Seychelles: Double Tax Treaties
Other International Agreements
Mutual Assistance Treaties: The Seychelles signed its first tax information exchange agreement in August 2010. The TIEA with the Netherlands is based on the OECD model. The signing of this agreement was considered to be the first of many as the government of the Seychelles attempts to further develop its international business and financial services sector. TIEAs with Greenland, the Faroe Islands, Iceland, Finland, Denmark, Norway and Sweden were signed on 30 March 2011. The double tax treaties it is negotiating are based on the OECD model. There are also a number of pieces of domestic legislation, including the Mutual Assistance in Criminal Matters Act 1995, the Anti-Money Laundering Act 1996, and most of the sectoral 'offshore' Acts which accept the need to provide information internationally when criminal behaviour is suspected. Usually the Court has to be involved, sometimes at the behest of the Attorney-General. In some cases, the legislation admits the possibility of 'fiscal' crime, which is not always the case among the country's competitors.
In its endeavour to participate in the fight against terrorism, Seychelles ratified in 2003 the following conventions: Convention Against the Taking of Hostages; Convention for the Suppression of Terrorist Bombings; Convention for the Suppression of the Financing of Terrorism; Convention Against Trans-National Organized Crime; Statute Establishing the International Criminal Court; Convention on the Physical Protection of Nuclear Material; and the Convention on the Marking of Plastic Explosives for the Purposes of Detection.
The Seychelles has concluded and ratified a Bilateral Investment Protection and Promotion Agreement (BIPPA) with Egypt. The following countries have agreed to the possibility of concluding an Agreement for the promotion and protection of investments with Seychelles: Bahrain, Canada, Cuba, Germany, Kuwait, Namibia, Qatar, Slovak Republic, Sweden, the UK, and the US.
The Seychelles is a member of the Multilateral Investment Guarantee Agency (MIGA), a World Group Agency which provides non-commercial risk insurance to private investors and lenders, and which provides technical assistance to countries on foreign investment. MIGA promotes cross-border investments that have a positive developmental impact and are economically and environmentally sound. These include expansion, modernisation or financial restructuring of existing projects and privatization of state owned entities.
The Seychelles has also signed up to the International Convention on the Settlement of Investment Disputes (ICSID); the Indian Ocean Commission (IOC), the Common Market for Eastern and Southern Africa (COMESA), the Cotonou Agreement, the Africa Growth and Opportunity Act (AGOA) and the Generalised System of Preferences (GSP).