A safe harbour for financial services

by Brian Stuart-Young, CEO, Global Bank of Commerce

Many of the same attributes that make Antigua a successful tourism destination also make it a well-regarded international business centre. With the nation’s enactment of the International Business Corporations Act in 1982, which governs international business services and foreign direct investments, and with ever-changing goal posts of international regulatory and tax requirements, the Act has continuously been updated and amended. To this end, local regulations have kept pace with the demands of international authorities for fully transparent financial services, and the government has strengthened its regulatory and supervisory machinery for financial institutions.

With an international crisis underway and political instability growing in many countries around the globe, an increasing number of affluent investors are looking to the Caribbean in an attempt to seek a safe and stable financial environment and second home. Antiguan banks have had less direct exposure to the global crisis and political controversies and in fact, our jurisdiction has always consistently practiced prudent banking standards by being conservative in their lending guidelines whilst being closely monitored by their respective regulatory authorities. Indeed, Caribbean banks are considered to be one of the safest depository opportunities in the world at this time.

Antigua & Barbuda’s international business sector is truly committed to maintaining its position as a leading Caribbean jurisdiction and safe financial centre. With the recent passing of the Digital Assets Business Act, a forward-thinking framework has been provided for those companies which operate in the digital eco-system. And in today’s global village, geographic focus is becoming less and less relevant to international clients. Modern technology can deliver a consistently high standard of service for customers to conduct secure banking business regardless of physical presence no matter where they are located.

The combination of well-regulated financial services, a strong legal and democratic environment, world-class communications, an English-speaking and skilled workforce, and strong professional resources makes Antigua & Barbuda a positive environment for international financial and business services.