“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.
The court’s nationwide injunction in early December put the Jan. 1, 2025, filing deadline for beneficial ownership information on hold. This week a Texas judge denied the government’s request to
In an effort to improve competitiveness, European tax experts are pushing for a major tax system overhaul. The current complexities cost EU members significant revenue and hinder cross-border investment.
Antigua and Barbuda’s revamped Citizenship by Investment Program continues to offer excellent opportunities for high-net-worth individuals seeking global mobility and financial advantages. Antigua
The coalition behind the state’s “Fair Share Amendment,” or millionaire’s tax, is pushing for increased taxes on “billionaire global corporations” and calling on lawmakers to use the state’s