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Get to Know About Montserrat
Montserrat, which is situated in the Caribbean, is an overseas territory of the UK. A volcanic eruption in 1995 had a devastating effect on the economy, and this eruption also destroyed airport, docking facilities, and as a result, the entire southern part of this island was completely evacuated. Since then, the government has been consistently making efforts to restore the loss. Positive steps are being taken to increase foreign direct investment.
Montserrat relies on the monetary aid by the British government and from the amounts received through income and property taxes and customs duties. Montserrat’s exports consist of mainly apparel, plastic bags, electronic components, etc. while it imports mostly foodstuff, machinery, fuels, etc., thus providing a good opportunity to those who are interested in doing business in Montserrat. Education has been made compulsory and free for children up to the age of seventeen.
Among the advantages of doing business in Montserrat is the favorable tax system for investors. The political climate here is also stable and peaceful. The volcanic sites in Montserrat’s attract many visitors making the tourism industry with excellent growth potential. The government is also determined to develop the financial services industry here. There is also the benefit of no controls on foreign exchange.
Challenges in Montserrat include the threat of volcanic eruption that can potentially damage the infrastructure. There is also the problem of the crime rate, which has increased after the influx of workers from other places like Jamaica and Haiti.