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Seychelles: Living There - Tax Issues

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Last Updated: Aug 04, 2006

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"The Seychelles have territorial taxation. Only locally-sourced income is taxed. All foreign-sourced income is tax-free.

An individual is considered resident if present in the Seychelles for more than 180 days in any one tax year. But the resident/non-resident distinction is of little importance, and only affects dividends, interest, and royalties, which are tax-bearing if payable to non-residents.

There is no local income tax. Instead, employees and employees make social security contributions. Employees pay 5% of their salary. Employers pay as follows:

EMPLOYER'S SOCIAL SECURITY CONTRIBUTION

MONTHLY INCOME, SCR (US$) MARGINAL TAX RATE
Up to 1,000 (US$177) nil
1,000 - 2,000 (US$354) 20% on band over US$177
2,000 - 10,000 (US$1,769) 30% on band over US$354
Over 10,000 (US$1,769) 40% on all income over US$1,769

The employer withholds both his and the employee’s contributions and remits them monthly to the tax authorities.

To obtain permission for longer stays, it is necessary to demonstrate adequate financial resources, or to acquire a Gainful Occupation Permit, normally costing SCR18,000 (US$3,184) per annum.

 

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