mauritius

  • The firm would be able to enjoy the Double Taxation Avoidance Agreements the country has with many emerging and developed economies around the globe. They would also benefit from Investment Promotion and Protection Agreements (IPPA),
  • There are no capital gains or inheritance tax involved,
  • No withholding tax on distributions made to any country and
  • The island is at a strategic location with a convenient time zone.

If you wish to learn more about PCCs or you want to set up one in Mauritius, feel free to get in touch with us.

The Protected Cell Company (PCC) was introduced in 2000 under the Protected Cell Companies Act 1999 of Mauritius. It can be set up only as a Global Business Company. The concept of this legislation allows a firm to remain a single entity while creating different segregated cells. As such, the assets and liabilities of each cell are legally separate from one another regardless of the fact that the company is corporately or individually owned. This implies that the PCC protects one cell from contagion from others, a form of legal segregation called ringfencing.

The main benefit of PCCs

Because each cell is isolated from the other, the liability of the PCC arising from transaction attributable to one cell will impact on its assets only. For instance, in case of bankruptcy of one specific cell, creditors will leverage the assets of that particular cell only to honour its liabilities. Thus, the PCC provides more opportunities, additional flexibility and security for international investment structuring.

Setting up of PCCs

 A PCC set up as a Global Business Company (GBC) will be able to benefit from the Double Taxation Avoidance Agreements executed by Mauritius with more than 40 countries across the globe. Additionally, even companies which have already been established in Mauritius may apply and convert into PCCs, on the condition that their constitution authorises this conversion. Lastly, through continuation, a company incorporated in a foreign jurisdiction can be registered as a PCC and carry on its activities in Mauritius.

While Protected Cell Companies are able to generate an unlimited number of cells, their creation is subject to the authorisation of the Financial Services Commission (FSC) of Mauritius.

Important features of a PCC

Distinct name or designation: All PCCs must have the word “PCC” or “Protected Cell Company” at the end of its name. Additionally, each cell must have its own designation or name. It could be the name of that particular cell’s share holder or it could be an alphabet to maintain anonymity.

A foreign company can continue to operate as a PCC in Mauritius using the name designated in its article of continuation and ending it with “Protected Cell Company” or “PCC”.

Single legal entity: PCCs can have several cells. However, each one must have its own distinct name or designation. Even if each cell is legally independent from others, it is not a legal entity and is created within the larger framework of a PCC. Moreover, the activities of each cell must be consistent with the overall activity of the PCC.

Capital requirement: There is no minimum capital requirement for a PCC or for each one of its cells. However, based on the nature of the business of the PCC, for instance, insurance businesses, the FSC is authorised to recommend certain capital requirements.

Taxation: Protected Cell Companies are liable to tax as a single legal entity. As a GBC, a PCC is liable to an income tax at the rate of 15%. Nonetheless, certain categories of income, such as dividend from foreign sources and interest from foreign sources, are subject to an 80% exemption rendering the effective tax payable to 3%Moreover, there are no withholding taxes on interests and dividends. As such, PCCs may also claim credits for actual taxes suffered against the nominal tax payable, such as for withholding taxes that are retained in their source countries.

This island of Mauritius has been attracting hundreds of investors because of several factors. It offers several advantages, both on a personal and on a professional level, so much so that it is now the fastest growing wealth market in Africa. This was revealed by a study from the intelligence firm New World Wealth. The country earned this title because of the number of millionaires who have decided to establish a business and to move to the country. In the year 2017 alone, this number grew by 20%.

The report looked at the performance of high-net-worth-individuals (HNWIs) in selected African countries between 2006 and 2016. These are individuals with a wealth of $1 million or more. The study placed Mauritius at the top in the continent for HNWIs. The strong growth of millionaires in the island can be attributed to several factors. These are:

