Legislation of Nevis

Service packages Legislation Tax System

List of laws and regulations

Act name
Scope of law
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Tax treaties entered

Denmark
Norway
Sweden
Switzerland
the United Kingdom and the United States of America

Tax Exchange Information Agreement (TEIA)

Aruba
Australia
Belgium
Canada
Curaçao
Denmark
Faroe Islands
Finland
France
Germany
Greenland
Guernsey
Iceland
Liechtenstein
Netherlands
New Zealand
Norway
Portugal
Saint Maarten
Sweden
United Kingdom

List of state regulatory authorities

Government of Saint Kitts and Nevis
Nevis Island Administration
Nevis Investment Promotion Agency
Inland Revenue Department
Customs Department
Financial Services Regulatory Commission
Nevis Housing and Land Development Corporation

Corporate info

Legal system
common law, based on English common law and American corporate law (that of the states of New York and Delawer)
Types of entity
Nevis Business Corporation (NBCO 1984) Limited Liability Company (NLLCO 1995) International Exempt Trust (NIETO 1994) Multiform Foundations (MFO 2004)
Shelf companies permitted
Yes
Incorporation timescale for a new company
1 day
Company suffix
“corporation”, “incorporated”, “company”, or “limited”
Sensitive words
Bank, building society, savings, loans, insurance, assurance, reinsurance, fund management, investment fund, municipal, trust, trustee, Chamber of Commerce, university, or their equivalents
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
Yes
Information to be kept at the registered office
no requirements
Seal required, type of seal
not required
Redomiciliation (to, from) permitted
permitted

Director and secretary

Minimum number of directors
1 (if there is only 1 shareholder)
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
Yes
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
Yes

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / anywhere
Disclosure to local agent
Yes
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
1
Minimum paid share capital
1
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
Upon the issue of shares
Standard currency
US Dollar
Standard authorized share capital
50000
Standard par value of shares
1
Shares with no par value permitted
Yes
Bearer shares permitted
Yes

Taxes

Personal tax
No
Min. rate for corporate tax
33%
Corporate tax (in detail)
Resident companies pay tax on global income, non-residents - on income from sources in the country. The income tax rate is 33%.
Capital gains tax
20%
Capital gains tax. Details
Gains from the sale of assets with a holding period of up to a year are taxed at half the tax rate, in any case not more than 20%.
VAT
17%
VAT. Details
The standard VAT rate is 17%. A preferential rate of 10% applies to the tourism and hospitality industry.
Withholding tax
15%/15%/15%
Other taxes
Social contributions, Real estate tax
Exchange control
No
Government fee
Stamp duty
Stamp duty is payable at various rates for real estate transactions.

Accounts

Requirement to prepare accounts
No
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
No
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
the Caribbean
Total area
93 sq. km.
Population
56.183 (2019)
Capital
Charlestown
National currency
East Caribbean dollar
Conditional reduction of currency
XCD
Against USD
0,37 (2022)
Climate, average max and min t°
tropical under constant influence of north-easterly sea breeze. There is a slightly hotter and rainier season from May to November. Average monthly temperature is about 26°С, very seldom going down to 18°С or up to 32°С.
Time difference from Moscow
- 7 hours
Dialing code
+1 869
State language
English
Ethnic groups
black 90,4%, mulatto 5%, Indian 3% and other 1,6%
Literacy rate
98%
History
Nevis was discovered by Christopher Columbus in 1493; however, Spain did not colonize the island. In two consequent years (1623 and 1624) the English and then the French colony were established. Since then, two major European states had fought for the dominance over the islands. The fight was over in 1783, with signing the Treaty of Versailles (Peace of Paris), and the dominion of Britain. Saint Kitts and Nevis used to be a constituent part of the British Leeward Islands and West Indies. In 1967 the islands St. Kitts, Nevis and Anguilla gained the status of the UK “Associated State”, which was entitled to having a local government. Traditionally, the foreign policy and defence matters were dealt with by the UK. In 1980 Anguilla seceded from federation of the three islands. On 19 September 1983 the islands were proclaimed an independent state: the Federation of St. Kitts and Nevis.
Credit rating
Government type
parliamentary democracy
Executive branch
Government: the Nevis Island Administration headed by the premier
Legislative branch
Deputy Governor General, members of the Nevis Island Assembly; 3 Nevis seats in the House of Representatives of National Assembly
Judicial branch
the Eastern Caribbean Supreme Court
Unemployment
4.5% (2019)
GDP per capita rank
58 (2019)
Corruption perceptions index rank

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Banks of Saint Kitts and Nevis

Bank
The cost of opening an account, $
Global rating
Countrywide rating
GSL rating
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