Documents Required to Set Up a Trust in Mauritius

The settlor is the individual or entity who transfers assets into the trust and must be fully identified before the trust deed is executed. For individual settlors, a certified copy of a valid passport (bearing photograph, signature, and machine-readable zone) is the primary identity document; some trustees also accept a national identity card for citizens of recognised jurisdictions. Proof of residential address must be no older than three months and typically takes the form of a utility bill (electricity, water, or gas), a bank statement, or an official government correspondence showing the full name and address. Where the settlor is a corporate entity, the full corporate KYC pack is required, including certificate of incorporation, memorandum and articles of association, register of directors, register of shareholders (tracing beneficial ownership to natural persons), and a certificate of good standing issued within six months. Source of wealth and source of funds documentation is mandatory for all settlors without exception. A source of wealth declaration explains how the settlor accumulated their overall net worth, while source of funds documentation explains the specific funds or assets to be settled into the trust. Supporting evidence should include tax returns, audited financial statements, sale agreements for businesses or real estate, inheritance documentation, or employment contracts with pay slips as appropriate. Professional intermediaries should prepare a narrative summary that contextualises the documentary evidence. A bank reference letter issued by the settlor's principal banker, addressed to the trustee and confirming the account relationship and satisfactory conduct, is standard practice at CTM. Additionally, a professional reference from a qualified lawyer, accountant, or notary may be required for settlors from higher-risk jurisdictions. Where the settlor is acting through a power of attorney, a certified copy of the power of attorney document must be provided along with full KYC on the attorney.

Where CTM (Sunibel) acts as the professional licensed trustee, its FSC Mauritius licence and regulatory standing satisfies the trustee identification requirements. However, where a co-trustee is appointed or where the structure involves a Private Trust Company (PTC) as trustee, full KYC must be provided for that entity and its underlying controllers. For a PTC acting as trustee, documentation required includes the PTC's certificate of incorporation, constitutive documents, register of directors, register of shareholders with beneficial ownership information traced to natural persons, and a valid FSC licence or confirmation of licensing exemption. Each director and shareholder of the PTC who is a natural person must provide personal KYC equivalent to the settlor documentation described above. Additionally, a corporate resolution authorising the PTC to act as trustee and appointing authorised signatories should be provided. If the trustee is a foreign professional trustee acting alongside CTM, equivalent licensing documentation from the home jurisdiction regulator must be provided, along with confirmation that the trustee is in good regulatory standing. CTM will assess whether the foreign trustee's home jurisdiction AML/CFT framework is of an acceptable standard under FATF criteria.

Beneficiary identification requirements under Mauritian law depend on the nature of the trust and whether beneficiaries are identified or unborn/a class. For a discretionary trust with named adult beneficiaries, full KYC is required for each beneficiary: certified passport copy, proof of address, and where the trust deed contemplates significant distributions, source of wealth information. For minor beneficiaries, the passport or birth certificate of the minor plus full KYC of the parent or legal guardian is required. For trusts with a class of beneficiaries (e.g., descendants of the settlor), the trustee must document the class definition clearly in the trust deed and collect KYC for any currently identifiable members at inception. As future beneficiaries become ascertainable — upon birth or attaining majority — their KYC must be collected prior to any distribution being made to them. For charitable or purpose trusts, documentation establishing the legal existence and objects of the charitable entity must be provided in lieu of individual beneficiary KYC. Where beneficiaries are resident in jurisdictions subject to international sanctions or specific FATF grey or black lists, enhanced due diligence measures will be applied, and CTM reserves the right to decline to act where the risk cannot be adequately mitigated. PEP (Politically Exposed Person) status of any beneficiary must be disclosed upfront as this triggers enhanced due diligence obligations under FIAMLA.

The appointment of a protector is not mandatory under the Trusts Act 2001 but is common in international trust structures to provide an additional oversight mechanism. Where a protector is appointed, full individual or corporate KYC — equivalent to that required for the settlor — must be provided. The protector's powers as defined in the trust deed should be reviewed carefully; if protector powers are extensive (including power of appointment, removal of trustees, or veto over distributions), the protector may be treated as a beneficial owner of the trust for AML purposes, requiring enhanced source of wealth documentation. A letter of wishes from the settlor addressed to the trustee (and, where applicable, the protector) is not a legally binding document but forms an important part of the administrative file. CTM recommends that the letter of wishes be signed and dated at inception and reviewed periodically. While not a KYC document per se, it is a core element of the trust establishment file and should be prepared concurrently with the trust deed. All documentation submitted to CTM must be certified as true copies of the originals by a notary public, qualified lawyer, or regulated financial institution. Electronic KYC (eKYC) is accepted for certain document types where supported by a reputable digital identity verification platform, subject to CTM's technology acceptance policy.

The trust deed is the foundational legal instrument of any Mauritius trust and must comply with the requirements of the Trusts Act 2001. CTM's legal team drafts trust deeds tailored to the specific objectives of the structure, covering the trust's name, the law governing the trust (Mauritius law), the trustee's powers and duties, the beneficial interests of the beneficiaries, protective provisions, amendment and termination procedures, and dispute resolution. The trust deed must be executed by the settlor and the trustee; in certain structures it is also signed by the protector. Supporting documentation to be prepared and maintained alongside the trust deed includes: a schedule of initial trust assets (the settlement); any deed of addition recording subsequent asset transfers into the trust; a protector appointment letter (if applicable); trustee minutes recording acceptance of office; and the letter of wishes. Where the trust holds Mauritius sited immovable property, a notarial deed of transfer must be registered with the Registrar General. Where the trust holds shares in Mauritius companies, the share transfer forms and updated registers of the underlying companies must be maintained. The trust must also be registered with the FSC Mauritius if it falls within a category requiring registration (such as a trust with a licensed trustee administering assets for non-resident settlors and beneficiaries under a Global Business context). CTM handles all FSC registration formalities as part of its trust administration service.