Seychelles on Blacklist, can we still distribute dividends to Cyprus Non Dom Residents?

[piratechain]

Hello everyone,

1. Seychelles is on Blacklist, can we still distribute dividends to Cyprus Non Dom Residents? any experiences? personal Accounts would be Revolut or Wise

2. Seychelles IBC sends also funds to a Cyprus Ltd. on a regular basis

3. My accountant in Cyprus said problems can arise with the banks who will not accept funds from a Sechells IBC, meaning Revolut or Wise on a personal level or Revolut and Wise for the Cyprus Ltd.

4. Can i still open a european high risk EMI if i want to, even Seychelles on the Blacklist? I can imagine if the Seychelles IBC has a EU IBAN the fund would get through


Gratful for ever Feedback

 

[clemens]

Wonder why no one has answered this question yet @CyprusLawyer101 @CyprusLaw ??

 

[Sols]

1. Seychelles is on Blacklist, can we still distribute dividends to Cyprus Non Dom Residents? any experiences? personal Accounts would be Revolut or Wise

Yes. I don't know about Revolut and Wise in particular. If it's an existing relationship, it can probably continue. If it's new, Revolut and Wise may not be ideal fits.

2. Seychelles IBC sends also funds to a Cyprus Ltd. on a regular basis

Why? For what reason?

3. My accountant in Cyprus said problems can arise with the banks who will not accept funds from a Sechells IBC, meaning Revolut or Wise on a personal level or Revolut and Wise for the Cyprus Ltd.

That is correct.

4. Can i still open a european high risk EMI if i want to, even Seychelles on the Blacklist? I can imagine if the Seychelles IBC has a EU IBAN the fund would get through

Yes.

 

[CyprusLawyer101]

Where a CY co is the recipient there might arise restrictions, on low or 0% rated jurisdictions who also make the majority of their income through investments when claiming the participation exemption which allows for 0% corporate tax on dividends recieved. Uncooperative/black listed jurisdictions may be denied the exemption as well.
With respect to how a bank may treat such a transaction, this would depends on the bank's internal policy which does not necessarily reflect the tax situation.

 

[Bablo Wulfhram]

Does your IBC bank in Seychelles or in another jurisdiction?

 

[Don]

According to the latest amendment of the Special Defence Contribution N.195 (I)/2021, dividends distributed to a Cyprus company by a foreign entity, that is
considered to be a non-cooperative jurisdiction according to the EU list are subject to a 17% withholding tax

 

[lacomaco]

According to the latest amendment of the Special Defence Contribution N.195 (I)/2021, dividends distributed to a Cyprus company by a foreign entity, that is
considered to be a non-cooperative jurisdiction according to the EU list are subject to a 17% withholding tax

Who does the withholding?

 

[CyprusLawyer101]

Who does the withholding?

That is SDC - special defence contribution , charged by Cyprus. Not a real wht in the traditional sense

 

[Marios]

Hello everyone,

1. Seychelles is on Blacklist, can we still distribute dividends to Cyprus Non Dom Residents? any experiences? personal Accounts would be Revolut or Wise

2. Seychelles IBC sends also funds to a Cyprus Ltd. on a regular basis

3. My accountant in Cyprus said problems can arise with the banks who will not accept funds from a Sechells IBC, meaning Revolut or Wise on a personal level or Revolut and Wise for the Cyprus Ltd.

4. Can i still open a european high risk EMI if i want to, even Seychelles on the Blacklist? I can imagine if the Seychelles IBC has a EU IBAN the fund would get through


Gratful for ever Feedback

You can open accounts with EMIs from the UK for your Seychelle's company

 

[JohnLocke]

You can open accounts with EMIs from the UK for your Seychelle's company

Which EMI in the UK will open an account for a company in Seychelles in 2023 - I would like to know that, can you name just one?

 

[lacomaco]

That is SDC - special defence contribution , charged by Cyprus. Not a real wht in the traditional sense

Yes, it sounded strange

 

[jafo]

Uncooperative/black listed jurisdictions

a foreign entity, that is
considered to be a non-cooperative jurisdiction according to the EU list

The West isn't even trying to hide their unilateral animosity anymore!

PS. I wonder if those in the West who enact these draconian unilateral rules, also disclose their personal contact information?

 

[CyprusLawyer101]

The West isn't even trying to hide their unilateral animosity anymore!

PS. I wonder if those in the West who enact these draconian unilateral rules, also disclose their personal contact information?

Probably hidden through offshore structures which remain on white list

 

[jafo]

Probably hidden through offshore structures which remain on white list

100% correct! We already knew due to this:
Offshore havens and hidden riches of world leaders and billionaires exposed in unprecedented leak. The Pandora Papers reveal the inner workings of a shadow economy that benefits the wealthy and well-connected at the expense of everyone else.

Noticed how those who scribbled BS rules on paper "for the rest of us" to abide by, and did a ritual and later called it "law", did NOT investigate, confiscate, penalize, or imprison themselves

 

[Marios]

Which EMI in the UK will open an account for a company in Seychelles in 2023 - I would like to know that, can you name just one?

Account opening conditions for more factors than just the jurisdiction alone. Having said that, EMIs such as INTERPOLITAN MONEY, JNFX and XACE accept to consider a Seychelle's company.