Seychelles International Trust for Tax and Asset Management- learn how to setup!

Seychelles International Trust for Tax and Asset Management- learn how to setup!

The primary benefits of the Seychelles International Trust are in terms of the opportunities it offers by way of Tax minimisation, Financial Planning, Succession planning and Financial Privacy. The law also contains strong asset protection provisions.

Neither the name of the person establishing the Trust nor the persons who are to benefit from the Trust are disclosed to the Registry. Upon registration the Registrar simply issues a sealed letter confirming registration and specifying the name and registration number of the Trust.

The Seychelles International Trust also has significant appeal as a holding vehicle wherein it is deployed to hold shares in an IBC as this can enable the would be beneficiaries to defer or avoid tax on the profits of the IBC for an indefinite period.

Features & Benefits of Seychelles International Trusts

Other features of Seychelles Trusts include:

* A Seychelles Trust pays no taxes in Seychelles on its foreign income

* A copy of the Trust Deed is not required to be filed with the Registry

* A Seychelles International Trust can own property anywhere (except for land in Seychelles; though it can own shares and/or maintain bank accounts here)

* The Settlors or Trustees can themselves be Beneficiaries of the Trust

* The Settlor can choose whatever country's laws he prefers as the laws by which the Trust is to be governed

* Someone resident outside Seychelles may be appointed as a co-Trustee

* There is no requirement to mention the names of the Settlor or the final Beneficiaries in the Trust Deed

* The transfer of Property to a Seychelles Trust cannot be overturned by any foreign laws as to forced heirship

* A Seychelles International Trust cannot be voided by reason of a Settlor becoming bankrupt.

* The only way that a Settlor's creditors can attack a Seychelles Trust is by commencing legal action against the Trustee in the Seychelles Supreme Court seeking to have the Trust declared a sham.

* Any legal action to claw back assets transferred to a trust, must be brought within two years of the date of transfer of the disputed asset to the Trust.

Settlor's "wishes"

Whilst the Trustees administer the trust at their discretion, a Letter or Expression of "Wishes" is commonly provided by the Settlor, setting out his or her wishes in relation to administration of the trust, including with respect to o distributions, timing of distributions, deletion or substitution of beneficiaries and etc. Though not bound by the Expression of wishes the Settlor's wishes are commonly respected so as to ensure that the legal integrity of the Trust (in terms of its aim to assist the proposed beneficiaries) is maintained.

Asset Protection Provisions

The Seychelles International Trusts Act 1994 ("the Act") provides:

* "that notwithstanding any foreign laws, an international trust shall not be void by reason of the settlor's bankruptcy or liquidation of the settlor's property or in any legal action against the settlor by the settlor's creditors (except where the Seychelles Supreme Court finds beyond reasonable doubt that the trust was made with the intent to defraud creditors of the settlor or the settlor was insolvent at the time when the property was vested in the trustee. The onus of proof as to intent to defraud rests on the creditor claimant)" &

* "that a legal claim by a creditor shall not be permitted against a trustee of an international trust after 2 years from the date of transfer of assets into the trust. "

* This affords a would be legal claimant a very narrow opportunity to "attack" a Seychelles trust. In addition to the 2 year legal claim limit period, a claimant creditor ALSO has to prove his or her case "beyond reasonable doubt" (Which is higher than the usual civil onus of "on the balance of probabilities").

* Confidentiality

* Although a Seychelles International Trust is "registered" and a registration number allocated, the Trust Deed does not have to be filed with the Registry.

* There is no requirement to file with the Registry details of the Settlor or the beneficiaries (except for any beneficiaries who are Seychellois nationals)

* No information or document relating to an international trust can be made public, except by order of the Seychelles Supreme Court on application made by the Seychelles Attorney General and then only for the purpose of an inquiry into or trial relating to drug trafficking, arms trafficking or money laundering.

* Forced heirship

* Seychelles has strong anti-forced heirship provisions with regard to trusts. Neither an international trust nor any transfer or disposition of property to the trust can be invalidated by any foreign rule of forced heirship, nor because the trust concept is unknown to or not admitted by the laws of the foreign jurisdiction

Yes it makes sense from both a tax planning and asset protection perspective to have a PIF or Trust owing the shares of an IBC. Particularly the Foundation is a useful structure as the law here makes it plain that the owner of assets held by the Foundation is the Foundation not the beneficiaries thereof. That presents huge tax planning opportunities. See attached brochures which may be of use.

International Trust - Seychelles

Seychelles International Trust for Tax and Asset Management- learn how to setup! | Grow Your Wealth Faster With A Cyprus Holding Company -

Seychelles International Trust for Tax and Asset Management- learn how to setup!

By: Gavin Salinas

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