SEYCHELLES TRUST

The establishment of Seychelles International Trusts is regulated by the Seychelles International Trust Act 1994. In itself, this law contains detailed and comprehensive provisions of the creation, rights and the operational environment of an International Trust in Seychelles.

The most attractive features of Seychelles International Trusts are complete confidentiality at establishment, exemption from any forms of taxation, a high flexibility of structure and a strong legal protection provided by the law.

A full text of the is Seychelles International Trust Act 1994 is available in our Downloads section.

Exemption from tax

Seychelles International Trusts are not subject to tax, including any taxation on income, assets, capital gains, or any stamp duties. They are also not subject to exchange controls and the obligation to file public financial statements.

Secrecy

The identities of the settlor or beneficiaries of a Seychelles International Trust remain secret, as the trust deed is not publicly filed. Disclosure of any information in relation to an International Trust is strictly prohibited by the law. The only exception is when an injunction is granted by the Seychelles Supreme Court on application made by the Seychelles Attorney General and this can only happen for the purpose of an inquiry or trial into or relating to the trafficking of narcotics and dangerous drugs, arms trafficking or money laundering.

Flexibility and protection

The Settlor of the Trust can also be a Beneficiary, provided that he is not the only Beneficiary. There is no requirement to file financial statements, however a Trust must maintain and keep proper accounting records. The law governing the International Trust may be chosen at will by the Settlor. The transfer or disposition by the Settlor of an International Trust cannot be invalidated by any foreign rule of forced heirship. Seychelles International Trusts can be drawn up in a very flexible way to reflect the particular needs and circumstances of the Settlor. Purpose, discretionary or charitable trusts are possible, both revocable and irrevocable. Re-domiciliation of a foreign trust into Seychelles is accepted.

Assets

The assets of the Trust can be anything, except a property situated in the Seychelles - however, the Trust may hold Seychelles government securities and shares in Seychelles companies. A Seychelles Trust may own and operate its bank account in Seychelles.

Requirements and procedures

Although the law permits establishment of a Seychelles International Trust by an oral declaration, a will or a codicil, usually it is established more formally by an instrument in writing (a Trust Deed).

After finalizing the Trust Deed and the requisite documentation (if any), the Trustee also prepares and submits to the Seychelles International Business Authority a Trust Declaration, confirming that the Settlor is not resident of the Seychelles, that the Trust property does not include immoveable property situated in the Seychelles and that all requirements of the Act have been met to qualify the trust as Seychelles International Trust.

Trustees

The minimum number of trustees is one.

Trust services in Seychelles may only be provided by licensed and regulated Trustees. Stringent requirements are enforced by SIBA (the regulatory authority for trust services) towards the competence, integrity and financial standing of Trustees.

At creation of a Trust, a clearly identifiable Beneficiary needs to be defined. A Settlor or a Trustee may also be a beneficiary, but not the sole beneficiary of the Trust (there must be at least one another beneficiary).

The one-off Trust registration fee charged by SIBA is $100. In addition to that, there are professional fees of the Trustee, which may vary.

Trusts can usually be formally established and registered within a few days.

Please contact us if further details are required.