Seychelles and Bahrain sign DTA

Posted in Bilateral Treaties, Double Taxation Agreements, Seychelles offshore jurisdiction at 11:05 am by Robert Klien

During a recent visit to the USA, the Seychelles’ Minister of Finance, Danny Faure, and Bahrain’s Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, signed an agreement for double taxation avoidance (DTA) between the jurisdictions.

The new agreement is a reciprocal arrangement between the Seychelles and Bahrain not to tax the repatriated income that an individual or corporate resident of one jurisdiction has earned in another one and which has already been taxed.

The new document applies to taxes on income and capital imposed in the Seychelles and Bahrain, irrespective of the way in which they are levied. It includes capital gains taxes on real estate and company shares and taxes on income.


Seychelles and Monaco agree to sign Tax Agreement

Posted in Bilateral Treaties, International relations, SIBA at 11:22 am by Robert Klien

As a result of the negotiations, the governments of Seychelles and Monaco agreed to sign the treaty aimed to avoid double taxation and prevent fiscal evasion with respect to taxes on income.

These talks began on October 5 and completed with a draft agreement, which will be presented to the government in order to be further considered.

The talks were held by senior government officials from the ministries of Finance and Foreign Affairs, the Seychelles Revenue Commission and the Seychelles International Business Authority (SIBA) from the Seychelles and Pierre-Jean Douvier, technical consultant at the Department of Finance and Economy, represented the Principality of Monaco.


Seychelles goverment completes talks on signing agreement with India

Posted in Bilateral Treaties, International relations at 9:07 am by Robert Klien

The government of Seychelles completed negotiations with India on signing Bilateral Investment Promotion and Protection Agreement between the two countries. This meeting helped to resolve the few remaining issues from the second round of talks.

After ratification of the document, India will become the fourth country which concluded such an agreement with Seychelles.

Bilateral Investment Promotion and Protection Agreement (BIPPA) is an agreement between two countries providing for the reciprocal encouragement, promotion and protection of investments in each other’s territories by the companies based in any of these countries. The purpose of these agreements is to create favourable conditions for investors of one country to invest in the economy of the other country, and vice versa. So, the agreement between Seychelles and India will give protection to Seychellois and Indian investors carrying on business in either country. By stimulating business initiatives, it will bring benefits to both countries.


Seychelles negotiates on EPA agreement

Posted in Bilateral Treaties, International Organisations, International relations at 5:45 pm by Robert Klien

Negotiations on a temporary agreement for an Economic Partnership Agreement (EPA) between African, Caribbean and Pacific countries, of which Seychelles is a member, with the EU has been initiated by Barry Faure, Seychelles Ambassador to the European Union.

It should be noted that negotiating of an EPA with the European Union is being undertaken by the African, Caribbean and Pacific countries (ACP) Group and by the Eastern and Southern Africa (ESA) Group. It is also important that Seychelles, as well as 15 other Common Market for Eastern and Southern Africa (Comesa) Member States, opted to undertake these negotiations within the ESA Group. Seychelles, along with Mauritius, Comoros and Madagascar, has clinched the temporary agreement within the ESA Group as well.

In the beginning of December, Patrick Pillay, the Minister for Foreign Affairs, and Vivianne Fock-Tave, his Special Advisor, made presentations to the National Assembly in order to explain the importance of an EPA for Seychelles and countries of the region. According to the Minister for Foreign Affairs, Seychelles’ exports to the EU will face import duty without a new agreement or without a temporary agreement.

In accordance with World Trade Organisation (WTO) guidelines, the temporary agreement was reached on November 14 and initialed on November 29. On December 31, 2007, the arrangement allowing Seychelles and other ACP countries to export to the EU at 0% import duty expired. To continue uninterrupted exports to the EU, the temporary arrangement is needed.

According to Minister Pillay, the negotiations with the EU will go on and they are expected to lead to a complete agreement by the end of 2009.


Seychelles’ and Botswana’s Presidents meet

Posted in Bilateral Treaties, International relations at 3:22 pm by Robert Klien

On June 19, 200 7, Botswana’s President Festus Mogae arrived home from a 3-day official visit to the Seychelles. His visit coincided with the significant anniversary in the Seychelles – the 14th  anniversary celebrations of the Seychelles adoption of the constitution.

The two presidents – President Michel and President Mogae – discussed common concerns between the Seychelles and Botswana.

Among others, the issues under discussion were the special status of small middle income developing countries in the emerging global economy, the development of regional eco-tourism, and the effects of global warming.

The ongoing process of Seychelles renewing its membership of SADC was one of the issues discussed by the presidents of the Seychelles and Botswana. To remind, the Seychelles quit SADC (the Southern African Development Community) in 2003 as it was not profitable in economic terms; but later it decided to rejoin the organisation.

The presidents also shared their views on various additional international issues related to the two countries’ participation in such multilateral bodies as the African Union, ACP and UN.


Seycheles expects dynamic relations with Saudi Arabia soon

Posted in Bilateral Treaties, International relations at 10:13 am by Robert Klien

Last weekend Seychellois President James Michel travelled to Saudi Arabia, where he met with the Crown Prince of Saudi Arabia, Saud Abdul Aziz Al Saud. Later, he said that this meeting marked the start of the dynamic relations of Saudi Arabia with Seychelles.

President Michel returned on June 10 and talked to journalists. Acording to him, both bilateral and international issues were discussed by him and the Crown Prince.

President Michel said that during his visit he had an audience with the Crown Prince and met members of the government and of the Royal family to discuss “bilateral relations and also world issues in which Saudi Arabia is involved and diplomatic activities in the region”.

