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:
