Investment banking and financial services comprise an important part of the economy.

Banking majors like Bank of America, Barclays, Royal Bank of Canada, and Scotia Bank have subsidiaries in Antogua.

Recently Antigua based Stanford International Bank owned by Texas billionaire Allen Stanford was found guilty of orchestrating a huge fraud that may have cheated investors of some $8 billion.

Belize

A Central American nation, Belize borders the Caribbean Sea, between Guatemala and Mexico.

Essentially a private-enterprise economy, tourism is the number one foreign exchange earner for Belize, followed by exports of marine products, citrus, cane sugar, bananas, and garments.

It has no capital gains tax.

Image: People seeking to withdraw funds line up outside the Bank of Antigua which has three branches in the twin-island state of Antigua and Barbuda. | Photograph: Philip Brown/Reuters

Also read: Readers' choice: India's top 10 banks

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