ANGUILLA Law and Practice Contributed by: Nina Rodriguez, Webster LP
4.7 Enforcement of Restrictions on Development and Designated Use Restrictions on development and designated use are enforced through building inspections and notices by the Building Board under the umbrella of the Department of Physical Planning. 5. Investment Vehicles 5.1 Types of Entities Available to Investors to Hold Real Estate Assets As at 19 April 2022, the Anguilla Companies Act (ABC) and the International Business Company Act (IBC) were repealed. Therefore, the only type of company that is now legally able to hold an interest in property is one governed by the Busi - ness Companies Act (BCA). A foreign Limited Liability Company (LLC) such as a Delaware LLC can also hold title subject to government approval in relation to alien share - holders, if any, and registration as a foreign com - pany under the BCA. A foundation is considered by some investors to be a preferred vehicle. 5.2 Main Features and Tax Implications of the Constitution of Each Type of Entity There is no specific feature that the by-laws of a company formed to invest in real estate would contain. As is usual in companies, there will be mechanisms for approval of contracts and agreements, voting rights of investors, and so on. 5.3 REITs REITs are not currently available as an invest - ment vehicle in this jurisdiction.
5.4 Minimum Capital Requirement The minimum capital required to set up each type of entity used to invest in real estate would be the value of one share. 5.5 Applicable Governance Requirements The governance requirements will be set out in the legislation under which the entity is formed. 5.6 Annual Entity Maintenance and Accounting Compliance A company that holds an interest in property is required to ensure that all the statutory require - ments are met. This includes the filing of an Annual Return and Economic Substance Return and complying with normal accounting princi - ples. The costs associated with these require - ments can vary, but they start at a minimum of USD800. Accounting compliance costs will vary based on the organisation that is performing this function. 6. Commercial Leases 6.1 Types of Arrangements Allowing the Use of Real Estate for a Limited Period of Time Rental and lease agreements can be entered into, to occupy and use real estate for a limited period of time without buying it outright. Per - sons/entities rarely enter into licensing agree - ments. 6.2 Types of Commercial Leases Commercial lease agreements are dependent on the intended use of the properties and the terms agreed between the parties.
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