Seychelles has made itself one of the world’s most prestigious destinations for offshore banking. Seychelles is a highly sought-after destination for foreign investors and those looking for offshore finance for many reasons.
What Makes Seychelles Attractive for Offshore Banking?
Seychelles offers a highly developed and sophisticated offshore banking industry within a stable political and economic framework.
A few of the biggest attractions of the Seychelles offshore banking sector are as follows:
- Political stability: Being a democratic nation that has long governed in peace, Seychelles offers political stability that is important in long-term financial planning. There’s little likelihood of regressive policy reform.
- Standardization: The banking industry is strictly regulated as per international norms. This gives some slack to the offshore account openings.
- Bank services: Seychelles has a very good online banking system, many local and foreign banks offering a variety of services over the internet. Many online banks, such as Jetonbank, offer account opening anywhere in the world.
- Benefits of taxation: Income from investments abroad and earnings received outside the country is not subject to taxation in Seychelles. That makes it a popular destination to make tax plans for foreign income.
- Privacy rules: Strong bank secrecy and privacy regulations safeguard clients' money and financial transactions through their Seychelles bank accounts.
- Multi-currency accounts: Almost all banks offer multi-currency accounts that make it easy to control multiple currencies from one offshore account.
- Easy opening of account: It’s very simple to open an offshore bank account without needing to go through any dreaded documentation. And this transactional simplicity adds to its appeal.
- Capital growth: Strong investment potential in the Seychelles islands and access to Eastern Africa, Asia and elsewhere make it an attractive financial centre.
The ideal mix of political stability, international regulation, cutting-edge digital banking and favourable tax incentives made Seychelles a leading offshore finance centre.
Is It Legal to Open an Offshore Account in Seychelles?
For both Seychelles residents and non-residents it is totally legal to open an offshore bank account. The country has extensive legislation and regulation relating to offshore financial services.
Under the Financial Institutions Act, all licensed banks based in Seychelles can open residential or non-resident bank accounts for local or foreign customers. There are no restrictions on foreigners opening and maintaining bank accounts in the country.
There are also good privacy and secrecy laws in Seychelles that cover customers' personal data and bank transactions of offshore accounts. The Data Protection Act prohibits banks from disclosing the financial information of customers.
Furthermore, the International Corporate Service Providers Act provides the relevant legislation for companies that perform corporate banking and trust services under the Seychelles IBCs.
It’s perfectly legal for foreigners, if not residents, to open an offshore bank account in Seychelles, as long as it is with a registered and authorised financial institution. Regular reporting to tax authorities may also be required, depending on double tax treaties between Seychelles and the account holder’s country of origin.
Its comprehensive banking legislation and regulations make the Seychelles offshore banking industry legally compliant and attractive to foreign customers.
Are Multi-Currency Accounts Available for Offshore Banking in Seychelles?
One of the biggest advantages of Seychelles offshore banks is that they allow opening multi-currency accounts. The majority of online banks like Jetonbank have multi-currency deposit accounts.
Account holders may elect to maintain balances and conduct business in major global currencies such as:
- USD – The most commonly traded currency offshore accounts in Seychelles and abroad. Settlements, investments and payments are all available in USD.
- Euro (EUR) - A major reserve and trade currency that is accepted at all banks on the islands. Very useful when doing business with the Europeans.
- British Pound (GBP) - Used for UK-based clients or with UK-based partners and assets.
- Australian Dollar (AUD) - An option for Australian expats or those exposed to Australasian markets.
- Japanese Yen (JPY) - Recognized at some banks by Japanese citizens and foreigners.
- Chinese Yuan (CNY) - Evolving in relevance as China’s economic power spreads into Africa and beyond.
Having multiple currencies in one account simplifies global money management without constant currency changes or account transfers. It allows for the highest flexibility and profitability for offshore account holders in Seychelles.
What Currencies Can I Use in an Offshore Banking Account in Seychelles?
Seychelles offshore banks also provide multi-currency accounts for several of the major global currencies mentioned above. But the currencies you can choose vary slightly depending on your bank.
While USD, EUR, GBP is standardized, the rest of the currencies depend on the client and bank correspondents. These are the widely accepted currencies of major Seychelles banks:
- US Dollar, Euro, British Pound - Accepted at all banks as transactional and reserve currencies.
- Australian Dollar, Canadian Dollar, Swiss Franc - Instantly accessible at Jetonbank.
- Japanese Yen, Chinese Yuan - Provided by major international banks in Seychelles including Jetonbank.
- Singapore Dollar - Popular choice among Singaporeans of Southeast Asian banks.
- UAE Dirham - Amid Middle Eastern clients, some banks facilitate limited transfers in this Gulf currency.
Check certain currency offerings with your target bank before signing up. By deploying a massive number of international correspondents, the biggest banks typically try to offer at least 5-6 large currencies their clients want.
Best Online Bank to Do Offshore Banking in Seychelles
If you want to offshore bank online from anywhere in the world, one of the top digital banks in the world is Jetonbank. Here are a few benefits to using Jetonbank for your Seychelles offshore account:
- Complete online account opening - All account openings can be conducted remotely via video chat and digital documentation. No need to visit Seychelles.
- Multi currency accounts - Keep balances in USD, EUR, GBP, CHF and other major currencies without any conversion fee.
- High level security - Military-grade data encryption, two-factor authentication, and biometric login for total security.
- Redeemable interest rates - Redeemable interest rates for balances with no minimum deposit.
- Low fees and charges - Extremely low or zero charges for everyday payments, transfers and debit card usage anywhere in the world.
- Excellent customer support - 24/7 via phone, email, live chat and multi-language help from the financial experts.
- Access anytime, anywhere - Access your account via Jetonbank mobile banking app or web interface from anywhere.
- Privacy protection - Comprehensive confidentiality under Dominica banking regulations makes it the perfect platform for private offshore banking.
A Jetonbank account will be by far the simplest and most secure way to do your Seychelles offshore banking. It gives you access to the world’s financial system with just one affordable digital tool.
Political stability, stable financial system and the most competitive online banks like Jetonbank make Seychelles a great place to carry out offshore banking safely and profitably from any location in the world.
The tight regulations and strong privacy system contribute to its attractiveness as an international financial centre.
