SEYCHELLES

i. Name of country

SEYCHELLES

ii. Region

Archipelago in the Indian Ocean, northeast of Madagascar

iii. Population

96,387 (July 2021 est.)

iv. General Introduction

Seychelles is a 115-island archipelago in the South Western Indian Ocean that serves as a transit point for trade between Africa and Asia. The country’s political system is stable, and government policies encourage both domestic and foreign investment. The country has a high literacy rate as well as favorable tax regimes for investment in the tourism, agriculture, energy, and fishing sectors, as well as a world-class financial center with no foreign exchange restrictions.

v. Wifi Speed

With a population of 98,347 people at mid-year, according to UN data and an internet speed of 26.76Mbps, Seychelles is currently ranked third in Africa.

vi. Electrical outlet

All power sockets in Seychelles provide a standard voltage of 240V with a standard frequency of 50Hz.

vii. Per Capita GDP

Real GDP per capita
$24,400 note: data are in 2017 dollars (2020 est.)
$27,500 note: data are in 2017 dollars (2019 est.)
$27,300 note: data are in 2017 dollars (2018 est.)

note: data are in 2010 dollars

viii. Climate

tropical marine; humid; cooler season during southeast monsoon (late May to September); warmer season during northwest monsoon (March to May)

ix. Residence-by-Investment

According to the Seychelles Investment Act of 2010, a “investment” is any contribution made by a person to begin or expand any economic activity. Investors who make a significant investment in Seychelles may be granted various Permits that allow them, their spouse, and children to live and work in Seychelles. The type of Permit will be determined by the value of the investment and the length of stay in Seychelles.

An application must be made to the Department of Immigration and Civil Status for either Citizenship or Permanent Residence by Investment Permit. Each Permit has its own set of requirements, and all supporting documentation must be submitted with the application. Your spouse and children are welcome to join you.

Investment

Investors qualify for direct permanent residence, under the following options:

• Investor Type 1 : has invested 1,000,000 US Dollars or more in a business in Seychelles and has resided for 1 year in Seychelles
• Investor Type 2: Has invested 1,000,000 US Dollars or more in a business in Seychelles and has at least 5 years of business association as a result of the direct investment

Processing Time

• Processing time is with in 3 months

Key Benefits

• Africa’s most powerful passport, with visa-free access to 151 countries (Russia, China, UK, EU Schengen etc)
• Free healthcare and other benefits are available.
• Exemption from paying sanction fees and obtaining a permit to work.

Requirements

An investor is eligible to apply for Citizenship by Investment by meeting all the requirements below:

• Have made an investment of USD 1 million or more in a business in Seychelles.
• Have resided in Seychelles for an aggregate period of 11 years as a legal resident.
• Have not been absent from Seychelles for a continuous period of one year or more, without consent from the Minister of Internal Affairs.
• Have not been sentenced with an imprisonment of more than 1 year or more under any laws of Seychelles.
• Score a minimum mark of 80% in one of the three national languages (Creole, English or French) in the Citizenship Qualifying Examination.
• Is not a prohibited immigrant.

Procedures and Time Frame

• For either a Citizenship or Permanent Residence by Investment Permit, an application must be made to the Department of Immigration and Civil Status. Each Permit has specific requirements and all supporting documents must be submitted along with the application. Spouse and children may join with a Dependent Permit, or a Student Permit

xi. Natural Resources

fish, coconuts (copra), cinnamon trees

xii. Ethnic Groups

predominantly Creole (mainly of East African and Malagasy heritage); also French, Indian, Chinese, and Arab populations

xiii. Languages

Seychellois Creole (official) 89.1%, English (official) 5.1%, French (official) 0.7%, other 3.8%, unspecified 1.4% (2010 est.)

xiv. Religion

Roman Catholic 76.2%, Protestant 10.5% (Anglican 6.1%, Pentecostal Assembly 1.5%, Seventh Day Adventist 1.2%, other Protestant 1.7%), other Christian 2.4%, Hindu 2.4%, Muslim 1.6%, other non-Christian 1.1%, unspecified 4.8%, none 0.9% (2010 est.)

xv. Median Age

total: 36.8 years
male: 36.3 years
female: 37.4 years (2020 est.)

xvi. Urbanization

urban population: 58% of total population (2021)
rate of urbanization: 0.99% annual rate of change (2020-25 est.)

xvii. Physician density

2.12 physicians/1,000 population (2016)

xviii. Government type

presidential republic

xix. Unemployment Rate

3% (2017 est.)
2.7% (2016 est.)

x. Taxes

Headline Personal Income Tax Rate (highest marginal tax rate)

• 15%

Headline Corporate Income Tax Rate (excluding dividend taxes)

•  33%

Personal Income Tax Rate

In Seychelles, the Personal Income Tax Rate is a tax collected from individuals and is imposed on different sources of income like labor, pensions, interest and dividends. The benchmark we use refers to the Top Marginal Tax Rate for individuals.

Corporate Tax Rate

In Seychelles, the Corporate Income tax rate is a tax collected from companies. Its amount is based on the net income companies obtain while exercising their business activity, normally during one business year. The benchmark we use refers to the highest rate for Corporate Income.

TAX RATES:

• Corporate Tax Rate – 33%
• Personal Income Tax Rate – 15%
• Sales Tax Rate- 15%

The Council of the European Union has decided to remove the Seychelles from the EU list of non-co-operative jurisdictions for tax purposes. All three had previously been placed on the list because they did not meet the EU’s tax transparency criteria of being ranked as at least ‘largely compliant’ by the OECD Global Forum regarding the exchange of information on request. The delisting was preceded by the forum’s decision to grant these jurisdictions a supplementary review on this matter.

Pending the granted supplementary review, Seychelles is now included in the state of play document (Annex II) which covers jurisdictions that do not yet comply with all international tax standards but that have committed to implementing tax good governance principles.

Costa Rica, Hong Kong, Malaysia, North Macedonia, Qatar and Uruguay have also been added to this document, while Australia, Eswatini and Maldives have implemented all the necessary tax reforms and have therefore been removed from it.