![]() Offshore companies that can’t open bank accounts anywhere else.So, who would actually consider Seychelles offshore banking as a viable option? Well, there are a few obvious groups that come to mind, including: Bank offerings aren’t very sophisticated, service is generally poor, and banking in Seychelles can raise red flags and your business’ reputation when dealing with the outside world. The Seychelles offshore banking industry is small… in fact, it’s not really an “industry” at all. Who Should Consider Seychelles Offshore Banking? But, if you can get into one of these banks, you can probably open an account in a better jurisdiction. Today, there are basically two offshore banking options in Seychelles. Then, Barclays pulled out of Seychelles completely in 2015. And that forced many Seychelles IBCs to look elsewhere. So, naturally, many low-value clients with offshore companies were attracted here.īut then Barclays increased the minimum to $100,000. Finding a brand name bank in the middle of the Indian Ocean with a low deposit requirement (only US $5,000) was a dream for many. For example, if you have a Seychelles IBC with a Seychelles bank account, that might look fishy to some.įor years, offshore companies and Seychelles IBCs flocked to Barclays, which had a branch in Seychelles. So, if you’re banking here or have a Seychelles IBC, it can impact your reputation and raise your perceived risk level. And the country, generally speaking, has a poor reputation internationally. There’s no deposit insurance, fees are high, sophistication is low, and customer service isn’t great. In other words, it’s a last resort banking hub. It’s where you go to open offshore bank accounts if you literally cannot open accounts anywhere else. The bank sector is small and undeveloped. But Seychelles offshore banking is another thing… Tourism here is well developed and luxurious. The Seychelles islands could be one of the most beautiful places you ever visit. Odds are, if it was bad, it happened here. They were even exporting heroin in tuna cans. Guns-for-hire, diplomatic passports, money laundering, mafia, crooks, corrupt officials, and economic investment programs for criminals. Yes, that really happened.įrom that point on, the country’s history reads like something out of a spy thriller…Seychessss Several years later, the unthinkable happens… Seychelles becomes the first socialist tax haven in the world. The new government is overthrown in a coup, masterminded by a socialist who inserts himself as prime minister. Then, a few months later, everything goes to hell… In 1976, Seychelles gained independence from Britain. Here’s the short version of what you should know before considering Seychelles offshore banking: Inside you’ll get insights into account opening in foreign countries, banking in offshore jurisdictions, and of course, how to open accounts as a non-resident. In this article, we’ll explore Seychelles offshore banking, pulling back the curtain on the advantages and disadvantages, who could consider banking here, and what you might want to do instead.īut before diving in, don’t forget to download your FREE copy of the Non-Resident Banking Starter Guide.
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