Global Forum Upgrades Seychelles Tax Transparency Rating to Largely Compliant
VICTORIA, Seychelles — Seychelles’ tax transparency standing was significantly upgraded on 21 January 2026 when the Global Forum on Transparency and Exchange of Information for Tax Purposes published its Peer Review Report rating the country as overall ‘largely compliant’ with the Exchange of Information on Request (EOIR) standards — a milestone that opens the door to removal from the European Union’s list of non-cooperative jurisdictions for tax purposes. The rating represents a marked improvement from the ‘partially compliant’ designation that had been maintained since Seychelles was first assessed under second-round procedures in 2020.
The upgrade carries substantial economic implications for Seychellois businesses, banks, and the international financial services sector. A country labelled as non-cooperative faces heightened scrutiny from foreign investors, correspondent banks, and trading partners, all of which increase the cost of doing business. Removal from the EU greylist — now expected as early as February or March 2026, when the EU Council of Ministers convenes — would reduce compliance burdens on the private sector and bolster Seychelles’ reputation as a reliable and transparent financial centre.
The Global Forum’s assessment recognises a sustained programme of legislative and institutional reform since 2020. Key measures implemented by the government include the introduction of the Beneficial Ownership Act and the Anti-Money Laundering and Countering the Financing of Terrorism Act in March 2020, subsequent amendments to legislation governing the international financial services sector — notably to address nominee and nominator relationships and dissolution processes — and reforms to the Revenue Administration Act that allow the Seychelles Revenue Commission (SRC) to impose administrative penalties when requested information is not provided. The SRC has also reinforced its International Tax Unit to ensure timely communication with exchange partners. A strong and coordinated approach between the SRC and supervisory authorities, assisted by the National Anti-Money Laundering and Countering the Financing of Terrorism Committee (NAC), was specifically commended.
Seychelles was first placed on the EU blacklist following the 2020 partially compliant rating, before being moved to the so-called greylist (Annex II) after subsequent supplementary reports maintained the same rating. The reforms implemented between 2020 and 2025, supported by technical assistance from the European Union, the Global Forum itself, and the World Bank, have progressively addressed the identified deficiencies and demonstrated an upward trend in compliance across legal persons and arrangements registered in Seychelles.
The Minister for Finance, Economic Planning, Trade and Investment expressed satisfaction at the Global Forum’s recognition, stating that the government remains committed to fostering a conducive environment for growth whilst ensuring adherence to international best practices, and will continue building the country’s reputation as a reputable financial jurisdiction. The ministry anticipates a positive outcome at the EU Council meeting in February or March 2026, which would formally confirm Seychelles’ de-listing from Annex II.
The ‘largely compliant’ rating places Seychelles on par with many established financial centres globally and is expected to strengthen investor confidence ahead of the country’s Golden Jubilee year.
📷 Image source: Office of the President — statehouse.gov.sc
