Page 120 - Caribbean-Central America Profile 2018

ST. KITTS & NEVIS

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

EXEMPTION FROM IMPORT DUTIES BENEFITS OF THE PROGRAM annually by 15,000 sq. ft. in St. Kitts and 5,000
Full exemption from import duties on parts, • Visa free travel to all EU countries including sq. ft. in Nevis. The sites are managed and
raw materials, and production machinery is also Switzerland, UK and Ireland serviced on behalf of the Government by the
available. • No residency or visit to St. Kitts needed Development Bank of St. Kitts and Nevis.
Hotels Aids Act • Tax free – no income or wealth tax • Bourkes Industrial Estate, Sandy Point
The Hotel Aids Act provides relief from customs • Lifetime citizenship • CA. Southwell Industrial Park, Ponds
duties on items brought into the country for use • Easy second passport and citizenship for Section
in construction, extension and equipping of a • CA. Southwell Industrial Park, Bird Rock
hotel of not less than 10 bedrooms. In addition, your family members Section
the Income Tax Act provides special tax relief • Privacy in small peaceful country
benefits for hotels of more than 30 bedrooms. • Dual citizenship benefits • Prospect Industrial Park, Nevis Contact:
These hotels are exempt from income tax for Industrial Parks Development
10 years. If the hotel contains less than 30 • Choice of Real estate investment P.O. Box 249, Church Street,
bedrooms, gains or profits would be exempt • No Personal visit required Basseterre, St. Kitts.
from income tax for 5 years. Tel: (869) 465-2288
Citizenship by Investment Unit
Repatriation of Profits 1st Floor, Ministry of Finance Building Fax: (869) 465-4016
Companies registered in St. Kitts can repatriate P.O Box 597, Golden Rock
all profits, dividends and import capital. St. Kitts, West Indies TAXES
Tel: (869) 467-1474 CORPORATE INCOME TAX
CITIZENSHIP BY INVESTMENT Fax (869) 465-9926 Qualified companies enjoy full exemption
PROGRAMME Email: ciuunitskn@gmail.com from taxes on corporate profits for up to 15
The Citizenship-by-Investment program attracts years. Corporate tax is 35% of net profits.
international visitors, who make a substantial AGRO-BASED INDUSTRIES This tax does not apply to exempt companies
contribution to the development of the country. The Government of St. Kitts and Nevis is or to enterprises that have been granted a tax
Investors along with any family members promoting investment in a diverse selection of concession.
can directly qualify for citizenship through agro-based industries including: rum distilling
investment, either by making a donation or and utilisation of sugar industry by-products, WITHHOLDING TAX
investment in real estate purchase. beef and dairy, confectionery manufacture, Individuals and ordinary companies remitting
fruit and vegetable preservation & processing, payments to persons outside of St. Kitts must
The Investment requirement may be satisfied in deduct 10% withholding tax from the profits,
any of the following ways: fruit and vegetable production for export, royalties, rent, head office expenses, technical
small
production,
aquaculture
ruminant
• A non-refundable contribution of US$250,000.00 and mariculture, deep sea fishing and fish service fees and non-life insurance premiums.
into the Sugar Industry Diversification processing.
Foundation. Withholding tax does not apply to profits of an
• A minimum investment of US$400,000.00 There are four fully developed industrial sites approved enterprise, which is enjoying benefits
in a government approved real estate project where production facilities can be constructed under the Fiscal Incentives Act. This tax does
• Any resource donated or expended which, to specification and leased at nominal rates. not apply to exempt trusts, limited partnerships,
brings substantial benefits to the country. Projections are that factory space will increase companies or foundations.
Starting a Business - Registration Requirements:
No: Procedure Time to complete: Costs
Less than one day (online
1 Search and reserve company name (can be done online) XCD 54
procedure)
2 Prepare company statutes 1 day XCD 2,500 (lawyer’s fees)

Register with Commercial Registry and obtain certificate of
3 3 days on average XCD 270
incorporation
4 Purchase company ink stamp 10 days XCD 60 - XCD 190

10 days, simultaneous with
5* Obtain business license XCD 200
procedure 4
6 Obtain tax identification number 3 days no charge

1 day on average, simultaneous
7* Register firm as an employer with the Social Security Office no charge
with procedure 6
* Takes place simultaneously with another procedure Source: The World Bank Group

B-84 Caribbean-Central American Action