Anguilla Residency by Investment framework shared with community | THE DAILY HERALD

ANGUILLA–“Welcome to this evening’s public consultation,” said Chief Minister Victor Banks at the opening of the August 23 public forum to introduce the details and intended timelines of the Anguilla Residency by Investment (ARBI), designed to generate investment and revenue for Anguilla.

This is an issue that has been around for some time. The government of Anguilla has held workshops and consultations with the private sector and other experts to explore ways to attract investment and find ways to diversify the financial services industry. We have a small population of approximately 15,000 whose current tax burden to support the island’s infrastructure is challenging.”
Banks said that government must encourage opportunities to raise revenue from persons outside of Anguilla who have an interest in the island by encouraging foreign direct investment. To raise revenue, Anguilla is proposing adoption of a residency programme. He ended his remarks by stressing that details of the ARBI framework are not written in stone, and that the consultation forum was intended to solicit feedback from the public and private sectors.
Director of Economic Planning Shantelle Richardson presented a detailed overview of the ARBI plan that allows persons who apply for and receive residency status to have the right to reside in Anguilla free of immigration restrictions. However, it does not allow for the right to work or vote and does not grant a passport. The proposed launch of the ARBI programme is two-phased. Phase one will begin in the fourth quarter of 2018 and is a fast-track relaxed application process for persons who have previously made real estate investments in Anguilla. Phase two is proposed to begin in the first quarter of 2019 and will be open to other investors.
Richardson covered the proposed cost for ARBI status, noting that applicants will have a choice of three areas to target their contributions – real estate, the capital development fund, or tax residency. Each category will have its own unique contribution amount, as well as the number of family members eligible for the base contribution. Also covered was the proposal for due diligence and a listing of four notable companies that would be used, as well as the plan to revoke residency status if a contributor was found to be involved in illegal activity or breached the outlined residency conditions.
Richardson wrapped up her presentation by saying, “This proposed programme recognises government of Anguilla’s interest in providing elevated status to individuals who have made significant investment in Anguilla and those who will do so. It is intended to provide growth in the real estate sector, and provide for the funding for the capital development fund used for critical public investment.”
The formal presentation was followed by many comments, feedback and constructive criticism from the audience. About half of the speakers were in favour of the proposal but there were also negative comments from others. Marketing and the website will commence soon.

Source: The Daily Herald