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Fact Sheet - The Seychelles Private Interest Foundation (PIF)

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  • Fact Sheet - The Seychelles Private Interest Foundation (PIF)

    Benefits:

    1. Nil Tax: Complete exemption from Seychelles income or business tax, no WHT is levied when distributions are made and no stamp duties are applicable
    2. Fast Registration and name approval: Seychelles structures can be incorporated within as little as 4 hours of request
    3. Inexpensive:
    • (a) annual government fee is only $200
    • (b) Minimum initial capital required is just US$1 which can be paid after registration (contrast that with Panama where one must invest a minimum of US$10,000 to set up a PIF)
    4. Easy to Establish: Requires only the registration of a Foundation charter
    5. Simple to Structure:
    • (a) Only one Councilor is required (which can be either a person or a corporate entity)
    • (b) The Founder may also be a Councilor (but can’t be sole Councilor)
    6. Easy to Administer:
    • (a) No annual return need be filed
    • (b) Accounts do not have to be audited
    • (c) No requirement to file annul accounts
    • (d) No annual meeting need be called
    7. Asset Protection: The Act:
    • (a) Specifically provides that a Seychelles PIF is a separate legal entity in its own right
    • (b) Specifically provides that neither the Founder nor the Beneficiaries have any ownership interest in the Foundation assets
    • (c) Specifically protects the transfer of assets to the PIF from attack by creditors of the Founder
    • (d) Requires that any claims by a creditor of the Founder can only be brought within 2 years from the date of transfer of property to the PIF
    8. Privacy:
    • (a) A Nominee can sign the Foundation Charter
    • (b) There is no requirement to file the Foundation’s regulations
    • (c) There is no requirement to file the names of the Foundation Beneficiaries (or Protector).
    • (d) Names of the Councilors do not have to be stated in the charter
    9. Succession Planning:
    • (a) Entitlement to benefit from Foundation assets can be passed from one generation to the next outside the bounds of the Founders will or personal estate
    • (b) Seychelles law specifically excludes the operation of foreign laws as to forced heirship
    10. Founder can reserve specific powers to himself or to others including:
    • (a) the right to appoint or remove Councilors
    • (b) the right to ad or exclude Beneficiaries
    • (c) the right to add or remove Protectors
    11. A Protector can be appointed:
    • (a) and can veto certain decisions (eg change of Councilors or Beneficiaries)
    • (b) A Founder, a Beneficiary or a Councilor can also be appointed as Protector (but a sole Councilor or sole Beneficiary cannot act as Protector)
    12. Flexible Uses: A Seychelles Foundation:
    • (a) Can have beneficiaries; or
    • (b) May solely be for a specified purpose (without beneficiaries); or
    • (c) Can be for a specified purpose and have beneficiaries.
    Learn more: Private Interest Foundation in Seychelles
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