There are no personal income taxes in Nevis. However, local companies are subject to a corporate tax on profits.  The Nevis International Financial Services Sector offers numerous tax benefits to international business companies, limited liability companies, trusts, international insurance, foundations and other entities. These include exemption from income tax, social security, capital gain, withholding, gift, estate and succession tax.

Additionally, under the Fiscal Incentives Act, certain businesses can qualify for tax holidays, concessions and exemption from import duties on parts, raw materials and production machinery.

CURRENCY

The official currency used on the island is the Eastern Caribbean Dollar (ECD), which is shared by eight states throughout the Eastern Caribbean and controlled by the Eastern Caribbean Central Bank. The ECD is pegged to the United States dollar (USD) and fixed at ECD 2.70 to USD 1.00. The USD is generally considered to be a second currency and is freely accepted and interchangeable throughout the island. The exchange rate versus other currencies fluctuates according to world money markets. Furthermore, all major credit cards are readily accepted throughout the island. 

FOREIGN EXCHANGE
The Foreign Exchange Control Act, Chapter 115 governs restrictions on foreign exchange in the Federation of St. Kitts and Nevis. Pursuant to the Exchange Control (Suspension of Provisions) Order No. 12 of 2004 there are no restrictions on exchange controls. However, if an individual wishes to send the equivalent of EC$250,000.00 (US$92,000) or more abroad, he must first complete an "E Form" at the bank doing the transfer and then take the completed form to the Ministry of Finance for approval.

BANKING AND PROFESSIONAL FACILITIES

There are three international banks and several regional and local banks represented in Nevis. There is one Offshore Bank: the Bank of Nevis International Ltd. The Eastern Caribbean Central Bank (ECCB), the Eastern Caribbean Home Mortgage Bank (ECHMB) and the Eastern Caribbean Securities Exchange (ECSE) have their headquarters in Nevis' sister island of St. Kitts. A few regional and international auditing firms such as Pannell Kerr Forster are represented in Nevis. Also, approximately 50 licensed trust and asset management companies are available to assist investors.

ECONOMIC STABILITY

The major source of revenue on Nevis is tourism, followed closely by the international financial services sector. Over the years the island has experienced stable, economic development and there is minimal unemployment. Nevis enjoys one of the highest growth rates in gross national product and per capita income in the Caribbean. It has also experienced a balanced budget, a manageable inflationary pace and a current account surplus.

ECONOMIC CITIZENSHIP

By virtue of Chapter VIII of the Constitution of St. Christopher and Nevis and the Citizenship Act 1984, any person who make a minimum investment of US$250,000 in an approved project in the island of Nevis or St. Kitts, will be eligible to apply for Citizenship in the Federation of St. Kitts and Nevis. This is known as the Citizenship by Investment Programme.  Please note, that appropriate due diligence checks are conducted in the processing of these applications. 

For further information please contact:

Permanent Secretary

Ministry of National Security

St. Kitts.

Tel: 1 869 465-2521 ext.1031