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May 29, 2014

Back on the Map: The Redevelopment of Montserrat

By Chris Boyle

Over a number of years, Montserrat has faded from the map as a world class destination. The passage of Hurricane Hugo in 1989 and the eruption of the Soufriere Volcano in the mid-90’s left the island in turmoil and the people, though resilient in nature, concerned and apprehensive about their future.

Nearly 20 years have passed, and Montserrat is now ready for an economic renaissance; its people are ready for change, ready for growth and development and ready for the rebuilding of a new capital city and the regeneration of private enterprise across the island.

Marine Village_Slide

There are very few people that will witness such an undertaking in their lifetime, and even fewer will have the opportunity to help lay the groundwork for this task. As Montserrat embarks on this new development, investors and developers are given the opportunity to invest in an island that has a wide variety of options. With the possibilities being almost limitless, the island is seeking investors who are looking for a new destination, a safe investment location and an opportunity where they can participate in the making of history.

As its investor website www.investmontserrat<https://www.investmontserrat> explains, there are many compelling reasons to invest in Montserrat – political stability, near zero crime rate, incentives for potential investors, to name a few.

Montserrat is a British Overseas Territory and, as such, the country provides investors with a stable environment and low sovereign risk. The support and commitment of the UK government to the redevelopment of the island illustrates to investors that HMG sees the potential for Montserrat to return to being self-sufficient, as it was prior to the volcanic eruptions.

With a near zero crime rate, investors have a sense of security, not just personally but financially. The stress of worrying about being a target is almost non-existent on an island like Montserrat.

In addition, as the country rebuilds, it understands the importance of attracting investors and the reality that they are competing with other Caribbean destinations. As such, Montserrat offers potential investors a number of incentives which include:

*         Corporation tax holidays

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*         Exemptions from customs duties on imported equipment and materials

*         Exemptions from consumption tax on imported equipment and materials

*         Additional incentives for priority sectors and projects at the discretion of the Government

Montserrat understands the concerns of investors. Thus, in addition to the above incentives, they have tailored their policies to place no restrictions on the repatriation of profits and no restrictions on foreign ownership.Master Plan_Slide

Montserrat’s next chapter will be greatly influenced by favorable investors with the desire and vision to be at the forefront of an island renaissance, one that leverages the best of what Montserrat has to offer. The island is in the perfect position for what will become a historic transformation within the Caribbean. As the island turns over a new leaf, the willingness and support from investors will heavily affect the transformation which is sought.

It will also offer such investors the right to say that they played a role in a historic rebirth.

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