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Seychelles: Living There - Tax Issues

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Living There

INDIVIDUAL TAXATION

The Seychelles have territorial taxation and only locally-sourced income is taxed.

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.

INCOME TAX

Income, other than earned income, may be considered as business income and will be taxed at progressive rates.

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

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

RENTAL INCOME
Rental income on residential property is considered as business income and is taxable. Repairs, expenses incurred relating to lease documents, and other expenses in producing rental income are deductible against the gross rental income.

Note that an entity with a Certificate of Approval under the Investment promotion Act 1994 may be exempt from part of or all of the Business Tax, or may have special deductions or tax credits.

CAPITAL GAINS
There is no capital gains tax in the Seychelles.

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