St Kitts and Nevis
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Capital:
Basseterre
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Population:
39,000 (est. 2003)
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Languages:
English (official)
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Area: 261
sq. km (land area)
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Currency:
East Caribbean dollar (XCD)
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Fiscal year:
Calender year
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Independence
status: 19/09/1983 (from UK)
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BACKGROUND
FEDERATION OF ST KITTS AND NEVIS is located
in the eastern Caribbean Sea and consists of
the islands of Saint Kitts (Saint Christopher)
and Nevis. Formerly one of the West Indies Associated
States, it became fully independent from the
United Kingdom in 1983. In addition, St. Kitts
and Nevis receives counternarcotics assistance
and benefits from U.S. military exercises and
humanitarian civic action construction projects.
St. Kitts and Nevis embarked on a program to
diversify the agricultural sector and stimulate
the development of other sectors of the economy,
which includes instituting a program of investment
incentives for businesses considering the possibility
of locating in St. Kitts or Nevis, encouraging
both domestic and foreign private investment
and encouraging tourism.
Legal System
Nevis legal system, like many other English-speaking
islands, is based on New York or Delaware law,
thus the articles and memorandum are easily
transformed. The United States seeks to help
St. Kitts and Nevis develop economically and
to help strengthen its moderate, democratic,
parliamentary form of government. St. Kitts
and Nevis is a beneficiary of the U.S. Caribbean
Basin Initiative.
Currency
East Caribbean dollar ("XCD") is local
currency used. The exchange rate is approprimately
XCD2.7 to USD1.
Confidentiality
There are no disclosure requirements for shareholders
or directors, and recording of financial statements
are not a matter of public record.
Taxation
an International Business Corporation (IBC)
can probably receive a guarantee against the
future imposition of taxes from the government.
Nevis has no tax treaties with any nation and
the government will not exchange tax information
with any foreign revenue service.
Legislations
The 1990's saw the expansion of offshore services
with the enactment of additional offshore legislation
and the attraction of trust operators committed
to the continued growth, success and respectability
of Nevis as an OFC. The additional offshore
legislation enacted was:
