Montserrat Among 21 Countries and Territories Blacklisted by the OECD
Montserrat has been named among 21 countries and territories blacklisted by the Organization for Economic Cooperation and Development (OECD) that are practicing unfair tax avoidance schemes
The OECD, which is the leading economic think tank for the Western Developed World has blacklisted 21 countries for what they call their “golden passport” schemes that threaten international efforts to combat tax evasion.
However, Montserrat does not have a Citizenship by Investment (CBI) Programme.
The global CBI programme is valued to be around a US$3bn industry
The UK Guardian Newpaper has published an article where it says "concern is growing among political leaders, law enforcement and intelligence agencies that the schemes are open to abuse by criminals and sanctions-busting business people"
The OECD has stated that after analyzing residence and citizenship schemes operated by 100 countries, it is naming those jurisdictions that attract investors by offering low personal tax rates on income from foreign financial assets, while also not requiring an individual to spend a significant amount of time in the country.
Montserrat has in its laws an Economic Residency Programme (ERP).
….And it is against this background that Economic and Financial Analyst Peter was asked why he thinks the island has been named on this blacklist
Mr Queeley, who is also the General Manager of the St Patrick's Cooperative Credit Union on Montserrat, calls the measure "Economic Terrorism".
Under the various property development initiatives for the island, Montserrat’s Government has in place an Economic Residency Programme that can be harnessed to market and sell any potential property development on the island. The ERP is very attractive in what it asks for from potential investors
Other Caribbean nation's names on the list include: Antigua and Barbuda, the Bahamas, Dominica, Grenada, St Lucia, and St Kitts and Nevis, Turks and Caicos