He also said that “this visit has opened new avenues of cooperation between Saudi Arabia and Seychelles” as it was the 1st visit at this level and both countries have agreed to intensify avenues for further bilateral cooperation. President James Michel assured the journalists that Seychelles will see the results of the visit very soon.


Files on Krejčíř stolen

Posted in Bilateral Treaties, International relations at 1:11 pm by Robert Klien

It has already been said that the Seychelles has prepared a bilateral extradition treaty with Czech Republic. This was particularly essential as Czech Republic needed the extradition of fugitive and alleged mob boss Radovan Krejčíř who fled his homeland and has lived in the Seychelles since 2006. His Seychellois citizenship, which he purportedly bought in 1996, troubled his extradition process, however, the bilateral extradition treaty could finally get the criminal given out.

Now the Krejčíř’s case seems to be complicated as far as last week his files were stolen from a car of an attorney working at the Supreme State Attorney’s Office. Until yesterday, the Supreme State Attorney’s Office seemed to keep the theft of the files secret. The stolen documents are not related to the penal cases in which Krejcir is involved, but they describe planned steps of the Czech judiciary to get Krejcir’s extradited.

Supreme State Attorney Renata Vesecka confirmed the loss of the files, however, she also stressed that this is not going to threaten the Czech Republic’s effort in the case of Krejčíř’s extradition.

The police is investigating whether someone particular could stand behind the theft of the documents as they were very significant for Krejčíř’s proceeds.

On May 17-24, the South African court is to decide whether Krejčíř will be released on bail or not.


Seychelles and Kenya sign Trade Pact

Posted in Bilateral Treaties, Business and Economy, International relations at 4:21 pm by Robert Klien

A new bilateral agreement has been signed between Seychelles and Kenya. The mayors of Victoria and Nairobi have signed a pact that provide for increasing trade between the 2 capitals.

Both Victoria mayor Mrs Florence Benstrong and Nairobi mayor Dick Wathika agreed that despite the fact that the 2 cities are located near, trade between them is limited.

Nairobi mayor said that, for example, Kenyan flowers are imported to Seychelles from a 3rd party, not directly from Nairobi. Victoria mayor confirmed that, despite the availability of 3 Kenya Airways flights per week to Island Mahe, where Victoria is located, Kenyan flowers come into Seychelles through Mauritius, situated thousands of kilometres to the south.

Also, Seychelles enjoys imported food crops, which could be easily imported from Kenya, from Europe, Australia and New Zealand.

Both mayors hope that the signing of the pact will change and improve the current situation.

Trade between Seychelles and Kenya is minimal but, nevertheless, many islanders of Seychelles have links with the locals in Kenya and fly there regularly. Nairobi mayor hopes that the pact will help to develop infrastructure links necessary to promote tourism between Seychelles and Kenya.


Outcomes of Chinese President’s visit to Seychelles

Posted in Bilateral Treaties, International relations at 10:03 pm by Robert Klien

The outcomes of Chinese President’s visit to Seychelles have already been discussed. It goes without saying that the outcomes were numerous, that in the course of time ever new result will become obvious, that the countries strengthened their political and economic ties, etc. However, what is discussed below is much more practical results. These are the agreements signed during the visit of the China’s President H.E. Mr Hu Jintao.

All in all, 5 new agreements were signed between the Seychelles and China during the visit of China’s President and his delegation.

At an event witnessed by President Hu and President Michel as well as their delegations, they were signed by Seychelles Minister for Industries, Investment and Technology, Jacquelin Dugasse and China’s Minister for Commerce, Bo Xilao.

According to President Michel, one of the agreements regards the construction of the National Assembly building and the other to the building of a new primary school at Au Cap identified by the Seychelles as a priority. One of the agreements is the one on the Bilateral Protection and Promotion of Investment aimed at providing a dynamic framework for the partnership of the Seychelles and China.

At Seychelles International Airport, Michel said that relationship between the 2 countries have stood the test of time.


Seychelles in the process of preparing bilateral extradition treaty

Posted in Bilateral Treaties, International relations at 1:27 pm by Robert Klien

The Seychelles is preparing a bilateral extradition treaty with Czech Republic. If everything goes well, the treaty could be ratified and come into effect in approximately 6 months.

In accordance with the Check Justice Ministry, a new draft bilateral extradition treaty that has been signed between the Republic of Seychelles and Czech Republic could give the Czech government the legal powers necessary or finally extraditing fugitive and alleged mob boss Radovan Krejčíř home for trial.

On February 26, 2007, a Czech delegation returned home from a trip to the Seychelles where drafting an extradition treaty between the 2 countries was successfully completed.

Check Justice Ministry confirmed that the trip was a joint effort of the experts from the Republic of Seychelles and from Czech Republic, however no names, ranks and numbers of participants were disclosed. As a result of diplomatic negotiations, the draft was signed.

Krejčíř fled his homeland, Czech Republic, in 2005 while police were searching his Prague home. Later, he told the media that state attorney Jaroslav Dolejší had helped him to escape providing him with a passport. An investigation into the bungled police operation shelved in February 2006 had revealed no charges. Krejčíř is accused of numerous crimes; there is defrauding the government of nearly 3 billion Kč in customs fees and plotting the murder of a customs officer among them. He is also involved in another criminal investigation related to the 2002 kidnapping and disappearance of Lambert Krejčíř, his father.

Krejčíř has lived in the Seychelles since 2006. Efforts to bring Krejčíř to justice have been troubled by his Seychelles citizenship, which he purportedly bought in 1996. The bilateral extradition treaty could get the criminal to be extradited. However, this is not guaranteed as the draft contains the Seychelles’ right to refuse the extradition.

« Previous Page « Previous Page Next entries »