Anguilla


ESSENTIAL FACTS

LOCATION: 18 15 N, 63 10 W
Anguilla is located in the Caribbean Sea east of Puerto Rico.

POPULATION: 13,677

CURRENCY: East Caribbean dollar (XCD), United States dollar (USD)

LANGUAGE: English

CLIMATE: Anguilla enjoys a tropical climate with northeast trade winds.

EDUCATION: Anguilla has a 95% literacy rate.

PUBLIC HOLIDAYS: Anguilla Day, 30 May (1967)

HISTORY AND GOVERNMENT

HISTORY
Anguilla became an internationally recognized British dependency in 1980, after having been considered part of Saint Kitts and Nevis for over 100 years as a single consolidated dependency. As such, it enjoys a great deal of political and economic stability.

POLITICAL SYSTEM
The Queen of England appoints and is represented by Anguilla’s Governor. The Governor appoints an Executive Council to act as his cabinet. The head of the local government is called the Chief Minister, who is also appointed by the Governor and is usually the leader of the majority party. The legislative branch is comprised of a unicameral House of Assembly.

JUDICIAL SYSTEM
Anguilla’s judicial system is based on English common law, with the judge of the High Court coming from the Eastern Caribbean Supreme Court.

COMMERCE AND TRADE

COMMERCIAL ACTIVITY
Agriculture: Tobacco, vegetables, cattle
Industry: Tourism, boat building, offshore financial services

TRADE PRACTICES
Exports: Lobster, fish, livestock, salt, concrete blocks, rum to the UK, US, Puerto Rico, Saint-Martin
Imports: Fuels, foodstuffs, manufactures, chemicals, trucks, textiles from the US, Puerto Rico, UK

BANKING, FINANCE AND INVESTMENT

FINANCIAL FACTS
Anguilla’s economic foundation is based in high-end tourism, offshore banking and lobster fishing. Construction has been on the rise to accommodate increases in the tourism industry. The offshore banking industry has raised the profile of Anguilla, which is now one of the major sources of economic vitality.

Fiscal year: 1 April - 31 March

BANKING
Only branches of established onshore” banks are permitted to conduct business in Anguilla, as well as previously established Caribbean banks. These banks include: the National Bank of Anguilla, Ltd.; Caribbean Commercial Bank (Anguilla) Limited; Barclays Bank plc; and Scotiabank Anguilla, Ltd.

The Department of Financial Services oversees financial laws and regulations in Anguilla. As with all offshore banking centres, client confidentiality is a top priority; however, Anguilla is dedicated to stopping illegal money laundering, and as such is extremely accommodating of outside investigations that lead to their banks. Also, the opening of a bank account in Anguilla requires legally gotten funds and the verification of one’s identity.

MEMBERSHIPS
Caricom (associate), CDB, Interpol (sub-bureau), OECS, UPU

IMMIGRATION

EMPLOYMENT
Four-year work permits are available.

RESIDENCE
In order to make it easier for businesses and financial firms to consider Anquilla, residency requirements have been made extremely flexible.

BUSINESS

BUSINESS ENTITIES
Whether one chooses to incorporate an Ordinary Company, a Limited Liability Company (LLC), or an International Business Company (IBC), the procedure must follow that of the Company Management Ordinance headed by the Inspector of Company Managers.

Ordinary Company: Can be used to conduct business in and out of Anguilla; shares and guarantees are accepted; some types are exempt from Aguillan accounting requirements.

LLC: Recognized as a partnership; interests can be transferred; management is centralized.

IBC: Flexible; streamlined incorporation procedure.

TRUSTS
Trust laws and agreements are based on English trust laws and have been completely replaced in recent years by the Trusts Act. The new laws allow for additional powers to the Protector of the trust; income during the life of the trust; voidable fraudulent dispositions; and the non-recognition of claims against the trust. The following types of trusts can be established in Anguilla:

Asset protection trusts
Charitable trusts
Commercial trusts
Spendthrift trusts
Unit trusts

TAXATION
For residents and non-residents alike, Anguilla does not tax income, capital gains, estate, profits - and this applies to individuals as well as businesses of all kinds. Anguilla has not partaken in any double tax treaties. Government annual fees are US$200.