“We want to revise the beneficial ownership database, and we are being assisted by the U.K. to implement a new framework,” said Secretary of State Patrick Payet, according to the government-funded Seychelles News Agency.
The archipelago, comprising 115 islands in the Indian Ocean off East Africa, has long been an attractive tax haven for international business. Companies operating there are exempt from taxation on income generated outside the country, and the country’s confidentiality laws protect the privacy of business owners and their financial dealings.
This made Seychelles a magnet for wealthy individuals and corporations seeking to exploit its corporate secrecy and tax advantages.
In 2023, the country was placed on the EU’s blacklist of uncooperative tax havens but was moved to the gray list in February this year after it began cooperating.
Under Tuesday’s agreement, Seychellois financial institutions, including the Financial Investigations Unit, will collaborate with their British counterparts to strengthen their ability to analyze beneficial ownership information and counter illicit financial activities.
The U.K. will also support the Anti-Corruption Commission Seychelles and the national police in investigating corruption cases.
China’s commerce minister, Wang Wentao, has called for increased dialogue and cooperation between China and the United Kingdom (TADAWUL:4280) in areas such as sustainability, digital development,
Global watchdog Transparency International (TI) UK has published comprehensive guidelines for implementing publicly-accessible beneficial ownership registers in the UK’s offshore financial centres.
Britain’s ultra-rich non-doms are urging the government to introduce an Italian-style flat-tax regime to prevent a wealth exodus, as their preferential status comes under threat in the upcoming budget.
The Luxembourg government submitted a draft law (Draft Law) to Parliament that modifies the existing minimum net wealth tax regime (NWT) to align it with a ruling of the Luxembourg Constitutional Court.The