International Trusts

What is a Trust?

A Trust is a legal relationship through which the owner (called Settlor) of certain assets transfers these assets to an independent third party (called Trustee). The Trustee, in turn, is legally bound to maintain and manage these assets for the benefit of another person or group of persons (called Beneficiaries).

How can you use Trust as an entity?

A trust can be used for many purposes based on individual’s requirement model. It can be used for;

  • Wealth protection
  • Inheritance and succession planning
  • Charitable purposes
  • Tax minimization
  • Can be part of business company structure

Why SEYCHELLES?

In Seychelles, International Trust is set-up and regulated by Seychelles International Trust Act 1994. Seychelles Trust is not a legal separate entity and cannot be sued in its name. The Act provides for the following types of Trusts:

  • International trusts
  • Charitable international trusts
  • Purpose international trusts, and
  • Other trusts – these are referred to in the Act and include commercial (trading) trusts, life insurance trusts, cash deposit trusts and trusts resulting from acts of the Court.

This list, however, is not exclusive, and alternative trust varieties tailored to client specific needs are also available.

Key Features

Features of Seychelles Trust:

Settlor
  • Can be resident of any country other than Seychelles
  • Corporate Settlor are allowed
  • Settlor can make additions to Trusts Fund
  • The name of the Settlor is not available on public records
  • Settlor can be beneficiary (but not sole beneficiary)
Trustee
  • One corporate or two individual trustee required
  • A local qualified trustee is mandatory
  • A settlor can also be a trustee
Beneficiaries
  • Minimum one beneficiary is required
  • A settlor/Trustee can be a beneficiary (but not sole beneficiary)
  • Addition or removal of beneficiary is permitted
  • Corporate beneficiaries are allowed
Protector
  • A protector is appointed by the Settlor
  • His powers are given in the trust deed and Letter of wishes
  • There can be more than one protector
  • Protector owes fiduciary duties to the beneficiary
Minimum initial assets required
  • USD 1
Constitutional document
  • Trust deed (not filed with the authorities)
  • No names are available to public
Duration of Trust
  • Trusts in Seychelles can be formed for a period of 100 years
  • A charitable trust can be formed for perpetuity
Re-domiciliation
  • Permitted
Taxation
  • Tax exempt
Annual Requirement
  • Filing of the tax statements
  • No annual audit requirements required
  • No filing of accounts
  • No public access to records
Local Requirement
  • Registered agent
  • Registered office
Restrictions on Trust/Trade
  • Trust cannot hold immovable property in Seychelles
  • It cannot own shares of companies registered in Seychelles (Trust can hold shares of IBC)
  • Settlor cannot be resident of Seychelles
  • Settlor cannot be sole beneficiary of Trust
Confidentiality
  • No filing with Seychelles FSA (Financial Services Authority) required
  • Trust register is not accessible to public
  • No disclosure of names of settlor or beneficiaries to regulator required unless court orders

Benefits

    • Used for asset protection/ confidentiality
    • Retention of control
    • Zero taxes in Seychelles
    • Family and succession planning
    • Can conduct business activities using IBC in structure
    • No information is available to public
    • Can be used for ESOP purposes

The Abacus Advantage

As mentioned earlier, Seychelles International Trusts can include alternate Trade varieties tailored to address client specific needs. Abacus Seychelles has years of experience and expertise in meeting the individual needs of our clients worldwide. To find out more about how Seychelles Trust can help you in asset protection and wealth maximization, please find out more at www.abacus-offshore.com or call us at +248 461 0780, to talk to us. We would be happy to help!
For Enquiry:     enquiry@abacus-offshore.com

Case Studies

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