The trust is completely exempt from taxes abroad. Although the trust is specifically set up to keep assets away from the jurisdiction, the trust can also operate bank accounts and carry out other businesses in Seychelles with the authority`s permission.
The trust`s most significant characteristic is its privacy. The trustee`s/beneficiary`s names need not be provided in any of the documents or Public Registries. The trustee must be identified, but the trustee may also be a corporation; if the corporation has bearer shares, it will be very difficult to identify the beneficiary.
Benefits of the International Trust
- An international trust can be created in writing, by testament or by verbal communication.
- A registration fee.
- The trustees can be appointed as benefiaries.
- The trustee can be a corporate entity.
- The names of the trustees and beneficiaries are confidential under Seychelles law, unless a court orders the disclosure under the Anti-money laundering law.
- Judgement of forced heirship is specifically excluded.
- The law that governs an international trust is the law chosen by the trustee.
- An international trust is valid and required in Seychelles.
- Free of taxes for income derived abroad.
- The property of the trust cannot include Seychelles real estate properties.
- The trustee must reside abroad for the trust to be valid.
- If the trustee is a beneficiary, he cannot be the only beneficiary.
The trust is administered by trusts that receive the trustee`s deposits of funds on behalf of the beneficiary.
The trustee cannot be a resident of Seychelles and is not named on any document or public registry. Two trustees are necessary to supervise the trust; one has to be a Seychelles resident. As an alternative, a corporate entity can take the place of both trustees. The trustees are publicly registered. A trustee can be responsible for the trust`s assets if the trustee is also a beneficiary.
The beneficiary/ies need not be appointed unless they are Seychelles residents or corporations. The trustees can be beneficiaries, but not the only beneficiary.
An international trust is exempt from all taxes if the income is derived abroad.
The disclosure of information or documents relating to an international trust can only be carried forth by request of the attorney general, and only under extreme circumstances that involve criminal activities such as drugs, money laundering and weapons.
Protection against embargo
A Seychelles trust will not be null in the case of trustee bankruptcy or for any action or lawsuit by creditors against the trustee. The only exception is if there is proof beyond all doubt that the trust was set up with the intention of defrauding the creditors or if the trustee was insolvent at the time the property was entrusted to the trustee.