Seychelles Foundations
Seychelles foundations are provided for by the Foundations Act 2009. A foundation’s council manages foundation assets for the benefit of the foundation’s beneficiaries or for a specified purpose. A foundation’s charter or regulations may reserve to the founder or to a protector certain rights, such as the right to approve the appointment or removal of councillors or beneficiaries.
Formation
Formed on the registration of its charter signed by the founder who donates initial assets to it, a Seychelles foundation is a separate legal entity which holds property in its own right and has no owners.
Uses
Private foundations are commonly used to hold investments such as company shares, bonds and real estate or as part of a family office structure.
Wealth Protection
As assets cease to belong to the founder once transferred to the foundation and the foundation becomes the sole owner of the assets, the foundation’s assets are protected (in the absence of fraud) from attack by the founder’s personal creditors.
Succession Planning
Foundation assets can be administered for the benefit of successive generations, outside of the founder’s deceased estate and without involving the founder’s will, executors or probate formalities.
Value
Foundations offer a cost-effective alternative to trusts. A Seychelles foundation is not subject to Seychelles taxation on its foreign income and profits and is exempt from Seychelles withholding tax and stamp duty.
Privacy
The names of foundation beneficiaries, councillors and protectors are not required to be filed with the Registrar and are not publicly-accessible.