FAQs

No but because we need to be able to operate bank accounts we much prefer to work with banks that we are familiar with.

No, a Trust does not need to file accounts. No authority will ask and no authority will accept either. There is no facility for the public filing of Trust accounts.

No not in Seychelles. Trust income derived from a source not in Seychelles is totally exempt.

A Seychelles trust cannot continue for more than 100 years. It will automatically end when it reaches this age but a new trust could be settled to receive the assets for the same beneficiaries.

In the Act and in the written trust instruments this is referred to as the “proper law”. The proper law can be the laws of any jurisdiction but particularly for the Trusts we are involved with in Seychelles, it is Seychelles law.

Privacy – Trusts may be created purely for privacy. For example the terms of a will are public but the terms of a trust are not. Also very popular is to have a Trust as the ultimate holding arrangement in a corporate structure instead of nominees and bearer shares because as well as providing increased privacy the assets are more secure with a trustee than with a simple nominee. Trusts are generally seen as being more respectable than bearer shares and in any case bearer shares are no longer allowed in Seychelles following the amendments of the 16th December 2013. Spendthrift Protection – Trusts may be used to protect beneficiaries (for example your children even after they become adults) against their own inability to handle money. Estate Planning – Trusts can be used instead of wills to administer a deceased’s estate. Charities – In some common law jurisdictions all charities must take the form of trusts. Unit Trusts – The trust has proved to be such a flexible concept that it has proved capable of working as an investment vehicle: the unit trust. Pension Plans – Pension plans are often set up as a trust, with the employer as settlor, and the employees and their dependents as beneficiaries. Remuneration Trusts – These are trusts for the benefit of directors and employees or companies or their families or dependents. “Asset Protection” – The idea is for a person or a business to be completely separated from certain assets, with the intention that future creditors will not be able to attack those assets. Tax Planning – Trusts are used for legal tax reduction or avoidance. The tax consequences of a transaction routed through a trust are usually different from the tax consequences of another route. In some cases, the tax consequences of using the trust are better than the alternatives. Co-ownership – Ownership of property by more than one person can be arranged as a trust. For example ownership of the family home can have both partners as beneficiaries , with one, or both, owning the legal title as trustee.

Yes. A Seychelles International Trust is recognized as being a charitable trust if the main object or purpose is the relief of poverty, the advancement of education, the advancement of religion or any other purpose beneficial to the public in general. As we have not registered a charitable Trust in Seychelles yet we would have to get out legal advisors to draft a new deed which could some time. It would be helpful if you are able to provide a proposed trust deed.

Provided that the terms of the trust allow existing trustees to transfer (prompted by a letter of wishes from the settlors or request from the protectors) and provided that the trust is simple and holds only company shares and funds in bank accounts we may consider it. The transfer procedure is not simple however and can take quite some time. We will need to know everything about the trust first. We will want to inspect the files for which we would happily work under a non-disclosure agreement so that if we do not ultimately accept, confidentiality will be preserved. Because of the extra work involved our fees would be much higher than for establishing a new trust.

Please email, fax, skype or call us for our fees. Our fees are very competitive, provided that a Trust will be relatively simple and will only own and invest in company shares and cash in a bank account. Our annual fees include keeping all records and preparing or approving statements as required.

We can provide a basic template but a letter of wishes must come from the settlor. The letter must express wishes of the settlor and must not instruct and it is helpful if the letter recognizes that the letter is not binding on the trustees.