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Seychelles used to be a famous offshore tax haven! Actually, when I first got into this business Seychelles was one of the most popular countries for offshore company formation & banking.
Where does Seychelles stand today, and what may be some opportunities in this paradise?
Seychelles used to have IBCs as a popular form for offshore companies - short for International Business Companies. These companies were popular for a variety of reasons.
First one, clearly being zero tax. Second had to do with very low costs of setting up and operating. On top of this they provided good secrecy.
However, as the global situation changed and developed countries started cracking down on tax havens it become tougher and tougher. All of the sudden you were in a situation where you can't get banking for your offshore company and the structure became useless.
So, if you can't form a functional offshore company, what CAN you do in Seychelles?
From my perspective, this country may be interesting for residency and citizenship.
It is not that difficult to obtain residency in Seychelles, and after 5 years of having a residency you can apply for their citizenship! Seychelles doesn't have citizenship by investment program, so you would need to wait for 5 years before you can apply for their citizenship by naturalization.
Their passport is pretty decent - it offers visa free access to China, Russia, the UK and the whole Schengen zone. You can also visit New Zealand visa free, which is quite cool.
In order to maintain your residency in Seychelles you'd need to spend only 5 days per year in the country - which is great!
Another thing that I may consider regarding Seychelles is buying property. Even though there are some restrictions around foreigners buying property it is still doable, and I personally believe it to be a good investment opportunity.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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