- Residency by Investment
Montserrat, a British oversees territory is a mountainous country in the Caribbean Sea with the area of 102 Km2 and with the population of 4900 people. The island is also called as the “Emerald isle of the Caribbean” and is one of the smallest islands of the region. The population of Montserrat is mainly of African ancestry and has a very small number of European descents. The official language of the country is English, very similar to Jamaican accent.
The main economic activities of the country are agriculture and tourism, but in 1997 a massive volcano eruption damaged the economic development. Since those years, Montserrat tries to push economic growth by several economic programs. According to section 39 of the Immigration Act SR&O No. 8 of 1998, the economic residency Programme of Montserrat has three different alternatives in order to get permanent residency:
- The investor must make a 150,000 USD (equivalent to 400,000 XCD) investment in real property on the island
- The investor can deposit 150,000 USD in any commercial bank located and registered on the island
- The investor can invest 150,000 USD in Government securities
- The investor must be deemed as a proper and fit person by Governor-in-Council (competent authority), in order to be eligible for the economic residency Programme
Through the Financial Secretary the investor has to send a complete economic residence form to the Governor-in-Council. The application procedure is straightforward.
Recently Montserrat requested from British government to establish the citizenship by investment program, but it was refused by UK government. The program grants permanent residency to the applicant after living at least 5 years in Monserrat. The permanent residency is a path to British Overseas Territory Citizen (BOTC), which gives various advantages and opportunities to the holder of its passport (visa free to more than 170 countries). The applicant must know that the path to British passport is not an easy path. Monserrat does not exempt corporate and income taxes on a permanent basis. The tax holidays can be applied in certain circumstances. Based on net profit the corporate tax of resident companies is 30 %. The companies which are incorporated under the International Business Companies act (for example: offshore companies) are exempt from paying income and corporate tax. The investor, who is willing to invest in one of the priority economies in Monserrat, can enjoy some economic incentives. The priority economies are:
- Renewable energy
- Tourism education
- It engineering
- Mining and light manufacturing
Plymouth, Brades, Little Bay (under construction)
Located in the continent of the Caribbean, Montserrat does not share land borders with any countries.
East Caribbean dollar (XCD)
Parliamentary dependency under constitutional monarchy
Reasons to choose Montserrat?
- Beautiful country with fantastic nature
- Growing economy
- Application process is straightforward as you only have to send a complete Economic Residence Form to the Governor in Council through the Financial Secretary
- Permanent residence permit can be obtained after 8 years of residency
- A tax holiday of up to 15 years can be obtained by foreign investors
- Applicant can have investment incentives if he/she invests in Priority Industries