Future Is Bright For Seychelles, Says Offshore Expert

by Lorys Charalambous, Tax-News.com, Cyprus

30 June 2004

The outlook for the Seychelles as an offshore financial centre is looking bright according to a leading expert who recently led a foundation course for local firms wishing to sell offshore services.

Speaking last week, John Goldsworth of Trust & Trustees in London remarked that the jurisdiction has attained political stability and developed strong legislation, which in combination with its membership of the Commonwealth makes it an attractive choice for potential international investors, Seychelles Nation reported.

Mr Goldsworth praised the Seychelles “careful” approach to the development of its offshore finance industry, and whilst other jurisdictions may have “swept ahead” in the race to offer offshore services to certain companies, this policy has allowed it to keep its reputation intact, setting up potential for future growth.

He also noted how the increasing regulatory requirements placed on the industry are making it harder for criminals to exploit offshore centres. “The time for being unpleasant about the offshore industry (is over). There’s no room for money launderers,” he remarked.

Mr Goldsworth, who has served as a legal advisor to both SIBA (Seychelles International Business Authority) and the Ministry of Finance, last week directed a week-long course providing basic skills in the provision of offshore services for managers and executives at some of the jurisdiction’s registered agents.

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