Are you planning to cease your tax residency in Seychelles? This guide will walk you through the necessary steps to officially end your tax residency status. Follow the steps carefully to ensure full compliance with Seychelles tax laws.
Step 1: Determine Eligibility
Verify that you meet the conditions to cease being a tax resident. You must be absent from Seychelles for a continuous period of at least 183 days within the tax year.
Step 2: Notify the Seychelles Revenue Commission (SRC)
Formally notify the SRC of your intention to cease your tax residency. This should be done through a written letter stating your intent and the date from which you will no longer be a tax resident.
Step 3: Settle Outstanding Taxes
Ensure that all outstanding taxes are settled before your departure. This includes income tax, business tax, and any other applicable taxes. Obtain a tax clearance certificate from the SRC confirming that you have no outstanding tax liabilities.
Step 4: File Final Tax Return
File your final tax return with the SRC. This return should include all income earned up to the date you cease to be a tax resident. Ensure all declarations are accurate and complete to avoid any legal issues.
Step 5: Update Personal Records
Update your personal records with relevant authorities and financial institutions. Inform banks, insurance companies, and other relevant entities of your change in tax residency status to ensure compliance with their requirements.
Legal References
- Income and Non-Monetary Benefits Tax Act
- Business Tax Act
- Seychelles Revenue Commission Act
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