Anguilla has launched two new residency-by-investment programmes designed to attract high-value residents and foreign investment to the island. It has also set up an agency, Select Anguilla. This will administer both programmes and process all applications.
The Premier of Anguilla, Victor F. Banks, and the CEO of Select Anguilla, Phillip Kisob, were present at the Investment Migration Forum in Geneva where they officially launched the programmes.
Anguilla is a British Overseas Territory located in the Eastern Caribbean. It’s known for his high-end tourism and a nimble, boutique-sized financial services industry. Anguilla is now entering into the high-value resident market, It’s delighted to introduce two programmes designed to attract HNWIs who wish to become permanent residents of the island and avail themselves of its attractive tax regime.
In his keynote address, Premier Banks commented: “Anguilla is not a jurisdiction that is seeking to attract all comers. In fact, both the Government and the private sector fully endorse this careful approach as the best way forward.”
“And that is why our mantra, as we now make our entrance into the migration industry, is Reclusively Exclusive. The Residency-by-Investment (RBI) programme can therefore effectively blend our tourism assets and our financial services offerings into a very attractive product for this industry.”
He adds: “Anguilla has approached our RBI programme with caution. Just like we did in the case of our Tourism and Financial Services sectors, our desire is to offer a quality service that is well managed and efficient.
“Your clients will be therefore doing business in a well-regulated jurisdiction ideal for wealth preservation; benefiting from tax rates that are among the lowest in the world, and keeping connected to the world and their families through a modern communication network. They will at the same time be enjoying a lifestyle of seclusion; serenity and safety on an unspoiled Caribbean gem.”
Philip Kisob, CEO of Select Anguilla, echoes the Premier’s comments that these programmes will “strongly embrace concepts of best practices; robust due diligence; training and certification of key personnel; use of technology; integrity; understanding the market/industry and building a dynamic migration programme. The desired outcome is to meet the same high standards we have set in other key service sectors of our economy.”
· Purchase or construct real estate for a minimum value of US$750,000 and maintain it for a minimum of five years
· Make a one-time contribution to Anguilla’s Capital Development Fund, which is used to finance public sector projects that grow, develop and diversify Anguilla’s economy, starting at US$150,000.
a) Pay $75,000 per year in annual worldwide income tax to Anguilla’s Treasury
b) Own and maintain a property in Anguilla valued in excess of US$400,000 (inclusive of land purchased in excess of US$100,000)
c) Establish other genuine links in Anguilla
d) Spend a minimum number of days in Anguilla each year
e) Declare annually, in writing, that you are spending less than 183 days per year in any other country
f) Demonstrate the ability to readily transfer the total amount of funds covering the annual lump-sum tax obligations for the first five years
g) Pay the programme’s application and due diligence fees, and remain in good standing throughout your residency period
This programme targets a niche market of people who spend less than ninety (90) days per year in any one jurisdiction but still need to declare a tax residence, as per Common Reporting Standards (CRS) requirements to self-certify.