The choices for where to ride out the global corona virus pandemic have been disheartening as outbreaks and resurgences are almost everywhere you look. Well, that is if your search has been exclusively in well-known metropolitan centres. If however you step off the beaten path for a moment, a COVID-19 free small island paradise awaits. Welcome to Anguilla!
Only 35 square miles, this playground of sun, sea, and sand offers luxury accommodations, world-class dining (including amazing freshly caught seafood), and a place where you set the pace. In the northern Leeward Islands, Anguilla is 5 miles north of St Martin/St. Maarten and approximately 150 miles east of Puerto Rico.
Boasting zero COVID-19 cases, Anguilla is a smorgasbord of wonderful opportunities and experiences in this time of tremendous uncertainty.
Right now, you can own your own home within this 35 square mile safe haven at significantly cheaper acquisition costs. Thanks to a Government of Anguilla initiative, you can benefit from reduced stamp duties on land sales, property purchases, and leases of real estate. If you act now (or up until December 2021) registering the purchase of land either on a freehold or leasehold basis for Anguillians will cost 50% less, stamp duty having been reduced from 5% to 2.5%. To illustrate, if you purchase a home valued at US$500,000, your stamp duty would be US$12,500.00; a saving of US$12,500.00.
Similarly, the stamp duty on the alien land holding licence (ALHL) a non-Anguillian will need, has also been slashed. On the same US$500,000 home, the stamp duty on the ALHL is down from 12.5% to 5%. This means a saving of US$37,500.00 on the ALHL stamp duty. This benefit also extends to developers and those interested in building from their own plans; the ALHL when purchasing vacant land has been reduced from 12.5% to 6.25%. So, on a US$250,000 lot, the ALHL is now US$15,625.00, down from US$31,250.00; a saving of US$15,625.00.
Added to these savings are the benefits that an Anguilla “home away from home” can bring through the Anguilla Residency by Investment (ARBI) programme. Unlike a citizenship by investment programmes, Anguilla offers an attractive tax efficient residence. Upon application, you can qualify for residency in Anguilla through a minimum real estate investment of US$750,000.00. This investment can be the purchase a home, villa, condominium, hotel unit or other approved real estate. Such ownership will, under ARBI, qualify you and up to three (3) additional family members for residency in Anguilla.
If your family is larger than a complement of four, don’t worry. Each additional family member may become qualified through a further investment of US$100,000.00.
Once you make Anguilla home, the property needs to be retained for a minimum of 5 years. We are however sure that once you place your toes in the inviting turquoise Anguilla waters, a lifelong relationship will ensue.
For more information on ARBI application, real estate acquisitions, and tax residency in Anguilla, get in touch with our any member of our team or via email to info@sagislaw.com or telephone on 264 497 2447.