  • Migration: a large number of wealthy individuals have moved to the island throughout the past ten years, especially from countries such as France and South Africa. 280 millionaires from the latter alone have migrated to Mauritius since 2006.
  • The jurisdiction’s strong economic growth and its thriving and expanding financial sector, especially in relation to offshore banking, fund management and private banking services.
  • Residency permits are given to a foreigner purchasing a home that is worth US$500,000 or more.
  • Secure ownership rights: This is the most important factor defining successful wealth creation across the globe. Ownership rights are very strong in Mauritius and this motivates people to invest in property and businesses in the country.
  • Low taxes: Related regulations both encourage business formation and appeal to retirees. Company and personal income tax rates are at only 15%, with no inheritance or capital gains tax.
  • Low level of government interference in the business sector, in contrast to other countries such as South Africa which has exchange controls, high taxes, big trade unions and BEE hiring requirements.
  • Ease of doing business in the country: Mauritius is ranked first in Africa in Ease of Doing Business Rankings in 2019 and it is at the 20th position worldwide among 190 countries surveyed by the World Bank.
  • A well-developed banking system and stock exchange program. This motivates people to invest their money in the country and to expand their wealth locally. It also ensures that economic growth taking place filters through wealth creation.
  • Those living in Mauritius are free to invest in foreign countries with no exchange controls. As such, the country can be leveraged as a business and investment hub.
  • It is a convenient base for investing and doing business in Southern and Eastern Africa.
  • It has a well-developed free media infrastructure.
  • Good lifestyle with several facilities. Residents can enjoy modern amenities as well as the beaches, golf courses and breath-taking scenery. They can also access first-class food & produce and top schools such as such as Northfields and International Preparatory School (IPS).
  • Safety: Besides its low crime rate, Mauritius has been rated by New World Wealth as the safest country in Africa.
  • Low jobless rate and low inflation rate.

Thanks to all these factors and further developments, it is expected that millionaires will keep moving to the country. According to analysts, there will be a 130% increase over the next decade.


For many, Mauritius may just be a small country of only 1.2 million people. However, the island is becoming increasing popular among foreign investors. It is recognised by experts in the offshore sector as one of the leading African markets for business-owners. The country has recently seen a sudden rise in interest from expatriates. This is due to an amendment in the laws related to the purchase of property on the island. The change sets a low threshold for obtaining residency on the island. The minimum amount is now at $500,000. Following this, the government has reported a significant increase in the number of foreign investors purchasing local properties, in particular along the country’s coastline.

Why set up your business and reside in Mauritius?


By several measures, Mauritius is already the leading African economy. According to a report by New World Wealth, it has the highest GDP per capita of $25,700. Moreover, The World Economic Forum ranks the island as the most competitive market in Africa. Besides being one of the continent’s fastest-growing economies, the country is also at the 25th position internationally on the World Bank’s table for ease of doing business.

An expert from a local property agency advanced that Mauritius is an “idyllic Indian Ocean Island destination, close to the continent and is arguably the top offshore property attraction”. When opting for the island, foreign investors will be able to benefit from a perfect living environment, from the advantages offered by its financial regime and from a dynamic bi-lingual workforce. The government has recently changed the property legislation and is working on an aggressive economic and investment strategy to establish itself as the new luxury destination in the African continent. Thanks to the new laws, it is easier for non-Mauritian citizens to obtain residency permits. They are eligible for these when purchasing a property under the government’s Property Development Scheme (PDS) with a minimum investment value of $500,000. The country has no Capital Gains Tax, dividends or inheritance tax and a universal tax rate of 15%.

According to the chief executive officer of residency and citizenship at an investment facilitator firm, foreign investors can get into the market for as little as $176,000 (this is approximately 6m Mauritian rupees), excluding taxes and legal fees, for a beach property that would be popular for rentals. For a commercial office, the amount quite less. It is at around R2.3m. Nonetheless, if they want to obtain permanent residency, higher levels of investment would be required.

Permanent residency permits

For details about Permanent residency permits, you can have a look at our previous articles. With so many benefits for foreign investors, both on professional and personal levels, it is not a surprise that investors are becoming increasingly interested in Mauritius and that it has become the new property hot spot in the African continent

Feel free to get in touch with us for any piece of advice regarding how to set up a company in Mauritius or how to apply and obtain any of the above-mentioned permits.

One of the benefits of establishing a company in Mauritius is that you can enjoy tax exemptions. Investors wishing to benefit from a five year tax holiday may apply for the following licences: Global Treasury Activities and Overseas Family Office.

Global Treasury Activities


The Mauritius Global Treasury Activities Licence gives multinational companies the opportunity to establish or relocate their regional treasury management services to Mauritius. Besides from the five-year tax holiday, they will be able to enjoy several other benefits. A corporation wishing to offer at least three of the following services to at least three related companies may apply for the Licence.

  • Arrangement for credit facilities, including credit facilities with funds obtained from financial firms in Mauritius or from surpluses from network companies,
  • arrangements for derivatives,
  • corporate finance advisory,
  • credit administration and control,
  • guarantees, performance bonds, standby letters of credit and services relating to remittances,
  • factoring, forfeiting and re-invoicing activities,
  • management of funds for designated investments and
  • other global treasury activities that may be specified in FSC regulations.

