Anguilla, British West Indies
Anguilla is a British Overseas Territory and is an island nation
that forms part of the British West Indies.
Anguilla was first settled in 1650 and was administered as part of
the Leeward Islands by the Captain General and Governor-in-Chief residing in
Antigua. Anguilla had its own Lieutenant or Deputy Governor with a local
council or assembly.
Britain introduced the ministerial system of government, and
political parties, in 1976 that replaced the elected Island Council formed
during the secession days (1967-1976). There are seven elected, one ex-officio
and two nominated members, plus a Speaker and a Deputy Speaker in the
Legislative Assembly, which runs for a term of five years. Anguilla has a
Governor and Deputy Governor (both British) whose responsibilities include
public order, good government, civil service, and the international financial
sector.
Anguilla has long been highly regarded as a financial center,
striving to be a leader in "Anti-Money Laundering" and "Know
Your Customer" compliance and has cooperated fully with the Financial
Action Task Force.
Fidelity Insurance Company, Ltd. (Fidelity) policies conform to the
laws of Anguilla, which require that all assets relating to variable annuity
and life insurance products be held in segregated asset accounts, which are
separate from Fidelity’s general assets. Under Anguillan law, no creditor
of either Fidelity, any stockholder, or any other policy owner, can adversely
impact the segregated account of a policyholder. The account is comprised of
individual sub-funds meeting the diversification requirements of U.S. Internal
Revenue Code Section, 817(h), which are directed by independent investment
managers. Since the sub-funds are in segregated accounts, directed by an
investment manager, the performance of the sub-fund and the policies are solely
the responsibility of the independent investment manager.
The government is pro-business, having established a
growth-oriented tax system based on consumption, not income, thus rewarding
productive behavior. There are no taxes on savings and investments and there is
no sales tax, income tax, profits tax, capital gains tax, or inheritance tax on
its citizens or corporations.
Anguilla employs both the U.S. dollar and the EC dollar in local
commerce, without exchange controls. Anguilla has more foreign currency
deposits than any other OECS state. Banks use the required "Know Your
Customer" rules to avoid money laundering.
Anguilla, along with Hong Kong, New Zealand, and Chile, has shown
that small places can prosper. In the 30 years since Anguilla separated from
St. Kitts/Nevis, Anguilla's people have built a successful, productive economy,
and now attract people and businesses from all over the world.
Anguilla is an island with a tourism-based economy. The island has
world-class hotels and restaurants, boasting more gourmet restaurants per acre
than New York City. The island offers a wide variety of activities, including
diving, parasailing, windsurfing, boating, fishing, tennis, and horseback
riding.
To find out more please contact us:
Email: clientserv@fidinsco.com
The Law Building
PO Box 14, The Valley
Anguilla, British West Indies
Phone:
264- 497-0484
Fax:
264- 497-5753
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