Seychelles is removed from the European Union blacklist

Over the years, Seychelles has continuously worked towards strengthening availability, access, and exchange of information and several key pieces of legislations have been enacted and/or amended since 2020 as follows:

1.         Beneficial Ownership Act 2020 – whereby the definition of Beneficial Owners has been aligned to the Financial Action Task Force and OECD requirements

2.         Limited Partnerships (Amendment) Act 2021

3.         International Business Companies (Amendment) Act 2021

4.         Foundations (Amendment) Act 2021

5.         Trusts Act 2021

Further to a meeting of the Economic and Financial Affairs Council of the European Union (EU) on Tuesday 5th October 2021, the decision was taken to remove Seychelles from Annex I of the list of non-cooperative jurisdictions for tax purposes, commonly referred to as the “EU Blacklist”.

Seychelles has been moved to Annex II of the list of non-cooperative jurisdictions (the “EU Grey list”) awaiting a Supplementary Review in 2022, aiming to be definitely removed from the list.

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