Moreover, besides the normal licensing requirements for Global Business companies specified by the FSC, the applicant must also have a physical office in Mauritius, must employ a minimum of four professionals with at least one at managerial level and it should incur an  annual expenditure of at least MUR 2m (approx. USD 60,000).

What are the benefits of this licence?


Companies operating from Mauritius will have the opportunity to benefit from the country’s extensive range of bilateral and multilateral agreements. They can also enjoy a sound legal system, good corporate governance, a reliable banking infrastructure, a qualified, skilled and experienced workforce and no foreign controls. Additionally, if they meet all the requirements, companies with a Global Treasury Activities Licence can enjoy a tax holiday of five years on corporate income.

To apply for this licence, promoters must, through a management company, submit standard material contract(s) or agreement(s) to be executed with related companies, an internal controls manual, track record and credentials of the promoter, shareholders and general information regarding the company to the FSC. These must also be accompanied by a detailed business plan alongside other documents.

Overseas Family Offices


The Overseas Family Office Licence was implemented to cater for the domiciliation of high net worth family and multifamily offices. There are two types of this licence. They are the Single Family Office and the Multi Family Office. Both of them are regulated by the FSC. What are the features of Overseas Family Offices?

  • Corporate tax residency in Mauritius,
  • Work and live permit for immediate family members in Mauritius and
  • Eligibility to acquire immovable properties in Mauritius.

As with Global Treasury Activities, if the licensee follows all the requirements set out by the FSC, he shall be granted tax holidays for a period of 5 income years.

If you wish to find more details on these licenses or you want to know more information on the application procedures, feel free to get in touch with us.

The Government of Mauritius has been trying to turn the country into an International Financial Centre (IFC) of choice in Africa. IFCs are defined as locations with a collection of financial services providers and facilities. They involve a substantial amount of international activity. Mauritius is home to a lot of foreign businesses. It is considered as a location of excellence in the African continent.

The Mauritius International Financial Centre (IFC) is an essential part of the Mauritian economy. It contributes almost US$1 billion to GDP (8% of total) and US$180 million in tax revenues (8% of total). The IFC is currently based on three pillars. These are

  1. Cross-border investment: This is its core area of specialisation. It involves the facilitation of cross-border investments and related fund administration activities. These operations make up 60% of the IFC’s economic value add and approximately 88% of IFC tax revenues.
  2.  Cross-border corporate banking: includes deposits from investment vehicles and accrued revenue from re-investment of these deposits. It accounts for 32% of the IFC’s economic value add.
  3. Private banking and wealth management: Local and regional banks report high growth in these operations for foreign customers. This is being driven by the divestment of African high net worth individual (HNWI) portfolios by European banks.

The Mauritian Government has the vision to double the size of its financial sector by 2030 and the IFC is aiming to grow its contribution to GDP, in real terms, to US$1.9 billion. This will increase tax revenue to US$0.3 billion in real terms and will lead to the creation of more jobs. These macro-economic ambitions is dependent on further training of Mauritians in the financial services industry and on an expat talent pool that would help develop the domestic financial and nonfinancial sectors.

The Mauritius IFC is currently very successful. Its status can be assessed by five competitiveness factors that the Financial Centre Futures Programme use to compile the Global Financial Centres Index (GFCI). These are

  1. Business environments: Mauritius is one of the most stable and attractive locations for doing business in Africa. This is because of its stable political and economic regime, tax attractiveness, internationally compliant and enabling regulatory framework, robust legal and judicial framework, and foreign currency availability with free capital flows.
  2. Human capital: Investors in Mauritius can benefit from a highly literate, low-cost and multi-lingual workforce. Moreover, relevant firms are currently focussed on attracting expatriate professionals, developing local talent in the relevant skills, and retaining skilled and experienced staff.
  3. Infrastructure: Some examples of excellent commercial property hubs in Mauritius are Port-Louis and Ebene. Many international financial services and IFC-relevant firms are based in these locations.
  4. Financial sector development: Mauritius is an investment grade jurisdiction having two strong local and three international banks that account for the whole market. Moreover, the Mauritius Stock Exchange is technically advanced and innovative.
  5. Reputation and other: The country has made considerable improvements with regards to transparency compliance with the highest international standards and attractiveness as a jurisdiction with deep specialisation in certain financial services.