Economy and Banking Sector of Anguilla

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.

The banking sector of Anguilla comprises 7 banks: 4 domestic and 3 offshore banks. National Bank of Anguilla Limited (“NBA”) and Caribbean Commercial Bank (Anguilla) Limited (“CCB”) and are the two largest banks in terms of total assets.On 12 August 2013, the Eastern Carribean Central Bank assumed control of both NBA and CCB.

Location Caribbean Sea
Population (2011)13 452
EU Status not part of the EU (OCT)
Dependent Territory Of United Kingdom (British Overseas Territory)
National Currency XCD (East Caribbean dollar)
Credit Ratings (as of Sep 2016)
Withholding Tax 0.0 - 0.0%
Information Exchange 
    Exchange on Request 17 signed agreements
    Automatic Exchange starts in September 2017
FATCA IGA agreed on 30 June 2014, Model 1
Banking Sector
Deposit Guarantee Scheme 
    Maximum Protected Amount 0 XCD
Banking Supervision Financial Services Commission
Banking Sector Structure 
    Number of Banks7
Major Banks
 National Bank of Anguilla Limited  Caribbean Commercial Bank (Anguilla) Limited
 List of Banks in Anguilla

EU Status

Anguilla is one of the OCTs (Overseas Countries and Territories) of the European Union. This means that although its nationals are in principle EU citizens, Anguilla is not part of the EU or directly subject to EU law.


Anguillan Economy

National Currency

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.


Taxation in Anguilla

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

Dividends Interest
Natural person, resident 0.00.0
Natural person, non-resident 0.00.0
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.

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

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

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

Further Information:
Automatic Exchange of Information on Financial Accounts
Countries Which Will Not Automatically Exchange Account 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).

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:
FATCA and European countries


Anguillan Banking Sector

Deposit Guarantee Scheme

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

There is no deposit guarantee scheme in Anguilla


Banking Sector Structure

Currently there are 7 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 banks4
Offshore banks3

Table 2. Number of banks by category in Anguilla.


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