Seychelles is Unique

The Only 1st World Option in Africa

The Republic of Seychelles is a country member of the Commonwealth, comprised by a group of 115 islands located in the Indian Ocean to the northeast of Madagascar, with a total surface of 455 sq. km.

It is inhabited by about 100,000 people. Its capital is Victoria, the only city in the archipelago, located on the island of Mahe and inhabited by a third of the population. It has the only international port and airport of the country, which receives flights from the most important international airports worldwide.

Its official languages are English, French and Seychellois Creole, a French-based creole. The Seychellois Rupee (SCR) is its official currency.

Discovery of the Islands is credited to the Portuguese explorer Vasco de Gama. The first French settlement was established on St. Anne Island on the 27th August 1770.

In 1814 the Seychelles, along with Mauritius, were ceded to Great Britain under the terms of the Treaty of Paris. It was only in 1960 that the first gradual constitutional reforms were introduced. Now, the president of Seychelles is the head of state and government, elected by universal suffrage for a term of five years.

Many often point to Mauritius and Seychelles as being two of the best countries in Africa; both islands in the Indian ocean known for their beauty, sandy beaches, blue waters and offshore centres for finance.

The Ibrahim African Index 2022

It’s perhaps one of the most comprehensive reports I’ve ever seen on Africa. It tracks nearly all relevant measures to gauge the overall direction that each individual country and the overall continent is headed. It’s far more reliable than the fake government figures. Here is a screen shot of some of the questions–It breaks down overall governance into 4 categories, each of which are broken down into their own subtypes which their own questions for analysis.

The trend for each individual country can be displayed under the following categories:

Together, they are calculated to dictate the overall governance scores. If we look at the 4 broad categories, than only Sierra Leone, Angola and Seychelles trip all 4 of the “increasingly improving” wires; the highest ranking. Furthermore, the largest of the increases within the last 10 years [measured] are found with Seychelles (the photo misses 9 other countries)

Seychelles, ranks 2nd for overall governance behind Mauritius (but I am working on a new article highlighting why Mauritius’ hay days are over and they are a globalist cabal now). Five highest scoring countries in Overall Governance: Seychelles (+9.3, ranking 2nd), Tunisia (+3.1, ranking 3rd) and Botswana (+0.8, ranking 5th) have
improved since 2012. Mauritius (-2.2, ranking 1st) and Cabo Verde (-1.2, ranking 4th) have deteriorated over the decade

Seychelles vs. the Rest

In Security and Rule of Law category, Seychelles have shown the best improvement compared to the rest of Africa. Not only were they improving at an accelerating rate, but Africa is descending in this category radically fast

For Participation, Rights & Inclusion, category Gambia ranked first, Seychelles second and Ethiopia and Sudan sharing a tie. Again, the trend is poor for the continent.

For Foundations for Economic Opportunity category, Seychelles ranks very positive but does not stand out. This is because of their high base of existing economic activity compared to some countries with near no development at all.

Lastly, Human Development category, Seychelles scores very healthy as well.

Electricity=Energy=Economy

I have also wrote that in terms of electricity consumption, Seychelles is number one in all of Africa with numbers resembling European countries. If we assume electricity/power to be a proxy for an economy, it’s fair to say it’s the most developed in this respect from a domestic perspective.

Public Debt is 60.1% of GDP; proving more fiscally responsible than the mainland

Seychelles is the only country of all 54 who consume beyond 5,000 kWh per capita (6104 as of 2021). The next highest? Libya. Followed by South Africa (yes, failing South Africa).

Please see:

https://ourworldindata.org/energy/country/seychelles

The only African country on the high end list

Ideal For Foreigners. Still a Favourite for French

I’d say that cost of living is not “moderate” but rather, it’s expensive, more than European-prices. Although, it is nice to see that it is regarded as safe with crimes mostly being opportunistic theft or scams rather than violent machete crime which is the norm for the rest of the continent. The climate is often beautiful with some of the most highly regarded beaches and views on the planet and of course the territorial tax method is a huge draw for those who have investments or assets abroad.

If the trend continues, and you earn in another currency, this trend may in fact be your friend.

