Eternity Law International — News — Taxes in Saint Kitts and Nevis

Taxes in Saint Kitts and Nevis

Published:
November 19, 2020

Nevis is the first offshore jurisdiction to start registering offshore LLCs.

Nevis and Saint Kitts are tax-free offshore jurisdictions. On them, more and more often the choice falls during personal tax planning. One of the reasons for such a high level of popularity in Nevis is the strong and reliable protection of customer privacy that the islands provide. In addition, the procedure for registering a company under the jurisdiction of Nevis is an easy and very inexpensive process.

The islands of this federation do not impose mandatory requirements for the payment of income tax. However, corporate tax is levied on local resident organizations at a rate of 35%. All companies with offshore status are exempt from this tax if they do business only outside Nevis and not with its residents. Some payments abroad are subject to a 10% input tax. Nevertheless, this also has nothing to do with offshore enterprises and companies whose accounts are not opened in Nevis, but for example, in Cyprus or in St. Vincent and the Grenadines.

If an entrepreneur moves to the islands, he will be charged social insurance at a 5% rate if the earnings do not exceed $ 2.5 thousand per month.

Nevis and St Kitts do not levy capital gains tax. The exception is when it comes to the sale of local assets (for example, real estate) that you have owned for at least a year.

The current independence of the islands from the UK is a big plus, since now Nevis and St. Kitts are not obliged to obey the EU savings decree. This allows offshore companies that are incorporated in the islands some advantages over other offshore businesses owned by the Caribbean.

In addition, Nevis and St. Kitts are on the OECD white list. Today, this tax haven has signed 34 international tax data exchange agreements.

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