OFFSHORE FINANCIAL CENTERS 101 – ANGUILLA

Anguilla [TAXATION MOTIVATED TRUSTS]

Anguilla stampAnguilla was discovered by Amerindian people coming from South America’s mainland using dugout canoes and rafts. They called Anguilla, “Malliouhana“, which meant arrow-shape sea serpent. Christopher Columbus although sailing by Anguilla in 1493, never landed on their coasts. Meanwhile, Europeans modified the island’s name from “Malliouhana to Anguilla, for its long eel shape”. In the seventeenth century, Anguilla was colonized by the British, then occupied, for a short time by the French, but with the Treaty of Breda (1667) returned under the control of the former. After the rebellions of Anguillans, who did not accept the dependence under Saint Kitts and Nevis, it returned under British control and in 1980, the State was ‘reborn’ as a British Crown colony.

The main resources of the country are tourism and, in recent times, financial activities. The Legal system is naturally based on English Common law. The Trust Act dates back to 1994 and due to its revised version (2000), the duration of the trust cannot be indefinite. As far as the island’s taxation is concerned, Anguilla is a pure tax haven and has no direct taxation in the form of income tax, capital gains tax, gift tax or inheritance tax and the Anguillan companies, whether they exert their activity locally or off the island, are not liable to tax in Anguilla. Moreover, Anguilla is not party to any double tax treaties and the license fees are merely composed by Government (around US$ 230 of annual fees).

http://www.gov.ai/

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