Currency Transfers in Caribbean Countries

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Caribbean countries have for a long time been a favorite destination for high net worth individuals, corporations and other entities to send their monies. These countries, being tax havens and at the same time offering financial privacy to its clients, are just some of the reasons why they are favored. Caribbean countries were initially highly dependent on donors for economic stimulation, but improvement and strengthening of their banking sector soon replaced aid and grants. This has significantly boosted currency transfers.

A Look at some of the countries with the highest remittances in the Carribean include:

The Cayman Islands.
The Cayman Islands is a notable financial capital in the world. It also is a tax haven, thereby meaning no corporate tax, income tax, inheritance tax or capital gains tax are levied on corporations and individuals. More money will therefore, be transferred to these nations as there are no costs incurred in money transfers. For investors transferring assets to other countries, no charges are incurred including stamp duty.

Panama is well known for its favorable environment to foreign investors. The country being a tax haven, caters for both onshore and offshore businesses. Offshore businesses are not subject to any form of taxation. They have a strict banking code, no tax treaties with any country and no exchange control laws.

The Bahamas
The Bahamas offers various financial services including offshore banking, registration of offshore companies, registration of assets and trust management. The Bahamas has strict banking laws and regulations. Its secrecy banking laws prohibit disclosure of information to any organization unless ordered by the Bahamian Supreme Court. No taxes are levied on income earned outside the country’s borders. This positively impacts currency transfers.

The British Virgin Islands.
The British Virgin Islands (BVIs) is a popular destination for offshore account holders. It offers a lot of benefits including privacy and low costs for individuals wishing to transfer currency to other countries owing to no exchange controls. BVI is a tax haven and does not have any tax treaties with any countries. International businesses are not mandated to pay taxes on profits earned outside the BVI. The only obligation to businesses is a mandatory business license renewed annually by account holders.

Dominica is another financial district. It offers privacy and no taxes to offshore account holders. Dominica offers an opportunity to people of every nationality to form a corporation within its borders. Their strict banking regulations and non-disclosure laws allow for privacy. Offshore companies and individuals do not incur costs like stamp duty during transfer of property and assets making it among the most popular destinations to have offshore accounts.

Nevis is a renowned financial services district. It offers various financial services including insurance services. It also provides a conducive environment for the formation of both local and multinational companies. Their strict banking regulations allow for privacy and secrecy which is much needed by offshore account holders.

The favorable environment offered by these countries explicitly create a positive effect on currency transfers and movement of funds. The low costs of transfers and lack of exchange control greatly favor investors.

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Currency Transfers to the Caribbean

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