09.26.14

Seychelles is top destination for expensive hotels

Posted in Tourism industry at 5:52 pm by Robert Klien

Seychelles, as well as Maldives, Monaco, Mauritius and Aruba are the most expensive destinations for hotels, according to new data from HotelsCombined, the world’s leading hotel price comparison site

Seychelles, as well as Maldives, Monaco, Mauritius and Aruba are reportedly the most expensive destinations for accommodation, with travellers in these locations spending the most per-night on hotels.

Glamorous islands and coastal locations are the most expensive holiday destinations, while Bolivia, Laos and Nepal are the cheapest ones.

09.20.14

Former Seychelles consul-general’s home sells for $3.4m

Posted in Seychelles government, Tourism industry at 5:53 pm by Robert Klien

A sprawling Lysterfield mansion that was once home to the consul-general of Seychelles will soon become a meditation retreat.

An unnamed group with 40 000 followers fought off 5 other parties in the post-auction negotiations of 511 Belgrave Hallam Road. The property was passed in on a vendor bid of $2.7 million and sold for $3.4 million through agent Anthony Johnson, of Barry Plant. It had a reserve of $2.9 million. The house has 7 bedrooms, 7 bathrooms and 7 living areas. Although it is now grown over, there was an 18-hole golf course on the property. The overall territory of the property is 24 hectares.

09.16.14

Seychelles to accede to WTO in December

Posted in Bilateral Treaties, Business and Economy, International Organisations, International relations at 2:24 pm by Robert Klien

The Seychelles has concluded bilateral trade negotiations with all interested World Trade Organization (WTO) member states.

This moved the jurisdiction closer to acceding to the WTO by the end of 2014.

The final bilateral agreement with the USA was signed by the Seychelles in Geneva, Switzerland, on September 10, 2014. According to the Seychelles Ministry of Finance, Trade, and Investment, “Seychelles has now overcome the final hurdle toward accession, in what has been a lengthy and arduous, but nevertheless rewarding process.” The jurisdiction will host its 8th Working Party meeting in Geneva in October 2014, which is expected to be the last, prior to formal acceptance into the WTO. It is expected that its membership will be considered at the WTO Council meeting to be held in December this year.

Seychelles initially requested membership to the WTO in 1995, but made very little progress until it revisited the process in 2008. One of the main challenges the Seychelles faced is considered to be its limited experience of negotiating trade agreements. However, after 2008, the Government made significant progress to identify the required legislative changes, including enactments related to sanitary and phytosanitary measures and the protection of copyright and industrial property. By 2010, Seychelles had submitted offers for market access for goods and services and had established a Working Party.

Before signing the agreement with the United States, the Seychelles completed bilateral trade negotiations with 8 other WTO members – the European Union, Switzerland, Canada, Japan, Mauritius, Oman, South Africa, and Thailand.

09.07.14

Seychelles year-on-year inflation at 0.8% in August

Posted in Seychelles' statistics at 2:28 pm by Robert Klien

According to the official data, Seychelles inflation rate fell to 0.8% in the year to August from 1.5% a month earlier.

On a month-on-month basis, consumer prices on the Indian Ocean archipelago fell by 0.1% in August, the National Bureau of Statistics (NBS) said in a statement.

09.02.14

Seychelles commits to share Tax Info with G5 Nations

Posted in Business and Economy, Seychelles government at 6:44 pm by Robert Klien

The Seychelles is the latest country to commit to the automatic exchange of tax information as part of a scheme piloted by the Group of Five (G5) nations.

The G5 pilot are the 5 countries – the United Kingdom, France, Germany, Spain, and Italy. These countries aim to deter and crack down tax evasion. They hope that their framework for the automatic exchange of information will be used as a template for the conclusion of a wider multilateral agreement.

Up to now, 46 countries and jurisdictions have agreed to implement a new global standard on the exchange of information. The first exchange is scheduled to take place in 2017, with respect to data collected from December 31, 2015. Parties to the new standard will provide signatures at the October Organisation for Economic Co-operation and Development (OECD) Global Forum meeting to be held in Berlin.

The finance ministers of the G5 nations said: “We warmly welcome Seychelles’ decision to join the initiative for early adoption of the new global standard on automatic exchange of information. We call on other financial centers to match the commitment made by the Seychelles, and by 45 other countries and jurisdictions, so that we can rapidly stamp out tax evasion on a global basis.”