Like its Mauritian neighbour, the Seychelles is striving to placate international institutions like the OECD and EU while at the same time preserving its offshore appeal. The latest hurdle to negotiate is the introduction in May of a register of offshore company beneficiaries.
The Harel family has sold its financial arm to Axis Fiduciary. The young trust company now finds itself up against the families firmly established in offshore finance on the island - Ah-Chuen, Lagesse, Dalais or Espitalier-Noel - as well as stiffer competition from international groups.
The international instrument, designed to limit base erosion and profit shifting, will come into force in Mauritius on February 1. Negotiated by the government and accommodating the interests of offshore finance, it will allow the island nation to leave official tax haven list.