The Government of Anguilla will be embarking on measures in 2017 aimed at stimulating economic growth and revitalising the real estate and construction sectors.
This was announced by Chief Minister and Minister of Finance, Mr. Victor Banks. He was at the time delivering the 2017 Budget Address in the Anguilla House of Assembly on Monday, December 5.
Following is Mr. Banks’ statement on the matter:
“1. Reduced Stamp Act Duty under the Stamp Duty Act: Effective 1 January 2017, for Belongers only, the Government will reduce the applicable stamp duty on transfers from 5% to 2.5%. This reduction will remain in effect for three years.
“2. Reduced Stamp Duty under the ALHLRA (Alien Land Holding Licence Registration Act: Effective 1 January 2017, the Government will reduce the applicable stamp duty from 12.5% to 5% for built developments and 6 ¼% for vacant land. This reduction will remain in effect for two years. Non-Belongers who purchase property will be granted an eleven (11) month visitor’s stamp (payable) at the time of payment of the ALHL (Alien Land Holding fees, to be renewed for the same term on an annual basis.
“3. Reduced Import Duty on Construction Materials: The Ministry is currently designing a scheme to increase the affordability of home ownership in Anguilla and to generate activity in the construction sector. The scheme is being designed to ensure that our local businesses continue to be patronised and can benefit from such an initiative. The scheme is expected to be finalised by the first quarter 2017.
“Mr. Speaker, whilst trying to attract and facilitate investment in Anguilla we have to be mindful of the ‘race to the bottom’ when concessions are used as tools to incentivise investment. As such, the Ministry is currently reviewing and implementing other means of attracting inward investment into our jurisdiction including a concession and incentives policy; streamlining our investment process and the development and implementation of a national investment promotion strategy.
“The Government continues to consider and design an economic residency programme that is appropriate for Anguilla. Regionally, such schemes have generated significant economic activity and similar is envisioned for Anguilla.”
