Tax haven Montserrat is steadfast in its development as an offshore jurisdiction. Over the years, an exhaustive list of regulatory laws and guidelines has been implemented to ensure that a balanced and effective framework is in place for the supervision, conduct and provision of both domestic and offshore financial services. Tax haven Montserrat guarantees privacy, tax rewards and professional offshore services. Country Overview
The island of Montserrat stands tall on the Leeward side of the English speaking Caribbean (the West Indies). Unlike most of the islands, Montserrat remains a British overseas territory and obtains the benefits that this status confers. Montserrat is a fairly small island and measures about seven miles wide and ten miles long, with a total measurement of twenty-five miles of coastline.
Tax haven Montserrat shares a similar history with her surrounding islands and became officially known to the wider world in 1493 when Christopher Columbus revisited the Caribbean islands on his second voyage to the Americas. Montserrat was acquired in name of the Spanish Crown and was called Santa Maria de Montserrate, after the Blessed Virgin of the Monastery of Montserrat. Upon arrival on Montserrat, Columbus and his crew came face to face with the Carib and Arawak Indians who inhabited the island. For roughly 87 years (1871 – 1958), Montserrat was an administrative district of the Federal Colony of the Leeward Islands and a member of the West Federation which lasted a period of four years (1958-62). Montserrat’s economic ascent commenced in 1979 with the establishment of George Martin (Beatles producer) AIR studios on the island, which caught the attention of other international stars and artistes who recorded in Montserrat eventually came to the island to build homes and invest.
From 1995, life on Montserrat changed completely as the lush green mountains and forests came alive with rumblings from the belly of the Soufriere Hills volcano. An amazing chain of explosions has rendered the southern half of Montserrat unlivable. Plymouth, Montserrat’s capital, was enveloped in mud, ash and clouds of smoke, damaging homes, buildings, the airport and docking facilities, causing massive emigration. Currently, Montserrat has an economy which depends on tourism, geared mostly towards adventure seekers who visit the sites surrounding the volcano. Through the British Department for International Development, Montserrat’s annual operating budget of about 25 million pounds is administered and provided by the British Government, while additional revenue is earned through fees, taxes and duties. In recent years, Montserrat focused on developing its financial services sector for onshore and offshore business companies and entities.
Montserrat Fiscal Incentives and Advantages
As a tax haven the island of Montserrat offers many opportunities for minimizing taxes on corporate structures which are useful for protecting both personal and business assets. Tax haven Montserrat is recognised as a regulated jurisdiction which is in compliance with international standards and regulations for offshore companies. Tax haven Montserrat advantages include:
- Political and economic stability
- No capital gains tax
- No withholding tax
- No corporate tax
- No transfer tax or stamp duties
- No foreign exchange controls
- Peaceful nation
Montserrat Legislative Framework
Legislative reform of the offshore financial services sector in Montserrat has undergone a series of progressive changes which were aimed at building Montserrat’s offshore sector and diversifying the overall economy. Montserrat offshore laws are up to date and integrate international standards and policies which ensure that offshore activities within the island of Montserrat as tax haven occur in a correct setting and are of quality standard. Tax haven Montserrat has amassed a comprehensive pool of offshore legislations which enhance the diversity and adaptability of Montserrat’s offshore companies and services.
- International Business Companies Act (cap.11.13)
- Recognition of Trusts Act (Cap.11.08)
- Company Management Act (Cap.11.26) as amended
- The International Banking & Trust Companies Act 2006
- Mutual Fund Act 2007
- Exchange of Information Act (Cap. 11.16)
- Insurance Act 2001 (cap.11.20)
- Financial Services Commission Act 2001
Montserrat Offshore Financial Services
- Trust company formation
- Mutual funds
- Company management
- IBC incorporation
- Offshore banking
- Offshore insurance company registration
Montserrat Financial Services Commission
Montserrat’s Financial Services Commission (FSC) was established in 2001 by the Financial Services Act. The Commission is a statutory body independent of the government and holds the charge of incorporating international business companies (IBCs), supervising and licensing banks, insurance and trust companies, corporate service providers, mutual funds and company management firms which are registered as onshore or offshore companies in Montserrat. The Commission’s mission to implement and international standards and apply best practices by adopting principles and procedures to enhance the Commission’s ability to manage the administrative and supervisory functions in the respective financial services’ legislation. To ensure that its mission and objectives are carried out, as regulator, the Commission supervises onshore and offshore financial services according to the standards established by the International Organisation of Securities Commission, Basle Committee on Banking Supervision, the Financial Action Task Force 40 Recommendations and 9 Special Recommendations and the International Association of Insurance Supervisors