Antigua and Barbuda: the International Foundations Bill 2007

Abstract

Antigua and Barbuda became an international financial centre in 1982 with the enactment of the International Business Corporations Act. Since then, Antigua has had slow to moderate growth, unlike the robust growth which its better known neighbours have enjoyed. Its so far moderate growth rate may be attributed to a failure to implement an aggressive international marketing strategy, and to broaden and enhance its relatively sparse product offerings. As a result, the Government has recognized the urgent need to diversify its economy and has therefore targeted the international financial services sector as a likely engine of growth. It is against this backdrop that the Government introduced a series of financial services laws in Parliament in 2007. Among these was the International Foundations Bill. These laws are expected to be published in the Official Gazette shortly. The Foundations Bill seeks to stimulate investment in the country. It is an indication that the country intends to position itself as an attractive asset protection jurisdiction, and to offer investors a stable, confidential and safe jurisdiction in which to conduct their business affairs. The Bill also seeks to ensure the proper regulation of international foundations in Antigua and Barbuda.