Government of Anguilla Launches Two New Residence Programs
The Government of Anguilla has launched two new residence-by-investment programs that are designed to attract wealthy residents and foreign direct investment to the island. The government has also launched Select Anguilla, an agency that will be responsible for administering both programs and all their applications.
The Premier of Anguilla Victor F. Banks and the CEO of Select Anguilla Philip Kisob were present at the Investment Migration Forum in Geneva, where they officially launched the programs.
Anguilla is a British Overseas Territory located in the Eastern Caribbean and is known for its high-end tourism and dynamic financial services industry. Anguilla is now entering into the high-value resident market and is delighted to be introducing two programs designed to attract high-net-worth individuals who wish to become permanent residents of the island and benefit from 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) program can therefore effectively blend our tourism assets and our financial services offerings into a very attractive product for this industry.”
To qualify for Anguillan residence-by-investment, applicants can choose one of the following options:
- Purchase or construct real estate for a minimum value of USD 750,000 and maintain it for at least five years
- Make a one-time contribution for a minimum of USD 150,000 for a single applicant to Anguilla’s Capital Development Fund, which is used to finance public sector projects that grow, develop, and diversify Anguilla’s economy
To qualify under the High Value Resident Program, the applicant must fulfill all the below requirements:
1. Pay USD 75,000 per year in annual worldwide income tax to Anguilla’s treasury.
2. Own and maintain a property in Anguilla valued in excess of USD 400,000 (inclusive of land purchase in excess of USD 100,000).
3. Establish other genuine links in Anguilla.
4. Spend a minimum declared number of days in Anguilla each year.
5. Declare annually, in writing, that they are spending less than 183 days per year in any other country.
6. Demonstrate the ability to readily transfer the total amount of funds covering the annual lump sum tax obligations for the first five years.
7. Pay the program’s application and due diligence fees and remain in good standing throughout their residence period.
This program is aimed at a niche market of people who spend less than ninety (90) days per year in any one jurisdiction but still need to declare tax residence, as per the common reporting standards requirements to self-certify.