Appeased the Tyrants

It’s all bullshit, but Seychelles have made steps to amend their companies laws/acts to create a better reputation for the countries’ offshore economy. They have complied with EU, OECD and other tyrannical figures to implement their laws against multinational corporations and implemented “economic substance” rules. These rules shouldn’t impact too many people in practice. Many people report being very happy with the use of Seychelles legal entities and continue to use them as part of their plan today, but securing a bank account may prove difficult.

Open Door Consultancy can help
Contact HERE

Mauritius offshore companies will cost you about 3-12K USD to incorporate and 1.5-8K to maintain; depending on the offshore corporate provider, a Seychelles company can be incorporate for 400-1000 dollars and a maintenance fee between 300-750 USD a year. In my experience, Seychelles banking hardly exists at all and I imagine you’d have to attend in person to get anything done. However, Mauritius banks will recipient to you but offer poor untimely service unless you enter into the private banking sector (which will expect a minimum deposit of 50,000 USD).

Since introducing the Seychelles International Business Companies Act in 1994, over 200,000 companies have been registered and new offshore companies continue to register each month

Currently only 0.43% of known “money laundering” white-collar cases are done using Seychelles; in fact most places of destination are onshore big countries like Australia, Switzerland, USA and France. Seychelles has a handful of reputable offshore providers who remain up-to-date on current trends/laws. In my experience, Mauritius service providers are fast to answer but slow to stay with you as you work out a plan (they’re looking for a quick pay day!).

Details

Seychellois pride themselves on being unique and unlike the rest of Africa as well, which historically is true. I’ve heard that they have actually treated some “mainland” Africans poorly because of this. A majority of the population are Seychellois, so you wouldn’t have to worry about the neighbouring tribe coming down the street with AK47s while being there as is the case in Congo or Nigeria. Seychelles remains connected to France in many ways.

Seychelles is also a country that has an active and well-nourished tourism industry. This is about a third of their entire GDP. Mauritius and Maldives are competitors no doubt; but Mauritius has been lazy to nurture this industry with weak efforts to attract foreigners. Maldives, still remain a top-honeymoon destination, but their strict islamic laws make it a place that many choose to avoid for longer than a 2-4 week period. For the time being, the services sector in Seychelles is the largest contributor to the country’s economy, accounting for around 66.3% of its GDP

They are also very open to trade agreements with other countries, however lack of infrastructure may prove challenging for some ship imports (room to grow?). The vast majority of exports are made of prepared or preserved fish, followed by petroleum oils and ships. Interestingly, their largest exporter is United Arab Emirates which could be an interesting “you give us oil and we give you fish” deal. Imports compose the rest from mineral fuels, nuclear reactors, food stuffs, fish, machinery, electrical machinery, automobiles, etc. Approximately 90% of their production inputs are imported. Being an island in the Indian Ocean, they run a consistent trade deficit.

Seychelles has the highest literacy rate and the best healthcare system in the East Africa region, too.

Food

The agricultural sector in Seychelles contributes around 3% to the country’s GDP. The sector mainly focuses on the production of crops such as coconuts, vanilla, cinnamon, fruits, and vegetables, as well as small-scale livestock farming. Coconut farming is the most important agricultural activity in Seychelles and accounts for over 90% of the country’s agricultural production.

Closing

Seychelles is a relatively unknown travel destination that is known for its amazing private beaches, old tortoises, French history and offshore company structures. Between financial services, tourism, trade, transport and communications, Seychelles has remained afloat far better than their African neighbours in the East. Recent steps of trying to attract foreign investment to development their trade and revamp confidence in the government’s fiscal situation have been taken.

Given the limitations on land, labour, necessity for imports and the fragile environment, economic growth will have to rely on increases in productivity in the medium term. Assuming Seychelles can maintain relationships and continue to purchase the necessary imports, I believe Seychelles may be an interesting place to consider not only for your company but to see if it’s suitable to live.

Seychelles is by far in a league of its own when it comes to the rest of Africa. It is as close to the “1st world” as you can get and it’s rate of improvement on all metrics are quickly putting itself in a category of uniqueness for the region. If this development continues, Seychelles will be the only obvious choice to do anything in Africa.

#StayOnTheBall