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But banks in Seychelles aren't that great . I liked it when they had Barclay's bank but after 2015 it left Seychelles unfortunately. Do you recommend any specific bank?
ABSA Bank has Barclays' SWIFT codes in Seychelles, as they took over operations (BARSC is how it starts). All in all, if they grant you access, it is a reasonable enough bank (one of the largest in the south of Africa), so you should be covered with them.
NVO
@Martin Everson I thought Jersey was for trusts, not foundations? Would you mind giving some CSPs experts in foundations there, if you know any? Thanks.
I'd like to add a point regarding UAE foundations, because the CIT some say it is imposed on them is not completely accurate. But instead of me ranting about it, I'll leave you a link of a good firm that works there and who are going to give you good legacy planning advice in the UAE: https://knightsbridge.ae/changes-to-the-tax-treatment-of-foundations-in-the-uae/
In my case, for example, I've got a transparent entity, because I do not carry any commercial/business transactions with it, and that has been confirmed after last year's regulatory changes. So unless you want your foundation to incur in business activities (why would you want that instead of a free zone entity?), you'll be tax transparent, the distributions and proceeds passed onto the beneficiaries becoming a taxable event, but then again, there's no income tax (yet) at the personal level in the UAE so...
Hope this helps.
NVO
In my case, for example, I've got a transparent entity, because I do not carry any commercial/business transactions with it, and that has been confirmed after last year's regulatory changes. So unless you want your foundation to incur in business activities (why would you want that instead of a free zone entity?), you'll be tax transparent, the distributions and proceeds passed onto the beneficiaries becoming a taxable event, but then again, there's no income tax (yet) at the personal level in the UAE so...
Hope this helps.
NVO
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It all comes down to where you/your family live and where the assets are located.
If you live in an EU country, there's a good chance they won't recognize your offshore structure and treat any assets as owned under your own name.
What has Seychelles banks got to do with where you bank the assets of Seychelles Foundation?
Do you think there are many Seychelles, BVI or Cayman trust or even offshore company that bank locally....lol? The majority bank outside the jurisdiction and same principle applies for Foundations.
But banks offshore aren't happy to accept anything to do with Seychelles jurisdiction due to past issues. Do you recommend banks who are ready to work with Seychelles as I have found no banks as of yet.
Locally I have talked about Al Salaam Bank in Seychelles over the years.
Your best bet is to speak to a one stop shop with their own in-house bank and ask them about a Seychelles Foundation if thats what your after.
https://www.amicorpbank.com/services/trusteeservices
https://www.uibt.com
If you want a bank account UAE may be the better choice otherwise Seychelles or Vanuatu as they won't throw you in jail or issue an INTERPOL red notice over a misunderstanding.
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