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Economy and Banking Sector of Anguilla

Caribbean Sea
Population  (2011)
13 452
EU Status
not part of the EU (OCT)
XCD (East Caribbean dollar)
Nominal GDP
Credit Ratings (as of Sep 2016)
Consolidated Banking Assets
Deposit Guarantee
Number of Banks

Anquilla is a British overseas territory situated in the Caribbean Sea.

Anguilla's economy depends largely on luxury tourism, offshore banking, lobster fishing. Anguillan athorities put substantial efforts to develop the offshore financial sector, which is small but growing.

Anguilla's financial services include offshore captive insurance, mutual funds, company management as well as offshore banking.

List of Banks in Anguilla

National Currency

East Caribbean Dollar (XCD)

Anguilla's currency is the East Caribbean dollar (XCD); the US dollar is also widely accepted. The East Caribbean dollar has been pegged to the United States dollar since July 7, 1976 and the exchange rate is 1 USD = 2.70 XCD.

Pegged Rate

1 USD = 2.70 XCD

Credit Ratings (as of Sep 2016)

Fitch Moody's
- -

Withholding Tax

Withholding taxes are imposed at source of income and are often applied to dividends, interest, royalties, rent and similar payments. The rates of withholding tax are often reduced by double taxation agreements.

Withholding Tax Rates in Anguilla: 0.0 - 0.0%

Withholding tax rates applied on payments of interest and dividends in Anguilla are shown in Table 1.

Dividends Interest
Natural person, resident 0.0 %0.0 %
Natural person, non-resident 0.0 %0.0 %
Table 1. Withholding tax rates in Anguilla.

Information Exchange

There are 3 ways for jusrisdictions to exchange information on tax matters:

  • spontaneously;
  • on request;
  • automatically.

Spontaneous exchange of information is provision of information that is forseeably relevant to another party without a request being previously sent.

Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.

Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.

Exchange on Request: 17 Signed Agreements

Anguilla signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 01 January 2013 the date of coming into force is given in brackets):

 Faroe Islands
 United Kingdom

There are also several agreements between Anguilla and other jurisdictions which was signed but haven't yet come into force (for agreements signed after 01 January 2013 of signing the agreement is given in brackets):

 New Zealand

Automatic Exchange: Starts in September 2017

Anguilla signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.

Further Information


Foreign Account Tax Compliance Act (FATCA) which became law in the United States in March 2010, focuses on reporting made by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The FATCA-reporting is facilitated by Intergovernmental Agreements (IGAs).

FATCA Status in Anguilla
IGA agreed on 30 June 2014, Model 1

Anguilla agreed in substance to use FATCA on 30 June 2014 (Intergovernmental Agreement Model 1): the text of the IGA has not been released and financial institutions operating in Anguilla are allowed to register on the FATCA website consistent with the treatment of having an IGA in effect provided that Anguilla continues to demonstrate firm resolve to sign the IGA as soon as possible.

Further Information

Deposit Guarantee Scheme

Maximum Protected Amount

Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.

From a depositor's point of view it is important to know:

  • if the depositor is eligible within the terms of the deposit guarantee scheme;
  • if the depositor's bank is a participant in the deposit guarantee scheme;
  • if the depositor's type of deposit is covered by the deposit guarantee scheme.

There is no deposit guarantee scheme in Anguilla.

Banking Supervision

Financial Services Commission

Banking Sector Structure

Number of Banks

Currently there are 6 credit institutions operating in Anguilla.

All the credit institutions operating in Anguilla can be classified into several categories. Table 2 summarises the number of banks in each category.

CategoryNumber of Banks
Domestic banks3
Offshore banks3

Table 2. Number of banks by category in Anguilla.