Relocation Advice - Nevis
AP Executive has experienced consultants dedicated to recruiting for jobs in Nevis, please contact us for further information .
Overview:
The Federation of St. Kitts & Nevis is a two-island federation in the West Indies and the smallest sovereign State both by area and population. The currency used is ECD (Eastern Caribbean Dollars), this currency is shared by eight states in the Caribbean. The legal system is based on common law derived from the U.K. The Federation has a high HDI index.
Why Choose St. Kitts & Nevis:
The principal industry on the island of Nevis has historically been agricultural and in more recent years, tourism but with the enactment of the Nevis Business Corporation Ordinance in 1984 the government turned its attention towards building a financial services industry. While not as well known as its British Virgin Islands -cousin the Nevis Business Corporation is a proven tax exempt vehicle of choice for many financial planning practitioners. In addition to being extremely flexible the licensing fees attaching to these companies are always likely to remain competitive. In 1995 the government of Nevis added to its range of tax exempt vehicles by enacting The Nevis Limited Liability Company Ordinance. This legislation creates an entity which can be treated as a corporation or a partnership for tax purposes in a number of advanced economies and particularly in the USA. Additionally, Nevis has trust legislation which when used in conjunction with the either the Nevis Business Corporation or the Nevis Limited Liability Company can be extremely useful in the preservation of wealth.[1]
There is so personal income tax; however, companies are obliged to pay tax on capital gains and profits. VAT is also present on the island and a makes up a considerable amount of the government income. There are talk about introducing personal income tax to the country but it is unsure if it will be implemented.
Nevis international financial services sector offers numerous taxation benefits to offshore companies, limited liability companies and trusts. These include exemption from income taxes, social security taxes, capital gain taxes, withholding taxes, gift taxes, estate and succession taxes. Under the Fiscal Incentives Act, several enterprises qualify for tax holidays, such a concessions and full exemption from import duties on parts, raw materials and production machinery.[2]
Relocating to Nevis:
If not a national, on must apply for a valid work permit. This is usually carried out as follows; A Work Permit is granted for one calendar year, from the 1st of January to the 31st December. Renewal of a work permit is not automatic. Applications must be submitted by October of the issued year i.e. if a work permit is granted for 2009; application for renewal for 2010 must be received by October 2009.[3]
Career Opportunities:
· Asset Management
· Private Banking
· Investment Banking
· Trust Services
· Accountancy/Audit/Credit positions
· Legal and Compliance positions
· IT
· Commercial
· Investment Funds
