Editing Anguilla (section)

== Economy ==
{{Main|Economy of Anguilla}}

Anguilla's thin arid soil being largely unsuitable for agriculture, the island has few land-based [[natural resources]].<ref name="CIA World Factbook- Anguilla"/> Its main industries are tourism, [[offshore companies|offshore incorporation and management]], [[offshore bank]]ing, [[captive insurance]] and fishing.<ref name="CIA World Factbook- Anguilla"/><ref name="Encyclopedia Britannica – Anguilla"/>

Anguilla's currency is the [[East Caribbean dollar]], though the [[US dollar]] is also widely accepted.<ref name="Encyclopedia Britannica – Anguilla"/> The exchange rate is fixed to the US dollar at US$1 = EC$2.70.

The economy, and especially the tourism sector, suffered a setback in late 1995 due to the effects of [[Hurricane Luis]] in September. Hotels were hit particularly hard but a recovery occurred the following year. Another economic setback occurred during the aftermath of [[Hurricane Lenny]] in 2000.<ref>{{Cite book|title=South America, Central America and the Caribbean 2003|publisher=Routledge|page=52|year=2002|isbn=978-1-85743-138-4|edition=11}}</ref> Before the 2008 worldwide crisis, the economy of Anguilla was growing strongly, especially the tourism sector, which was driving major new developments in partnerships with multi-national companies. Anguilla's tourism industry received a major boost when it was selected to host the World Travel Awards in December 2014. Known as "the Oscars of the travel industry", the awards ceremony was held at the [[CuisinArt Resort and Spa]] and was hosted by [[Vivica A. Fox]]. Anguilla was voted the World's Leading Luxury Island Destination from a short list of top-tier candidates such as St. Barts, the Maldives, and Mauritius.<ref>{{Cite news|url=https://www.huffingtonpost.com/2014/12/17/vivica-a-fox-world-leading-luxury-island-destination_n_6342824.html|title=Vivica A. Fox Brings Hollywood Glam To The 'World's Leading Luxury Island Destination'|date=17 December 2014|work=HuffPost|access-date=17 October 2017|archive-url=https://web.archive.org/web/20170929050415/http://www.huffingtonpost.com/2014/12/17/vivica-a-fox-world-leading-luxury-island-destination_n_6342824.html|archive-date=29 September 2017|url-status=live}}</ref> The economy, including the tourism sector, suffered its biggest setback in late 2017 due to the effects of [[Hurricane Irma]] in September, which was the most powerful hurricane to hit the island and which caused major material damage of $320&nbsp;million. A lot of infrastructure was damaged, which was repaired in 2018/19 and the economy began to recover in 2019. However, the onset of the [[COVID-19 pandemic]] in 2020/21, caused a setback in the economy.<ref>{{cite web|url=https://theanguillian.com/2021/09/flashbackhow-has-anguilla-progressed-since-hurricane-irma-in-september-2017/|title=Flashback: How has Anguilla progressed since Hurricane Irma in September 2017?|website=The Anguillian|date=13 September 2021|access-date=5 April 2024|archive-date=5 April 2024|archive-url=https://web.archive.org/web/20240405202159/https://theanguillian.com/2021/09/flashbackhow-has-anguilla-progressed-since-hurricane-irma-in-september-2017/|url-status=live}}</ref><ref name="TCR">{{cite report|first=John P. |last=Cangialosi|author2=Andrew S. Latto|author3=Robbie J. Berg|publisher=National Hurricane Center|date=9 March 2018|access-date=12 March 2018|title=Hurricane Irma (AL112017)|series=Tropical Cyclone Report|url=https://www.nhc.noaa.gov/data/tcr/AL112017_Irma.pdf|archive-url=https://web.archive.org/web/20180831040906/https://www.nhc.noaa.gov/data/tcr/AL112017_Irma.pdf|archive-date=31 August 2018|url-status=live}}</ref><ref name=CEDIM>{{cite report|url=https://www.cedim.de/download/FDA_Irma_2017%20vFinal.pdf|title=Hurricane Irma: Report No. 1, Focus on Caribbean up until 8th September 2017|publisher=Center for Disaster Management and Risk Reduction Technology|first=James |last=Daniell|author2=Bernhard Mühr|author3=Antonios Pomonis|author4=Andreas Schäfer|author5=Susanna Mohr|access-date=9 September 2017|archive-url=https://web.archive.org/web/20170909232814/https://www.cedim.de/download/FDA_Irma_2017%20vFinal.pdf|archive-date=9 September 2017|url-status=dead}}</ref>

