Antigua and Barbuda

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Antigua and Barbuda lie in the eastern arc of the Leeward Islands of the Lesser Antilles, separating the Atlantic Ocean from the Caribbean Sea. The Antiguan coastline is peppered with numerous coves and bays, many with beautiful white sand beaches. Barbuda, a low-lying coral island located 32 miles North of Antigua is sparsely populated and encompasses an expansive lagoon, which is bound by a long undeveloped beach. This English-speaking nation has been a tourism hub in the Caribbean since the 1970’s. This West Indies tourist hub features some of the world’s best beaches. The Citizenship by Investment Programme was approved in 2013. With a new airport terminal opened in 2015 to accommodate the many daily flights from Europe and the Americas, tourism development is becoming the principal economy of the islands.

  • Extensive visa-free travel to 145+ countries
  • No taxes on international revenue, wealth or inheritance tax

 

Population: 91 295 thousand
Form of government: Parliamentary democracy under constitutional monarchy
Official & spoken languages: English
Currency: East Caribbean dollar
Time zone: AST (UTC-4)
GDP (PPP): $1.579 billion
GDP (PPP)/per capita: $18.026
Average salary: 9365 XCD (3140€)
Unemployment: 11%
Major trading partners:  United Kingdom, United States, Spain, Canada, Barbados,

 

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Antigua & Barbuda offers a third option of direct investment into an authorised business on the islands. The required minimum investment levels are as follows:

  • An individual makes an investment in an approved business of at least US$1,500,000 on their own behalf.
  • A minimum of at least two individuals can make a joint investment in an approved business totalling at least US$5,000,000.
  • Each investor is to contribute at least US$400,000 individually.

All potential investors are advised to contact the Antigua and Barbuda Investment Authority (ABIA), through an authorised CIP agent to discuss the details of the proposed investment before initiating business.

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The World Bank “Ease of doing Business -ranking”

Overall rank 2016: rank 104th (change in rank: -5)
– Starting a business: rank 107 (average processing time 21 days)
– Dealing with construction permits: rank 95 (change rank in -5) (average processing time 110 days)
– Getting electricity: rank 33 (average installation time 42 days)
– Registering property: rank 118 (average processing time 39 day)
– Getting credit: rank 152
– Protecting minority investors: rank 66 (change rank in -2)
– Paying taxes: rank 161 (average company tax from profits 41,9%, average time used for taxation 207 hours per year)
– Trading across borders rank 114 (change rank in+1)
– Enforcing contract: rank 19 (average 351 days, average cost from standing amount 22,7%)
– Resolving Insolvency: rank 125 (Average time processing bankruptcy: 3 years)

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The Permanent Residency Program of Antigua & Barbuda was introduced in 1995 to encourage wealthy individuals to establish tax residency in the country.

It is open to non-citizens only and provides a quick and straightforward gateway to Antiguan tax residency.

Qualified applicants are issued a Permanent Residency Certificate and a Tax Identification Number.

Requirements to qualify for the Permanent Residency Program of Antigua & Barbuda:

  • Maintain a permanent place of abode in Antigua & Barbuda (either leased or purchased)
  • Spend at least 30 days a year in Antigua & Barbuda
  • Annual income must exceed US$100,000
  • Pay a flat tax of US$20,000 per annum
  • Qualified applicants are issued a Permanent Residency Certificate and a Tax Identification Number.

Some of the benefits of tax residency in Antigua & Barbuda

  • No worldwide income tax
  • No inheritance tax
  • No capital gains tax

Antigua and Barbuda – Citizenship by Investment Programme

  • Early in 2013, the Senate of Antigua and Barbuda voted to establish a Citizenship by Investment Programme to spur growth in the islands. Antigua has long been an international hub for the West Indies and the new CIP is breathing life into the tourism and financial sectors.
  • An Antigua & Barbuda passport allows visa-free travel to more than 145+ countries including all European Union countries, the United Kingdom, Ireland, Caribbean and Commonwealth nations.
  • Antigua & Barbuda is the only Caribbean CIP to offer Visa-Free travel to Canada.
  • The granting of citizenship is at the sole discretion of the government and there is no guarantee that the applicant will be approved.

Real Estate Investment Option

To qualify, the investor (or investors) must enter into a contract to purchase approved real estate with a minimum value of US$400,000. Once the purchase contract has been signed and the funds are in escrow, the investor may apply for citizenship. The real estate purchase contract is contingent on the citizenship acceptance.

Upon submission of your application you will be asked to pay the due diligence fees and 10% of the government processing fee. Once citizenship has been accepted with a letter of approval the real estate purchase will be completed and the balance of the government fees are due. The Real Estate Investment can not be sold for a minimum of 5-year period. Authorized real estate developments cater to make every effort to ensure ownership is a hassle-free experience.

