Page 122 - Caribbean-Central America Profile 2018

ST. KITTS & NEVIS

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

VALUE ADDED TAX are geared towards attracting the right type of 2001 - a uniform regional body of legislation
(Value Added Tax Act No 3 of 2010) investor that will positively contribute to the governing securities market activities. The
VAT or Value Added Tax is a tax on consumption. long term development of St. Kitts. ECSE is designed to facilitate the buying
It is charged on the value of imports and on the and selling of financial products, including
value added (mark-up) on goods and services St. Kitts Investment Promotion Agency corporate stocks and bonds and government
supplied by one business to another or to the 2nd Floor, KOI Building securities, for the eight member territories of
final consumer. The standard VAT rate is 17%. One Airport Road, Golden Rock
A special rate of 10% is extended to hotels, St. Kitts, West Indies Anguilla, Antigua and Barbuda, Dominica,
restaurants and tour operators. Tel: (869) 465-1153 Grenada, Montserrat, St. Kitts and Nevis, St.
Fax: (869) 465-1154 Lucia, and St. Vincent and the Grenadines. It
ALIEN LANDHOLDING LICENCE E-mail: office@investstkitts.info is the first regional securities market in the
An Alien Landholding Licence is required for: Western Hemisphere.
• A foreign person purchasing land in St. Kitts NEVIS INVESTMENT
• A foreign person desirous of acquiring 1/3 or PROMOTION AGENCY (NIPA) Eastern Caribbean Securities Exchange
more of the shares in an ordinary company NIPA explores, attract and promote investment P.O. Box 94, Bird Rock,
• A foreign person desirous of becoming a opportunities that will stimulate and enhance Basseterre, St. Kitts, W.I
director of an ordinary company economic growth towards Nevis’ long term Tel: (869) 466-7192
development. NIPA also seeks to create an Fax: (869) 465-3798
Foreign investors buying land are charged an E-mail: Info@ECSEonline.com
Alien Landholding fee of 10% of the value of investor friendly environment from Trusts to
the land being purchased. A foreign investor International Financial Service Providers to
desirous of acquiring 1/3 or more of the shares Renewable Energy Investors and many more. TRADE AGREEMENTS AND
in an ordinary company or becoming a director NIPA can facilitate the ease of doing business by INVESTMENT TREATIES
of an ordinary company is required to pay a fee being the investor’s point of contact in matters St. Kitts and Nevis is a beneficiary of the
of EC $250.00 per application. related to investment opportunities in Nevis. Caribbean Basin Initiative (CBI), CARIBCAN,
and some agreements qualifying it for trade
INTERNATIONAL SHIP Nevis Investment Promotion Agency concessions with the United States, Canada,
REGISTRY P.O. Box 1063 and the European Union. It is also a member of
The St. Kitts & Nevis International Ship Suite 1 Horsfords Business Complex 2nd Floor
Registry (SKANR), an International Open Farms Estate GATT and WTO.
register, falls under the jurisdiction of the
Department of Maritime Affairs of the Ministry Nevis GOVERNMENT
of Public Works, Utilities, Transport and Posts. Tel: (869) 469 0038 St. Kitts and Nevis is an independent
Its management systems have been accredited Fax: (869) 469 0039 Commonwealth Realm with Queen Elizabeth II
to ISO 9001:2000 by ABS QE. Email: info@nevisipa.org as its Head of State, represented in St. Kitts and
Nevis by a Governor General, who acts on the
There are no restrictions on ownership of St. FINANCIAL SERVICES
Kitts and Nevis ships, this being available to St. St. Kitts is the home of the Eastern Caribbean advice of the Prime Minister and the Cabinet.
Kitts & Nevis corporations, foreign corporations The Prime Minister is the Leader of the majority
and individuals. When a ship is first registered Central Bank and the Eastern Caribbean Stock party of the House, and the Cabinet conducts
with St. Kitts & Nevis International Ship Exchange, which are two important pillars of affairs of State. St. Kitts and Nevis has a
Registry and the ship is owned by a St. Kitts & the Regional Financial Sector. The range of bicameral legislature: an 11-member Senate
Nevis corporation having its registered office in enabling legislation and competent service
the Federation or a St. Kitts & Nevis national providers can facilitate any investment need appointed by the Governor General (mainly on
or citizen resident in the Federation, that owner in the market. Companies or individuals the advice of the Prime Minister and the Leader
will be entitled to a 50% reduction off the wishing to form legal entities for investment, of the Opposition); and an 11-member popularly
Registration fee. Full ownership requirements tax planning or estate planning may easily do elected House of Representatives which has
are detailed in the Merchant Shipping Act and eight St. Kitts seats and three Nevis seats. The
Ship Ownership. so in St Kitts. The Marketing and Development
Department – Ministry of Finance, will assist in Prime Minister and the Cabinet are responsible
Department of Maritime Affairs the applications for licenses to become service to the Parliament. Under the constitution, Nevis
Ministry of Tourism & International Transport providers. has considerable autonomy and has an Island
# 3-4 PO Box 878 Port Zante Assembly, a Premier, and a Deputy Governor
Basseterre, St Kitts Eastern Caribbean Central Bank General. Under certain specified conditions, it
Tel: (869) 467-1391/2 P.O. Box 89, may secede from the Federation.
Fax: (869) 465- 9475 Basseterre, St. Kitts
Tel: (869) 465-2537 ELECTIONS
ST. KITTS INVESTMENT Fax: (869) 465-9562 General elections were held in Saint Kitts and
PROMOTION AGENCY (SKIPA) E-mail: info@eccb-centralbank.org Nevis on 16 February 2015. The ruling Saint
SKIPA was launched in December 2007 to Kitts and Nevis Labour Party, led by Prime
facilitate the needs of both local and foreign Minister Denzil Douglas, was defeated by Team
investors. SKIPA proactively markets St. SECURITIES EXCHANGE
Kitts, internationally, regionally and locally The Eastern Caribbean Securities Exchange Unity, an alliance of the Concerned Citizens’
as an attractive investment location that offers (ECSE) is a regional securities market Movement, the People’s Action Movement, and
an array of investment opportunities. The established by the Eastern Caribbean Central the People’s Labour Party, led by Dr. Timothy
investment promotion efforts of the agency Bank and licensed under the Securities Act of Harris.The next general election is due by 2020.

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