Saint Vincent and the Grenadines: Double Tax Treaties
Other International Agreements
Saint Vincent and the Grenadines benefits from duty free concessions on exports to the countries which are signatories to the following agreements:
- Generalized System of Preferences;
- The Caribbean Basin Initiative;
- Cotonou Agreement;
- Caribbean-Canada Free Trade Agreement;
- Craibbean Single Market and Economy.
Saint Vincent and the Grenadines has also signed agreements with the Republic of Venezuela, the Republic of Cuba, the Republic of Colombia and the Dominican Republic.
Until 2002, Saint Vincent and the Grenadines maintained a strict confidentiality regime under the Confidential Relationship Preservation (International Finance) Act, 1996, but this was repealed and replaced by the Exchange of Information Act, 2002. This new Act allowed for the exchange or disclosure of information between local regulators and foreign (statutory) regulatory authorities, although it contained an exemption for professional privilege. This law was repealed and replaced by the Exchange of Information Act, 2008.
In December, 2003, Saint Vincent and the Grenadines was one of a group of Caribbean countries which signed up to a new agreement on intellectual property development. Following the WIPO Ministerial Level Meeting on Intellectual Property for Caribbean Countries, which was organized in conjunction with the Ministry of Justice and Legal Affairs in Antigua and Barbuda, and held at St John's on November 28 and 29 of that year, it was revealed that Antigua and Barbuda, Barbados, Dominica, Guyana, Jamaica, St Kitts and Nevis, St Lucia, Saint Vincent and the Grenadines, and the Republic of Trinidad and Tobago all signed the multilateral agreement.
According to WIPO: "The agreement establishes the terms of a project that is designed to support a more effective integration of the region into the global economy by fostering technological innovation, creativity and competitiveness through intensive and effective mobilization and use of intellectual property."
During a tour of the region in July 2007, Canadian Prime Minister Stephen Harper announced plans to begin free trade negotiations with the Caribbean Community countries, as part of efforts to bolster investment and trade links with the region.
"One of the key purposes of my visit here is to launch free trade negotiations between Canada and our CARICOM (Caribbean Community) partners. A free trade agreement would complement and help further develop the regional cooperation that you are already taking," Harper said in a speech in Bridgetown, Barbados. Canada exported CAN1.4 billion worth of goods to the Caribbean Community in 2009.
The first round of negotiations took place in November, 2009 and a second successful round followed in March, 2010.
Caribbean leaders decided at the 28th CARICOM Summit in Barbados in 2006 that the Caribbean Single Economy should be fully operational by 2015. The first stage of the CSME was implemented in 2008, but amounted to little more than the introduction of a limited degree of free movement of CSME nationals within the area. The timing of even a limited degree of economic unification remains unclear.
Barbados, Belize, Guyana, Jamaica, Suriname and Trinidad and Tobago have launched a localized version of the CSME, while the OECS states, including Anguilla, Antigua and Barbuda, BVI, Dominica, Grenada, Montserrat, St Lucia, St Kitts and Nevis and Saint Vincent and the Grenadines signalled their intention to form their own economic union, as well as committing to membership of the CSME.