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


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[clemens]

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

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[Sols]

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

piratechain said:
2. Seychelles IBC sends also funds to a Cyprus Ltd. on a regular basis
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Why? For what reason?

piratechain said:
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.
Click to expand...

That is correct.

piratechain said:
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
Click to expand...

Yes.

Last edited: Nov 25, 2023
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This is the probably the answer to your question.

 

[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]

Don said:
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
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Who does the withholding?

 

[CyprusLawyer101]

lacomaco said:
Who does the withholding?
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That is SDC - special defence contribution , charged by Cyprus. Not a real wht in the traditional sense

 

[Marios]

piratechain said:
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
Click to expand...

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

 

[JohnLocke]

Marios said:
You can open accounts with EMIs from the UK for your Seychelle's company
Click to expand...

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?

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[lacomaco]

CyprusLawyer101 said:
That is SDC - special defence contribution , charged by Cyprus. Not a real wht in the traditional sense
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Yes, it sounded strange 🙂

 

[jafo]

CyprusLawyer101 said:
Uncooperative/black listed jurisdictions
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a foreign entity, that is
considered to be a non-cooperative jurisdiction according to the EU list
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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]

jafo said:
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? 🙄
Click to expand...

Probably hidden through offshore structures which remain on white list 🙂

 

[jafo]

CyprusLawyer101 said:
Probably hidden through offshore structures which remain on white list 🙂
Click to expand...

rof/% 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]

JohnLocke said:
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?
Click to expand...

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.