Trusts play a crucial role in various aspects of everyday life, providing a structured framework for managing assets and ensuring their effective use. Seychelles trusts can be utilized as follows: Common family scenarios where trusts are used (often alongside wills) include: The use of trusts continues to grow globally, especially as family structures become more complex. …
While there are situations where setting up a trust can offer tax advantages, it is essential to recognize that trusts serve broader purposes beyond taxation. Important Considerations: Balancing Objectives: In summary, trusts are multifaceted legal tools, and their tax implications should be evaluated alongside other objectives. Understanding the nuances ensures effective trust management within legal …
Seychelles Trusts are private legal arrangements designed to manage and distribute an organisation’s or person’s assets. They are usually established with the expectation of privacy, mirroring the confidentiality afforded to personal financial affairs like bank accounts or health records. Privacy vs. Secrecy: Legal Requirements: Regulatory Compliance: In essence, while trusts maintain a level of confidentiality, they …
A Seychelles trust is an important legal arrangement that allows for the management and distribution of assets. In simple terms, it involves transferring ownership of certain assets (such as property, shares, or cash) from one person to another, to benefit a third party or group of people. Key Participants in a Trust: 1. Settlor (UK, …
The European Council has removed Seychelles from the EU’s list of non-cooperative jurisdictions for tax purposes. The Seychelles’ Finance Minister expressed satisfaction with this development, noting that it reflects Seychelles’ commitment to tax transparency. The country had been previously rated as “partially compliant” by the Global Forum but has since made progress in addressing the …
EU removes Seychelles from blacklist of non-cooperative jurisdictions for tax purposes Read More »
The Seychelles has been upgraded on five recommendations by the Financial Action Task Force (FATF) following the 45th meeting of the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). The upgrade shows progress in strengthening measures to tackle money laundering and terrorist financing. Seychelles has made progress in addressing deficiencies against recommendations 5, 19, 25, …
Seychelles receives positive rating on 5 FATF anti-money laundering measures Read More »
Seychelles has been assessed as having a low risk of non-profit organisations (NPOs) being used to finance terrorist activities, according to a national risk assessment report. The report was validated at a workshop at the Eden Bleu hotel, and is part of the National Risk Assessment for Non-Profit Organisations (NPOs) launched in 2022. The assessment …
Seychelles deemed low-risk for non-profit organizations financing terrorism Read More »
Fitch Ratings has announced that Seychelles’ credit ratings remain at ‘BB-‘ with a stable outlook in 2023. The ratings reflect the country’s solid tourism recovery, stable growth prospects, low inflation, and a stable economic framework. The Seychelles tourism sector had a solid recovery in 2022, with tourist arrivals surging by 82% YoY, reaching 86.4% of …
Fitch Ratings has announced that Seychelles’ credit ratings remain at ‘BB-‘ Read More »
Seychelles is developing a national policy on virtual assets in response to an increasing number of complaints regarding activities using cryptocurrency. The country’s finance minister, Naadir Hassan, revealed that a report on a national risk assessment done by the Financial Services Authority (FSA) had prompted the move. The policy will aim to provide a legal …
Seychelles is currently developing a national policy to regulate virtual assets. Read More »
The Seychelles Tax System operates on a territorial tax regime where only income sourced in Seychelles is liable to tax. The definition of Seychelles sourced income includes income from business activities conducted, goods situated or rights used within Seychelles’ physical territory. Any income earned outside of Seychelles is considered non-Seychelles sourced income, also known as …
