Capital of Antigua and Barbuda: St. John’s
Currency of Antigua and Barbuda: Eastern Caribbean dollar (XCD)
Official language of Antigua and Barbuda: English
Time zone: GMT — 4
Code for international calls to Antigua and Barbuda: +268
The two islands of Antigua and Barbuda (to make it shorter, we will use the abbreviated name, Antigua, in this article ) is another island nation in the Leeward Islands in the Caribbean.
We have already told you about one of the countries also located in the Leeward Islands, Anguilla. You can always find it in our offshore blog.
Just like the neighboring islands of St. Kitts and Nevis, Antigua and Barbuda is a former British colony that became independent of the UK almost 40 years ago, in 1981.
Antigua is part of the British Commonwealth of Nations in the same way as Canada, the Cayman Islands and Malta, and recognizes the British monarch as the official Head of State. Antigua is not only a member country of the British Commonwealth of Nations (an international organization that includes former colonies of Great Britain), but also a member of the Organization of Eastern Caribbean States. All members of the Organization of Eastern Caribbean States use the Eastern Caribbean dollar (XCD) as their national currency.
Just like in many neighboring countries having obtained their independence from the UK, the Antigua Government needed to think about developing the country’s economy. In particular, what should be done to ensure that Antigua would not depend solely on tourism and farming. Therefore, the islands began to develop the offshore financial services sector as a convenient way to enhance economic prosperity and boost the country’s coffers.
So, in 1982, Antigua and Barbuda drafted legislation that allowed registering international businesses and also allowing the Antigua banks to offer financial services to foreigners and non-residents. The first offshore banks in Antigua and Barbuda began operating in 1983. At the same time, strict privacy laws were issued in Antigua. Just like in case with any legislation relating to international banking, the Antigua banks are required to disclose customer information if there is a criminal investigation ongoing.
The financial services sector of Antigua and Barbuda is regulated and controlled by the Financial Services Regulatory Commission of Antigua and Barbuda. You can find the official website of this organization at the link below: http://www.fsrc.gov.ag/ You can also find a full list of officially registered and licensed offshore banks, trusts and other companies that require a special license in the official website of the Antigua and Barbuda Financial Services Commission.
Antigua has done a lot to develop the licensing industry of the gambling and betting business. At the moment, Antigua law permits registration and operating of the Internet sites related to gambling and bets acceptance via electronic payment systems. By the way, the Internet here is good and suitable for doing online business.
In 2004, the International Monetary Fund concluded that the offshore sector in Antigua was regulated in accordance with world standards. To date, Antigua and Barbuda has signed 30 international agreements, 10 of which are on avoidance of double taxation and 20 are on the tax information exchange. You can follow the new agreements signed by Antigua and Barbuda by following this link: http://www.eoi-tax.org/jurisdictions/AG#agreements
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