r.3 Determination of beneficial owners

(1) For the purposes of these regulations, the beneficial owner in relation to a legal person includes but is not limited to —
(a) one or more natural persons who ultimately have a controlling ownership interest in a legal person; and
(b) to the extent that there is doubt under subregulation (1)(a) as to whether the person with the controlling ownership interest is the beneficial owner or where no natural person exerts control through ownership interest, the natural person, if any, exercising control of the legal person through other means; or
(c) if no such person exists or no such person may be identified under sub-regulation (1)(a) and (b), the natural person who holds the position of a senior managing official of the legal person. (Amended by S.I. 32 of 2023)
(2) For the purposes of sub-regulation (1)(a), the beneficial owner of a legal person, except a foundation, a partnership under the Civil Code of Seychelles Act, 2020, (Act 1 of 2021), a partnership formed, incorporated, or otherwise established outside Seychelles but conducting or carrying on business within Seychelles and a limited partnership under the Limited Partnerships Act, (Cap 281), shall be a natural person who ultimately owns or controls, directly or indirectly, ten percent or more of ownership interest inclusive of the shares or voting rights of the legal person. (Substituted by S.I. 64 of 2025)
(3) For the purposes of sub-regulation (1)(b), exercising control through other means includes, but is not limited to —
(a) the right to appoint or remove the majority of the board of directors of a legal person;
(b) where the person with controlling ownership interest is dominated by another person because of a familial or employment relationship;
(c) where another person holds certain powers in relation to the legal person which are likely to be used in practice to affect the decisions taken by that person with the controlling ownership interest; or
(d) any control over a legal person other than the control by ownership of any interest. (Amended by S.I. 32 of 2023)
(4) For the purposes of subregulation (1), the beneficial owner in the case of a foundation includes, but is not limited to, a natural person —
(a) who holds, whether directly or indirectly, absolute decision or veto rights in the conduct and management of the foundation;
(b) who holds the right, directly or indirectly to appoint or remove any of the councilors of the foundation;
(c) who is a beneficiary in whom an interest is vested;
(d) who is the default recipient of the assets of the foundation in the event of its termination; or
(e) any other person, who benefits from the foundation. (Amended by S.I. 32 of 2023)
(4a) The beneficial owner in the case of a limited partnership under the Limited Partnerships Act (Cap 281) shall be determined in accordance with subregulation (1) notwithstanding the fact that subregulation (1) applies to legal persons only. (Inserted by S.I. 32 of 2023)
(5) For the purposes of subregulation (1), the beneficial owner in the case of a partnership under the Civil Code of Seychelles Act 2020, (Act 1 of 2021), a partnership formed, incorporated, or otherwise established outside Seychelles but conducting or carrying on business within Seychelles or a limited partnership under the Limited Partnerships Act, (Cap 281) includes but is not limited to a natural person who — (Amended by S.I. 32 of 2023 and S.I. 64 of 2025)
(a) ultimately owns or controls, whether directly or indirectly, absolute decision or veto rights in the conduct or management of the partnership;
(b) holds the right, directly or indirectly to appoint or remove any partner of the partnership; or
(c) is entitled to the assets of the partnership in the event of the dissolution of the partnership.
(6) Subject to subregulation (7), the beneficial owner in the case of a trust and other similar legal arrangements shall be —
(a) the trustee or, in the case of a legal arrangement other than a trust, any person in an equivalent or similar position of a trustee;
(b) the settlor or in the case of a legal arrangement other than a trust, any person in an equivalent or similar position of a settlor;
(c) the protector, if any or in the case of a legal arrangement other than a trust, any person in an equivalent or similar position of a protector;
(d) the beneficiaries or class of beneficiaries or in the case of a legal arrangement other than a trust, any person in an equivalent or similar position of a beneficiary or class of beneficiaries; and
(e) any other natural person exercising ultimate effective control over the trust or the legal arrangement, including any person who has, under the trust deed of the trust or any similar document, power to —
(i) appoint or remove any of the trustees of the trust;
(ii) direct the distribution of funds or assets of the trust;
(iii) direct investment decisions of the trust;
(iv) amend the trust deed; or
(v) revoke the trust. (Amended by S.I. 32 of 2023)
(7) Where a person under sub-regulation (6)(a), (b), (c) or (d) is not a natural person, the beneficial owners of that person shall be the beneficial owners of the trust or the legal arrangement.
(8) Where ten percent or more of any ownership interest is held jointly, then each joint owner shall be treated as a separate beneficial owner. (Subregulations (7) to (12) substituted by S.I. 32 of 2023)