Seychelles Foundation

[Barron]

It looks like Panama has a worthy competitor for Foundations:

Private and secure wealth management

Foundations have been, and still are, commonly used for charitable purposes but it is increasingly common for them to be used as wealth management and asset protection tools. A foundation is a separate legal entity and can be contrasted to a trust, which may only own and operate property and assets through a trustee. By contrast, once a founder transfers assets to the foundation, those assets are the property of the foundation – the founder and beneficiaries have no ownership interest.

A foundation can be a very useful and sound tax planning, asset protection or wealth management entity.

Seychelles Foundation

Seychelles is an established international financial service center and The Seychelles´ Foundations Act 2009 simply adds to its established portfolio of services.

Benefits of a Seychelles Foundation

Efficient and Economical

* Seychelles´ Foundations have low local registration fees with fast registration and approval.

Low Taxation

* A foundation is exempt from taxation on income, social security contributions, withholding tax and stamp duty (with the exception of dealings with Seychelles´ real estate).

Privacy

* While a foundation´s charter must be signed, use of a nominee founder is possible. It is not necessary to file a foundation´s regulations or the names of beneficiaries - which may be determined or contained in the foundation´s regulations.

Protection

* Assets of the foundation are the property only of the foundation – the founder and beneficiaries have no ownership interests. Seychelles law contains provisions protecting the foundation from challenges from creditors going after the founder. Claims by creditors of the founder are also statute barred after 2 years from the date of the transfer to the foundation.

Ease of administration

* No requirements for annual audits, filing financial accounts or annual returns and the necessity to hold an annual meeting.

-One thing important to note here is that this Foundation structure has the same time limit as Nevis for a challenge to any transfer of assets to the Foundation, 2 years. Panama is 3 years.

Best Regards