Anguilla’s New Tax Residency Program Ideal For High-Value Digital Nomads, Program Chief IndicatesJuly 24, 2019
Speaking to IMI during the Investment Migration Forum in Geneva last month, Philip Kisob, CEO of Select Anguilla, said his island’s approach to designing the program was one that aimed at “low-volume, high-value” and that the tax residency program, in particular, was perfect for those who spend less than a quarter of the year in any single jurisdiction.
“We’ve identified a new breed of traveler. Some people refer to them as digital nomads or sovereign individuals, and we also have individuals who are top sportspeople like golfers, race car drivers, or tennis players, who move around throughout the year and don’t really have a tax residency in the classical sense,” says Kisob about his target demographic.
“We’re looking for someone who has a lifestyle in which they don’t usually spend more than 90 days in any particular jurisdiction. We want them to come to us and also to self-certify that they haven’t spent more than 183 days in any particular jurisdiction and then, subsequently, no more than 90 days,” adds Kisob.
In return, he explains, Anguilla will ask for a real estate investment of no less than US$400,000 as well as an annual lump-sum tax payment of US$75,000.
“We’re not looking for people who are trying to avoid taxation; we want them to commit to paying taxes over five years, minimum,” he emphasizes, and points out that, apart from buying a home and paying taxes, the hope is that new residents will “really participate” by opening bank accounts, putting down roots and establishing substantive links to the island.
“We’re also asking them to spend a minimum – a minimum; I’m not saying that’s all – of 45 days [in Anguilla].”
Watch the video interview below: