Saint Vincent and The Grenadines (SVG) IBC / Territorial Taxation

[Mr Pink]

As the International Business Company (IBC) offshore structure no longer exists in St Vincent due to some changes in early 2019, I understand all companies are now liable to pay 30% tax.

There was a grandfathering provision for IBCs incorporated pre-Dec 2018 but as I understand this comes to an end 30 June 2021 and all companies will be required to pay 30% on worldwide income.

Initially there was talk of the country moving towards a territorial tax structure but it seems no progress has been made on this. Does anyone have any thoughts or update here?

 

[padima]

hello there
what s the situation right now in SVG for forex and crypto related company? any specialist of SVG here? cost of setting up with account in Singapore?

 

[rockrock]

https://svgfsa.com/library-publications/
https://svgfsa.com/publication-on-the-income-tax-amendments-the-economic-substance-act/
https://svgfsa.com/mdocs-posts/income-tax-amendment-act/
The old Limited Liability Companies Act - Cap151 still has an opt-in to elect a 1% taxation.

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st vincent International Tax Cooperation (Economic Substance) Act

st vincent income tax amendment

As I understand it, a St Vincent LLC is a "pass-through entity", a "disregarded entity" (my words). Previously taxable on worldwide income on personal level. The income tax amendment transformed it into a territorial tax system.

St Vincent might be back in business if you either have substance + any legal activity or no substance + no ESR relevant activity.

The ESR act had a download counter of 242 so this doesn't seem to be popular?

Hope that helps. Do your own research. Tough stuff.