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