Investment minimum: US$400,000
Real estate holding period: 5 yrs
Legal & Escrow: 1%

Government processing fees:

Investor: US$50,000
Spouse: US$25,000
Dependents age >18 US$25,000
Dependents age 18-25 US$50,000

Approved Real Estate in Antigua and Barbuda

  1. TAMARIND HILLS
  2. NONSUCH BAY RESORT
  3. HODGES BAY RESORT
  4. NELSON’S RETREAT
  5. DANIEL BAY
  6. PLEASURE COVE RESORT & SPA
  7. SOUTH POINT

Donation Option

Official entity: National Development Fund (NDF)

In order to qualify for this programme, the investor makes a designated non-refundable donation to the government-controlled National Development Fund (NDF). This non-profit fund is subject to parliamentary oversight to allow for transparency and accountability and will also be audited by an internationally recognized accounting firm.

The minimum investment is US$200,000 and additional fees apply per family member. However, before transferring the funds, applications are submitted with due diligence fees for the applicant and all dependents who are 12 years of age and older and 10% of the government processing fee. Following the completion of the due diligence process, a letter of approval will be issued and instructions will be given for transfer of funds within 30 days. Citizenship is granted, then.

Donation Amount:

Investor only: US$300,000
Investor + Spouse US$350,000
Investor + Spouse+ 2 kids US$400,000

 

Business Investment

Antigua & Barbuda offers a third option of direct investment into an authorised business on the islands. The required minimum investment levels are as follows:

  • An individual makes an investment in an approved business of at least US$ 1,500,000 on their own behalf.
  • A minimum of at least two individuals can make a joint investment in an approved business totalling at least US$ 5,000,000. (Each investor is to contribute at least US$400,000 individually.)

All potential investors are advised to contact the Antigua and Barbuda Investment Authority (ABIA), through an authorised CIP agent to discuss the details of the proposed investment before initiating business.

Need more details about citizenship program? Please call us or fill in the form and we will get back to you shortly!

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4. Taxation

  • Residence: A company is deemed to be resident if it is incorporated or registered as an external company in Antigua and Barbuda or centrally managed and controlled there
  • Basis: A resident company is taxed on worldwide income. A nonresident company is taxed only on income derived from or sourced in Antigua and Barbuda.
  • Taxable income: Taxable income is calculated as net profit before tax, adjusted for nondeductible expenses and allowable deductions.
  • Taxation of dividends: Dividends paid to another resident company are subject to corporation tax.
  • Capital gains: Capital gains generally are treated as ordinary income and taxed at the standard corporate tax rate of 20%. However, gains on qualifying holdings are exempt in certain conditions are satisfied.
  • LossesLosses may be carried forward for up to six years, but they may reduce taxable income only 50%. To use losses, a company must be actively engaged in activities with the aim of generating profits. The carryback of losses in not permitted.
  • Foreign tax credit: Foreign tax credit normally are not granted, except in the case of taxes paid in a British Commonwealth country that grants similar relief for Antigua & Barbuda taxes or where a tax treaty permits
  • Participation exemption: No
Taxable income: 15%
Taxation of dividends:
VAT registration: The registration threshold for ABST is an annual total value of supplies exceeding XCD 300 000. Voluntary registration is not allowed. There is a mandatory registration requirement for all professional service providers
– VAT Rates:
Surtax: No
Alternative minimum tax: No
Withholding tax (general):
– From Dividends Dividends paid to a nonresident are subject to a 25% withholding tax
– From Royalties Royalties paid to a nonresident are subject to a 25% withholding tax
– From Interests Interest paid to a nonresident is subject to a 25% withholding tax
– Technical services Technical service fees paid to a nonresident are subject to a 25% withholding tax
Transfer tax: Stamp tax on the sale of real property is 7.5% for the seller and 2.5 for the purchaser. Nonresident sellers are subject to a stamp tax of 5% on the appreciation in value of the real property. Nonresident purchaser must obtain an alien landholding license at 5% of the value of the property, in addition to paying a stamp duty of 2.5%. Stamp tax in the sale of shares is 5% for the seller and 2.5% for the purchaser on the higher of the market value of the shares or book value of the shares.
Capital gains tax: Capital gains are not subject to tax
Real property tax: Property tax is assessed on the market value of real property and ranges from 0.1% to 0.5%, depending on how the property is used. Undeveloped land owned by a nonresident undeveloped land tax on the value, which ranges from 5% to 20%, depending on the length of time the property has been owned.
Social security: The employer must make social security contributions of 6% and medical benefits scheme contributions of 3.5% of an employee’s salary, up to a ceiling XCD 6500 per month
Payroll tax: No
Stamp duty: No
Capital duty: No
Tax treaties: Treaties are in force with CARICOM and the UK
Anti-avoidance rules:
– Transfer pricing No
– Thin capitalization rule No
– Disclosure requirements No

Compliance for corporation:

