Offshore bank accounts

Grenada company formation

 

Basic facts regarding Grenada

The State of Grenada consists of three islands situated between the Caribbean Sea and the Atlantic Ocean. Grenada is the largest island (120 square miles). The other islands are Carriacou (13 square miles) and Petite Martinique (586 acres). According to the last population census in 2001, Grenada has a population of 103,137 persons.

Grenada was granted full independence from Great Britain on February 07, 1974. It is a parliamentary democracy closely modelled on the British Westminster model. Queen Elizabeth II of the United Kingdom is the Head of State and the Governor General acts as her representative in Grenada. Government is divided into three branches: executive, legislature and judiciary.

Grenada taxation

Companies are exempted from payment of income tax, withholding tax, corporation tax, business levy and alien land holding tax for a period of twenty (20) years from 30 April, 1996.

Offshore business in Grenada

As of November 2008, Grenada had 1,580 international business companies (IBCs). In 2008, the Government of Grenada announced plans to redevelop an offshore financial sector. Grenada’s previous offshore regime collapsed after a multimillion-dollar fraud scheme and its 2001 listing as a Non-Cooperative Country or Territory (NCCT) by the Financial Action Task Force (FATF).

Nevertheless, offshore business in Grenada has practically extincted and in 2010 the Government of Grenad reported only 73 international business companies.

International cooperation

Grenada has executed Tax Information Exchange Agreements with Australia, Belgium, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Iceland, Netherlands, Norway, Sweden, United Kingdom.

[sources: United States Department of State Bureau for International Narcotics and Law Enforcement Affairs; Caribbean Financial Action Task Force; Organisation for Economic Co-operation and Development]

 

Bank accounts

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