Tax haven St. Vincent is a steadily developing offshore jurisdiction. Over the years a comprehensive list of regulatory laws and guidelines have been implemented to ensure that a balanced and effective framework is in place for the supervision, conduct and provision of both domestic and international financial services. Tax haven St. Vincent offers customer confidentiality, tax benefits and professional offshore services.
Tax haven St. Vincent and the Grenadines was once a British colony. The official language is English and the legal system based on Common Law. Tax haven St. Vincent became independent in 1979 and has maintained many of its British customs and practices alongside its local culture and idiosyncrasy.
Economically, tourism in tax haven St. Vincent is a more significant income earner than financial services. For several years, however, the country’s economy was based on banana production which constituted the largest export crop, making agriculture the second largest generator of revenue. Diversifying into the financial services sector has allowed tax haven St. Vincent to create more opportunities for employment, become more viable and attractive for foreign investment and broaden its economic base.
Tax haven St. Vincent and the Grenadines is located in the Eastern Caribbean and is a founding member of the Organisation of Eastern Caribbean States (OECS), which is respected internationally as a well reputed and represented economic, political and social body. The currency used is the Eastern Caribbean Dollar - XCD.
As a tax haven St. Vincent and the Grenadines provide many opportunities for minimizing taxes on corporate structures and protecting both personal and business assets. Tax haven St. Vincent is reputed as a regulated jurisdiction which is in keeping with international regulations and rules.
Tax haven St. Vincent’s advantages include:
As a former colony of Britain, the legal system in tax haven St. Vincent is based on Common Law. Nevertheless, a framework of statutory laws has been established in order to meet the specific needs of the country in the areas of finance, social policy, fiscal regime and politics, to name a few.
In developing its offshore services and products, tax haven St. Vincent has also built the relevant body of statutes for the conduct of offshore activities from with St. Vincent as a tax haven. This is to ensure that offshore service providers offer services in compliance with the established domestic rules and regulations as well international standards.
The relevant Acts governing international financial activities in tax haven St. Vincent include:
Tax haven St. Vincent and the Grenadines has a diverse financial sector consisting of 6 banks, 149 trusts, 633 CTDs, 12 international insurance companies, 27 mutual fund managers, 20 CTs and 33 public, private and accredited mutual funds. Offshore financial services in tax haven St. Vincent are provide by trained and professional including lawyers, accountants and insurers. Offering a broad range of regulated offshore financial services has been key in ensuring that the jurisdiction remains competitive as a tax haven and offshore financial centre.
Offshore services provided in tax haven St. Vincent include the following:
The International Financial Services Authority was set up for the principle purpose of regulating and overseeing the offshore sector in St. Vincent as a tax haven. IFSA works closely with the Financial Intelligence Unit (FIU) which was established to assist in combating money laundering and financial terrorism. The functions of the FIU in tax haven St. Vincent include receiving and analyzing suspicious reports and conducting the necessary investigations. The FIU states that its vision is to promote international financial and business sectors that are free of money laundering activities and other financial crimes. To achieve its goals, the FIU cooperates with other national agencies as well as international FIU organisations so as to strengthen efforts to eliminate these activities. Tax haven St. Vincent and the Grenadine’s FIU was created in May 2002.
Between the months of January to March 2009, the IMF visited countries of the Eastern Caribbean Currency Union (ECCU) of which tax haven St. Vincent and the Grenadines is a member. As indicated by Mr. Paul Cashin head of the IMF staff mission, the mission focused on discussing the opportunities, economic prospects and the challenges the EECU region was facing.
|
Copyright © TaxHaven.org |