An Anguillian luxury property, Sheriva Villas, overlooking the scenic Maundays Bay area, has been granted duty-free concessions for restoration, after Hurricane Irma, and for expansion.
The unanimous approval was given in the Anguilla House of Assembly on Tuesday, February 9. That was when Premier and Minister of Finance, Dr. Ellis Webster, moved one of two measures entitled the “Customs Duty and Tax Exemption Motion Regulations, 2021.”
The duty-free concessions were applied for by Mr. Sheridan Smith, with the importer being Sheridan’s Development Corporation.
Premier Webster told the House of Assembly that the purpose of the duty-free concessions was to enable Mr. Smith to restore Sheriva Villas in the aftermath of Hurricane Irma in September 2017, and to further expand the property.
He disclosed that the loss of duty and tax to the Government amounted to $7,299, 442.00 –and noted that there might be concerns as to whether the Government could afford that loss to the Consolidated Fund. He pointed out that foreign investors were usually granted duty-free concessions, and that there was also a need to provide the same for an Anguillian investor whose investment would further develop the island’s tourism industry – and provide more local jobs and support for the economy.
He said that Mr. Smith had returned to Anguilla and had heavily invested in the tourism sector; and should have the same chance, as foreign investors, to benefit from customs duty and tax exemptions.
Dr. Webster observed that the Anguilla Government had entered into a MOU with the UK Government regarding one million dollars which was provided for budgetary assistance in 2020. He noted that the UK Government was not supportive of the Anguilla Government’s granting customs and tax exemptions which could be deducted from the UK grant, but indicated that it was one of the matters taken up with the UK Government.
He told the Speaker and the House that Mr. Smith, the Anguillian investor, had requested the Government of Anguilla to begin the duty-free concessions as from January 2022. The Premier hoped that by then Anguilla would have passed the scourge and scaring of the COVID-19 virus.
There was full support of the Motion by all members of the House who not only showered commendation for Mr. Smith for his investment in Anguilla in the past, and now again, but for his spectacular Sheriva Villas in Anguilla’s tourism belt at West End.
