When options for upgrading Anguilla's financial services legislation were being considered, the decision taken was to replace, rather than amend, the existing legislation with a wide range of specially developed Ordinances. Since 1995, Anguilla has had the benefit of a comprehensive, well integrated and cohesive package of financial services legislation.
The legislation is designed to afford flexibility to practitioners and contains many innovative provisions. The Trusts Ordinance, for example, abolishes the Rule Against Perpetuities and permits accumulation of income throughout the entire term of the trust. In line with modern developments in trust law, purpose trusts are permitted and the concept of a protector has been introduced. Asset protection trusts and forced heirship are also catered for in the new legislation.
The corporate Ordinances provide for international business companies, limited liability (or limited life) companies and ordinary companies which, due to Anguilla's true zero tax status, can be used as domestic or offshore vehicles. Companies limited by guarantee, hybrid companies and non profit companies are all permitted. Legislation covering limited partnerships, offshore banks and trust companies, insurance and company management has also been enacted.
The need to develop legislation is well understood. Government and the private sector cooperate through an active joint legislation committee which monitors legislative developments internationally, examines new financial products and provides a focus for proposals to amend existing legislation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information please contact:
Office of the Registrar Government of Anguilla Financial Services Department The Secretariat The Valley Anguilla B.W.I Tel No: 001 242 497 5881 / 001 242 497 3881 Fax No: 001 242 497 5872 Website: Click Contact Link