  • Tax year: The tax year is based on the company’s fiscal year end
  • Consolidated returns: Group taxation is not available, each company must file a separate return
  • Filling requirements: The tax return must be filed within three months of the company’s fiscal year end and be accompanied by the financial statements.
  • Penalties: The late filing penalty is the greater of XCD 500 or 5% of the tax due and the late payment penalty is 20% of the tax due. Interest accrues at 1% per month
  • Rulings: Rulings may be requested
  • Tax authorities: Inland Revenue Department

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Personal Taxation in Antigua and Barbuda 2016

Personal taxation basis:

  • Resident individuals are taxed on income generated from Antigua & Barbuda, including income from activities performed in Antigua & Barbuda. Nonresident individuals taxed only on income derived from or sourced in Antigua & Barbuda

Tax Residence:

  • An individual is considered resident if he/she is physically present in Antigua & Barbuda for least 183 days in the year preceding the year of assessment

Filling status:

  • Each individual must file a tax return, joint filing is not permitted

Income tax rates in Antigua and Barbuda

  • The tax rates are progressive as follows 0% on the first XCD 42 000, 8% on income between XCD 42 000 and XCD 144 000, and 25% on the amount exceeding XCD 144 000

Social security payments in Antigua and Barbuda:

  • he employee must contribute as follows 4% for social security 3,5% for medical benefits, and progressive rates (0% on amounts under XCD 6500 per annum, 2,5 on amounts between XCD 6 500 to XCD 60 000 per annun and 5% on income over XCD 60 000 per annum) for the education levy. The social security contribution ceilings is XCD 6500 per month.

Inheritance/estate tax in Antigua and Barbuda:

  • There is no inheritance tax, but gifts may be subject to transfer tax

Net wealth/net worth tax in Antigua and Barbuda:

  • No

Tax year:

  • Calendar year

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Our Services in Antigua and Barbuda

Consulting & advisory services for Antigua and Barbuda's entities

  • Due diligence process
  • Foreign Market entry & Supplier search
  • Business Plans & Descriptions
  • Development & Capital Advisory
  • International Tax Planning
  • Funding & Investor Search
  • Citizenship in Antigua and Barbuda
  • Business Restructuring via Offshore entities
  • Exit Strategy & IPO
  • Problem solving in Antigua and Barbuda | by Novasigma Accounting & Law partner office

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Incorporation, administration & business services in Antigua and Barbuda

Incorporation services in Antigua and Barbuda

  • New company formations in Antigua and Barbuda
  • Company Closures and liquidations in Antigua and Barbuda

Company administration in Antigua and Barbuda

  • Legal registration address service for a Antigua and Barbuda’s company
  • Company secretarial service for a Antigua and Barbuda’s
  • Nominee director services
  • Nominee shareholder services

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Additional business services in Antigua and Barbuda (by Novasigma Certified Partners)

  • Virtual office services in Antigua and Barbuda
  • Hosting services
  • Real estate in Antigua and Barbuda (offices, trade facilities, industrial)

Value Added Tax (VAT)

  • VAT registration
  • Advice on VAT scheme options
  • VAT returns and declarations

Audit

  • Annual accounts in view of an annual audit and attend accounting audits

Legal services for Antigua and Barbuda's companies and business owners

Legal services in Antigua and Barbuda for all Novasigma Clients including companies and their owners and directors

Novasigma has built in Antigua and Barbuda a team of lawyers, associates and legal advisers to assist our clients with a business and tax planning, overseas business operations, risk management and other legal matters. Primarily focused on business transactions, Novasigma Accounting & Law corporate attorneys are a great asset to a small and large businesses. With a background on corporate law, our corporate lawyers and legal advisers have an in depth knowledge on the transactions that may put your business at risk of litigation. These include contracts and negotiations, taxation laws, business structuring, buy/sell agreements, and intellectual property, among others.

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Banking, financial and insurance services in Antigua and Barbuda

Banking services in Antigua and Barbuda

  • Business bank accounts
  • Personal bank account opening for business owners
  • Payment service providers
  • Investment solutions
  • Alternative banking solutions

Financial services in Antigua and Barbuda

  • Debt collection services
  • Invoice funding & cash flow solutions
  • Factoring
  • Leasing
  • Wealth management

Insurance services in Antigua and Barbuda

  • Insurances for corporations
  • Insurances for business owners and their families

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Tax residencies & Immigration services

  • Meeting with Novasigma before applying Antigua and Barbuda’s residency
  • Assistance in applying a tax residency from Antigua and Barbuda
  • Personal bank account in Antigua and Barbuda
  • Second Passport
  • Address service available for Novasigma business clients

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News and business opportunities in Antigua and Barbuda

  • Antigua & Barbuda tax residency- Is it for you?
  • Antigua and Barbuda

Interested in Antigua and Barbuda? Please leave us a message and we will get back to you shortly.


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