Jersey private client specialist firm Bailhache Labesse has completed a tie-up with accountancy firm Ernst & Young in Mauritius
The Jersey firm has also developed informal links with several other international offices of E&Y, including London, to tap into its tax expertise. The Mauritius joint venture will operate under the name Tropico Trustees Limited, which is yet to be incorporated. The Mauritian Financial Services Authority has approved the company, which will be controlled by two Bailhache directors: business development director Richard Prosser and its managing director Debbie Lang, and two from E&Y's Mauritius office. Tropico will principally advise Indians living outside their home country who are seeking to invest in India. It also aims to service clients seeking to invest in China who, partly for confidentiality purposes, wish to take advantage of Mauritius' offshore status. Tropico will mainly provide investment advice in relation to limited partnerships and venture capital. Prosser said any investment in China will be "speculative". The advantage of investing in both China and India is that they have both signed double taxation treaties with Mauritius so tax does not have to be paid in both jurisdictions. E&Y will provide tax advice, which forms three-quarters of its Mauritian work, and offshore corporate administration expertise. Bailhache's knowledge of general offshore private clients makes it attractive to E&Y.