Government of Anguilla launches two new residency programmes
18 June 2019
The Government of Anguilla has launched two new residence-by-investment programmes designed to attract high-value residents and foreign investment to the island. It has also launched an agency, Select Anguilla (www.selectanguilla.com), responsible for administering both programmes and all its 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 and is known for his high-end tourism and a nimble, boutique-sized financial services industry. Anguilla is now entering into the high-value resident market and is delighted to be introducing two programmes designed to attract high net worth individuals 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 Residence-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.”
To qualify for Residence by Investment, the applicant can either:
· Purchase or construct real estate for a minimum value of $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. This starts at $150,000 for a single applicant.
To qualify under the High Value Resident Programme, the applicant must:
a) Pay $75,000 per year in annual worldwide income tax to Anguilla’s Treasury; and
b) Own and maintain a property in Anguilla valued in excess of $400,000 (inclusive of land purchase in excess of $100,000); and
c) Establish other genuine links in Anguilla, and
d) Spend a minimum number of days in Anguilla each year; and
e) Declare annually, in writing, that he is spending less than 183 days per year in any other country; and
f) Demonstrate the ability to readily transfer the total amount of funds covering the annual lump-sum tax obligations for the first five years; and
g) Pay the programme’s application and due diligence fees, and remains in good standing throughout his residency period.
This programme is targeting a very 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.
More information is available on the Select Anguilla website, www.selectanguilla.com.