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St Vincent Economy

St Vincent and the Grenadines are a group of small islands in the Leeward Islands. The St vincnent and the grenadines are made up of 32 small islands and cays, some privately owned, with excellent sailing and yachting conditions year round. The islands is geographically a volcanic in nature, with black sand beaches and lofty mountain top, though the outlying islands of the Grenadines have miles of pristine white sand islands and truly represent island get-a-ways. Collectively, the islands have a relatively small population of about 105,000.

The French and the British fought over the St. Vincent for many years, but eventually St. Vincent was settled upon by the British in 1783, and turned into sugar cane plantations. For many years the British reaped the fruits of the labour of African slaves who were brought to the islands to work the plantations. St. Vincent is today an independent country following a parliamentary democracy, with a legal system that is centrally based on English common law. St Vincent is member of the Caribbean Community (CARICOM) and a member of the Organization of Eastern Caribbean States (OECS) and the official currency is the Eastern Caribbean Dollar (EC$) with a fixed exchange rate at 2.7169 to the US$.

Like many of the other Caribbean countries, St. Vincent was once a one crop economy relying heavily on the either the sugar or the banana industry. Since, the country has been forced to transition to a more diversified economy. Today, tourism, financial services (offshore services), agriculture, food processing manufacturing are all key factors in St Vincent economy and though in agriculture, the country is dominated by banana production, ST. Vincent no longer depends solely on sugar or bananas. In fact, St. Vincent is well known around the world for its arrow root productions, a simple starch used as a thickener, and more commercially as a starch in carbonless paper. The main exports out of the islands are ground vegetables, root vegetables and are exported to US, UK and neighboring islands.

The biggest earner for the St Vincent economy is tourism, which is mostly concentrated on the Grenadine island chain. In the Grenadines, the investment in 5 star accommodation by Trump development, Personal residences by stars and members of the royal family, are attractive and key features of the upscale vacation destination. The white sand beaches, luxurious accommodation and hotels and major yachting services are found in the Grenadines.

The government of St. Vincent continues to stimulate St Vincent’s economy by continuously promoting and developing the main island itself as a prime financial service centre. They have implemented investor friendly and vigorous policy reforms for key sectors such as banking, trusts, mutual funds and insurance. A restructured and modernized offshore company (IBC) act is key to success of offshore company, similar to Nevis companies, incorporating providing the asset protection, tax planning and confidentiality sought by inventors. Offshore services agents usually provide incorporation services for other jurisdictions companies, for example Belize company.

The islands come highly recommended, getting much credit from international magazines such as national Geographic, Caribbean world magazine. As a popular upscale vacation destination, the grenadines are well known for the er prestige and playground to the stars and royalty. Additionally, several world recognized sailing conditions have the island hosting up scale yachting events for which the islands are quite popularized.