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Multiple Jurisdiction Offshore Bank Accounts

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Thinking of Banking in Seychelles as an Offshore Tax Haven?

Think Again! Read below for a comparison.

Seychelles Background - The Seychelles is located in the Indian Ocean northwest of Madagascar. English is one of their four official languages. Their currency is the Seychelles rupee so there will be currency conversion costs if you bank in the Seychelles. There are no currency exchange controls.

Seychelles Bearer Share Corporations - They do have Bearer Share Corporations and they are not subject to taxation BUT this is no longer the tax and privacy haven that it was. In the case of a barer share corporation formed in the Seychelles the agent who formed the corporation must maintain records as to who the owners of the shares of the corporation are including transfers and their address as well. This is removes the anonymity advantages of the bearer share corporation although the ownership records are not in any public registry this is not comforting especially if the agent is not an attorney. This means another attorney representing a client located in another country can hire a Seychelles lawyer who could trump up some grounds to file a case and use the court system to get the ownership records which could prove devastating to a client who is being dragged over the coals by some aggressive litigators in another country. A corporate agent who is not a law firm is more than likely not going to spend any money and time hiring a lawyer to defend a client since there is no pot of gold at the end of the rainbow for the corporate agent. The chances of you, the client, renewing this corporation again after it is already being attacked is minimal and even if you did the profit to the corporate agent would be nothing compared to the thousands of dollars of legal expenses it would cost the corporate agent to defend your privacy.

Seychelles Tax Information Sharing Agreements – They are involved in some twenty such agreements. This is generally a sign to keep looking in that this jurisdiction no longer is interested in protecting privacy. They will exchange information in criminal matter relating to revenue including those relating to taxation, customs duty or trade tariff. They are in process of introducing more legislation invading privacy even more. This is not a privacy jurisdiction.

To See what to look for in a Jurisdiction for an Offshore Corporation,
Offshore Trust or Offshore Bank Account for Asset Protection click below:

Click Here: Panama as an Offshore Jurisdiction
for Asset Protection

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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.