Nevis Background

Nevis taxes income on a source basis. Income earned outside Nevis is not taxed in Nevis. There is no Nevis income tax for individuals.

There is no capital gains tax or withholding tax in Nevis. Nevis nationals pay a social services levy of 2% and a social security tax of 5%. There are import duties on certain goods, and there is a land tax that is based on the rental value of buildings and land.

Nevis Introduction

The Island of Nevis in the Eastern Caribbean was a British Colony from 1628 until 1983, when it became independent and joined the Federation of St Kitts & Nevis. It is now a member of the British Commonwealth and the United Nations. The Federation comprises two islands: Nevis, with an area of 93.2 sq. km and St. Kitts (St. Christopher), with an area of 168.4 sq. km. The total area is 261.6 sq. km. The population is about 47,000, mainly Mulatto and Black. The capital, Baster, is on St. Kitts Island. The population of Nevis is approximately 9,000.

The economy is based primarily on agriculture and tourism. The economy has traditionally been dependent on the growing and processing of sugar cane, export of coconuts and cotton growing.

The official and spoken language is English.

Law and Taxation

The 1983 Constitution provides for a federal parliament headed officially by the Governor-General. A cabinet in Nevis is led by the Premier as leader of the majority party in the House of Assembly. The legal system in the island is based upon English common law and is served by a High Court of Justice and a Court of Appeals. There is a Court of Appeal and High Court of the Eastern Caribbean Supreme Court, with all final appeals made to her Majesty's Privy Council in London, England.

Corporate Requirements

Under the NBCO, a company may be incorporated to conduct any lawful business and there is no need to enumerate the particular objectives for which the company is incorporated. The registration process is simple and can be accomplished with ease. A person interested in registering an offshore company in Nevis need only provide the name of the company and ensure that the company complies with the provision of the Ordinance. However, no person is authorized to carry on, or hold himself out as carrying on, domestic banking, international banking or insurance business in or from within Nevis unless he is appropriately licensed under the Domestic Banking Act, the Nevis Offshore Banking Ordinance or the Insurance Act.

A registered agent may electronically reserve a name with the Registry in seconds at any time of the day or night with the company being registered in less than one day.

Local Infrastructure

An offshore company registered in Nevis is required to maintain a registered agent at all times and a registered office in Nevis. The legislation permits the office of the registered agent to act as the office of the company. A registered agent must be licensed by the Minister of Finance, and may be either a Barrister or Solicitor admitted to practice in St. Kitts and Nevis or a trust company or a local company having a paid-in capital of at least $500,000. Additionally, qualified accountants and such other persons as the Minister of Finance prescribes may be allowed to obtain licenses as registered agents.