Offshore banking is another money-earner. Anguilla, which does not levy personal or corporate income tax, was removed in 2002 from an international list of territories said to be uncooperative in the fight against money-laundering.
Anguilla is like St Maarten's sleepy twin with electricity only arriving on the island in the 1980s; nevertheless it's fast developing a reputation for fine dining with 200 restaurants dotting the island – that's an incredible one for every 75 inhabitants.
The Anguilla Tourist Board will host its first annual literary festival May 24th through May 28th at the statuesque, Paradise Cove Resort. Best-selling authors, publishing industry power brokers, celebrity notables and book enthusiasts will converge on the peerless Caribbean destination, known for its buttery soft vanilla sand, beautiful people, rich history and seductive water in shades of blue – turquoise, aqua and marine.
Villas dominate the market on the island – many perched on rocks due to a local law which bars outsiders from owning property on the beach itself, this particular benefit is the preserve of the people called the "belongers" – Anguillan born and bred.
The founder and former executive chairman of SFX Entertainment, Mr. Sillerman is investing $50 million to $75 million in a new $250 million resort on Anguilla that will be managed by St. Regis, a Starwood brand. Scheduled to open in 2006, the resort, called Temenos Anguilla, will include 36 private homes, a 97-room hotel and spa and three rental villas that Mr. Sillerman built and turned into a mini-resort last year.
You'll find almost no hawking, pushiness, or overt poverty--and correspondingly low crime rates. The leading resorts and villa complexes define luxury, and the food is among the finest in the Caribbean. And yet the vibe is pleasingly laid-back in even the toniest resorts; it's barefoot luxury at its least pretentious.
Carefully-regulated tourism is the bedrock of the economy. A tropical climate, fine beaches, reefs and turquoise seas lure visitors, many of them from the US.
Anguilla has few natural resources, and the economy depends heavily on luxury tourism, offshore banking, lobster fishing, and remittances from emigrants. Increased activity in the tourism industry has spurred the growth of the construction sector contributing to economic growth. Anguillan officials have put substantial effort into developing the offshore financial sector, which is small but growing.
Colonized by English settlers from Saint Kitts in 1650, Anguilla was administered by Great Britain until the early 19th century, when the island - against the wishes of the inhabitants - was incorporated into a single British dependency along with Saint Kitts and Nevis. Several attempts at separation failed. In 1971, two years after a revolt, Anguilla was finally allowed to secede; this arrangement was formally recognized in 1980 with Anguilla becoming a separate British dependency.
The Spaniards couldn't spare the expense of military maintenance after several devastating European wars, so they literally abandoned it in 1648, enabling opportunistic French and Dutch settlers from, respectively, St. Kitts and St. Eustatius, to claim the island. After initial skirmishes, mostly political, the two nations officially settled their differences later that year.