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I have a question regarding Seychelles. I am a contractor and live in the UK and have setup an offshore IBC in Seychelles. I work across Europe (France, Netherlands and UK) and the company that has hired me in Paris told me that because my company is in the Seychelles and as France does not have a tax treaty with Seychelles they need to withhold 33% tax as that is the law. This basically means that I only get 66% out of 100%. Does this apply to all countries that do not have tax treaties with Seychelles? If that is the case, Seychelles will not be an interesting country as an offshore country. Does any off you have a better structure to minimize tax paid? Any feedback highly appreciated. NT
I suggest you consider moving the Company to Mauritius which has a tax treaty with France and 34 other countries.
Can you send us an email at info@prime-capital.mu so that we can help you further. You can visit our website for more info: www.prime-capital.mu
PrimeCapital Management Ltd
REPLY:
Hi, having run several businesses out of the Seychelles I have never heard of a 33% witholding "tax". But I have often been faced with attempted scams by EU suppliers attempting to withold part payments. You should check the status of France's tax deal with Seychelles. To the best of my knowledge, there is an agreement in place between them. The tax withheld will depend on the status of your Sey company. SeyMike
REPLY:
I can confirm you that there is a tax law here in France to withheld those 33% for payements to most "tax havens". Welcome to France ;)
REPLY:
Mauritius indeed is a nice jurisdiction to deal with, and in your case, it will be a good solution. Cyprus as well has a DTT with France or United Arab Emirates. Please let me know if you wish more informaiton. Sebastien
REPLY:
Actually - there is a neat solution to this...if you are non UK resident, you should be able to use a UK LLP (limited liability partnership) to bill for your services without UK tax consequences. A UK LLP is a UK corporate entity with limited liability but it is tax transparent being taxed like a partnership. I once set this up for a client working for Airbus in France and it worked well. www.middletonkatz.com Martin Katz, Chartered Secretary, Isle of Man
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