Anguilla's financial system comprises seven banks,<ref>{{cite news|url=https://thebanks.eu/banks-by-country/Anguilla|title=List of Banks in Anguilla|access-date=29 June 2017|archive-url=https://web.archive.org/web/20170507123233/https://thebanks.eu/banks-by-country/Anguilla|archive-date=7 May 2017|url-status=live}}</ref> two money services businesses, more than 40 company managers, more than 50 insurers, 12 brokers, more than 250 captive intermediaries, more than 50 mutual funds, and eight trust companies.<ref>{{cite web|url=http://www.fsc.org.ai/market.shtml|title=Market Participants|access-date=3 October 2014|archive-url=https://web.archive.org/web/20141006114801/http://www.fsc.org.ai/market.shtml|archive-date=6 October 2014|url-status=dead}}</ref>

Anguilla has become a popular [[tax haven]], having no capital gains, estate, profit, sales, or corporate taxes. In April 2011, faced with a mounting deficit, it introduced a 3% "Interim Stabilisation Levy", Anguilla's first form of [[income tax]]. Anguilla also has a 0.75% property tax.<ref>{{cite web |website= kpmg.com |publisher= KPMG |url= http://www.kpmg.com/global/en/issuesandinsights/articlespublications/taxation-international-executives/anguilla/pages/default.aspx |title= Tax TIES: Anguilla – Overview and introduction |access-date= 1 April 2011 |archive-url= https://web.archive.org/web/20180928164218/https://www.kpmg.com/global/en/issuesandinsights/articlespublications/taxation-international-executives/anguilla/pages/default.aspx |archive-date= 28 September 2018}}</ref>

Anguilla aims to obtain 15% of its energy from [[solar power]] to become less reliant on expensive imported diesel. The [[Climate & Development Knowledge Network]] is helping the government gather the information it needs to change the territory's legislation, so that it can integrate renewables into its grid. [[Barbados]] has also made good progress in switching to renewables, but many other [[Small Island Developing States]] are still at the early stages of planning how to integrate renewable energy into their grids. "For a small island we're very far ahead," said Beth Barry, Coordinator of the Anguilla Renewable Energy Office. "We've got an Energy Policy and a draft Climate Change policy and have been focusing efforts on the question of [[sustainable energy]] supply for several years now. As a result, we have a lot of information we can share with other islands."<ref>Fry, Carolyn. 28 June 2012. [http://cdkn.org/2012/06/interview-with-beth-barry-on-anguilla-renewable-energy/ Anguilla moves towards cleaner energy] {{Webarchive|url=https://web.archive.org/web/20120729101506/http://cdkn.org/2012/06/interview-with-beth-barry-on-anguilla-renewable-energy/ |date=29 July 2012 }}</ref>

According to a [[Bloomberg News|Bloomberg]] report, due to a skyrocketing interest in [[artificial intelligence]], Anguilla was expected to profit in 2023 from a surge in demand for web addresses ending with the country's [[top-level domain]] [[.ai]]. The total number of registrations of .ai domain names had already doubled in 2022, and according to [[Vince Cate]], who has managed the top-level domain, Anguilla will bring in as much as $30 million in domain-registration fees for 2023.<ref>{{Cite web |last=Metz |first=Rachel |date=2023-08-31 |title=AI Startups Create Digital Demand for Anguilla's Website Domain Name |url=https://www.bloomberg.com/news/articles/2023-08-31/ai-startups-create-digital-demand-for-anguilla-s-website-domain-name |url-status=live |archive-url=https://archive.today/20230831132124/https://www.bloomberg.com/news/articles/2023-08-31/ai-startups-create-digital-demand-for-anguilla-s-website-domain-name |archive-date=2023-08-31 |access-date=2023-09-05 |website=[[Bloomberg News]]}}</ref>{{Update inline|date=February 2025}}