Seychelles is a small Indian Ocean offshore centre best known for international business companies, securities dealers serving retail FX and CFD clients, and, since 2024, a dedicated licensing regime for virtual asset service providers. Banking and payments are supervised by the Central Bank of Seychelles, while the Financial Services Authority covers non-bank financial services, gambling and company registration.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes6
CurrencySCR
Fitch ratingBB
Next electiondue by 2030
Not on the FATF grey or black lists after the 17 to 19 June 2026 plenary, not on the EU high-risk list (consolidated version applying from 29 January 2026), and not in Annex I of the EU tax list as of 17 February 2026; Seychelles was in Annex I from 17 October 2023 to 20 February 2024 and was then held in Annex II until it was removed from Annex II on 17 February 2026. Checked 7 October 2026.
Government and politics
Government
Presidential republic
President
Patrick Herminie · since October 2025
President
Patrick Herminie (United Seychelles)
Governing parties
United Seychelles
Last election
Presidential (runoff), October 2025
Next election
Presidential and National Assembly, due by 2030. Herminie defeated incumbent Wavel Ramkalawan with 52.7% in the October 2025 runoff and was sworn in on 26 October 2025; United Seychelles won 19 of 34 Assembly seats on 27 September 2025.
Legislature
National Assembly (unicameral, 34 seats: 26 directly elected and 8 proportional)
Legal system
Mixed system of English common law, French civil law and customary law
Economy and finance
Population
122.7k (2025)
GDP
USD 2.3bn (2025)
GDP per person
USD 18,479 (2025)
Currency
Seychelles rupee (SCR), floating
Central bank
Central Bank of Seychelles
Credit rating
Fitch BB (stable) (as of September 2026)
A high-income island economy dependent on tourism and tuna fishing, with an international business company and offshore financial services sector supervised by the Financial Services Authority.
Bank
Banking licence
Minimum capitalUnimpaired paid-up or assigned capital of not less than SCR 20,000,000, plus a capital adequacy ratio of at least 12% and a core capital ratio of at least 6%
TimelineCBS confirms completeness within 30 days and must grant or refuse within 90 days of a complete application (FIA s.6)
AuthorityCentral Bank of Seychelles
Unimpaired paid-up or assigned capital of not less than SCR 20,000,000, plus a capital adequacy ratio of at least 12% and a core capital ratio of at least 6%
Law
Financial Institutions Act, 2004, s.3(1)(a) and s.5 to 6; Financial Institutions (Capital Adequacy) Regulations, 2010 (S.I. 73 of 2010), reg. 4 and 5
Passporting
No passport; licence valid for Seychelles only.
Key requirements
Application on the CBS prescribed form with capital structure and details of substantial shareholders (10% or more)
Fit and proper assessment of directors, managing director and significant shareholders
Business plan prepared to CBS instructions
Foreign bank applicants must show they meet home-country capital requirements
TimelineFSA service standard: 3 months to 2 years from a complete application, depending on complexity
AuthorityFinancial Services Authority
New entrants: US$75,000 wallet provider, US$100,000 exchange, US$50,000 broking, US$25,000 investment provider, rising to 2.5% of annual turnover from the third annual licence payment; entities already operating at commencement: 2.5% of annual turnover
Law
Virtual Asset Service Providers Act, 2024; Virtual Asset Service Provider (Capital and other Financial Requirements) Regulations, 2024 (S.I. 72 of 2024), Schedule
Fees
Application fee SCR 75,000. Annual fee: base SCR 75,000 plus SCR 300,000 (wallet provider), SCR 375,000 (exchange), SCR 150,000 (broking) or SCR 75,000 (investment provider). Pro-rated if first granted outside January to March.
Passporting
No passport.
Key requirements
Resident director present in Seychelles 183 days or more in any 12 months
Fully manned office conducting core income generating activities, with at least 2 board and 4 management meetings a year in Seychelles
Full-time compliance officer; the role may not be outsourced
Paid-up capital held in a Seychelles-licensed bank or a Basel II compliant foreign institution
Incomplete applications are refused, the fee forfeited and a 6-month resubmission bar applies
Existing VASP operators had to file a complete application by 31 December 2024 to keep operating. Minimum capital and processing times for payment service providers and e-money issuers are not stated in the NPS Act and the implementing regulations were not located, so they are left null. The offshore banking figures come from an undated CBS information note and should be confirmed with CBS before relying on them. The FSA fee schedule used is the version dated 5 July 2022 and may have been revised. The FSA also registers international business companies and licenses fiduciary (corporate service) providers, which is the main reason many foreign groups use Seychelles. CBS licenses bureaux de change under the Financial Institutions Act.
General information
About Seychelles
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Victoria
Area
455 km²
Official languages
Seychellois Creole, English, French
Time zone
UTC+04:00
Main exports
Fish (canned tuna)
Tourism
Scrap iron
Animal meal
Offshore financial services
Main export partners
France
Mauritius
United Kingdom
Japan
Italy
Sources for the country information(9)
Country information checked 9 October 2026. Licensing data updated 7 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
