Nevis is located in the Caribbean and together with the island of St. Kitts forms the Federation of St. Kitts and Nevis. A former British Colony until 1983 when it gained independence, Nevis has transformed from a sugar monocrop economy to one based on luxury tourism, export orientated manufacturing and offshore banking.
St Kitts & Nevis is a member of the Eastern Caribbean Currency Union (ECCU) which is managed by the Eastern Caribbean Central Bank which controls monetary policy and regulates commercial banking activities.
A number of International Banks are located in Nevis. Banking secrecy is strictly enforced by law and Nevis Authorities have no access to banking information. A court order is required to obtain information therefore coupled with the fact that corporate information is not publically accessible, Nevis one of the most highly confidential jurisdictions in which to incorporate.
Key benefits of Nevis:
- Political stability coupled with the Government’s policy of maintaining the Offshore Haven Status for the foreseeable future.
- Highly confidential jurisdiction with restriction of public access to company records. Records can be located outside of Nevis and company changes are not required to be lodged with the Nevis Authorities.
- There are no personal or corporate taxes levied on income derived from outside Nevis.
- It is obligatory to prepare accounts but there are no filing or audit requirements.
- No exchange control with free repatriation of profits and capital.
- Not party to either the EU Savings Tax Directive or compulsory disclosure as Nevis is a sovereign state independent of the UK.
- Sophisticated banking system with a wide range of international banks located in Nevis.
Gibraltar companies now have to disclose full Beneficial Ownership details to Central Register
Gibraltar is working to implement all EU legislation relating to the 4th Anti Money Laundering Directive into national law, in addition to the current EU legislation on financial supervision and direct taxation, and to this affect, the Government of Gibraltar have established a Central Register of Beneficial Ownership that will be effective from June 26th 2017.
European Commission publishes tax avoidance disclosure directive
The EC (European Commission) has published its draft legislation compelling financial service providers or intermediaries to disclose any international tax planning schemes they have encouraged, enabled or assisted in any way.
OECD publishes compliance review for all non-compliant jurisdictions
The OECDs global tax transparency initiative was launched last year in April 2016, with the purpose of encouraging every jurisdiction across the world to commit to implementation of a CRS (Common Reporting Standard) for automatic exchange of information by 2018, and to sign the Multilateral Convention on the exchanging of tax data. A forum on behalf of the OECD has released the results of its review for jurisdictions it considers to be non-compliant.
EU Parliament Committee release findings & recommendations for current offshore taxation measures
A formal enquiry into the Panamanian law firm Mossack Fonseca has been launched by the European Parliament's Committee, which found gaps in beneficial ownership transparency for trusts and fiduciaries and didn’t meet the EU standard.
2017 G20 summit: Enforcement of taxation highest priority
The 2017 G20 leaders’ summit took place in Hamburg last week where the European Commission Council and leaders discussed the priorities and primary projects for the upcoming summit. EC President Jean-Claude Juncker has stated that advancing the global combat against tax evasion is top of the list.
The EC takes action against advocates promoting tax avoidance schemes
The European Commission has recommended the implementation of a new regulation regarding companies or intermediaries who promote or design cross-border tax planning schemes will going forward be required to provide full disclosure to the tax authorities of their relevant jurisdiction within five days of offering them to clients.
What are the new Beneficial Ownership reporting requirements for BVI companies?
Going forward, a new regulation will require certain British Virgin Islands companies to gather and retain details of Beneficial Owners with 25% or more of the company’s shareholding rights, with an ongoing requirement to keep the details up to date.
Russian citizens can gain Cyprus tax residency by staying only 60 days on island, whats the catch?
Cyprus is once again working to improve its economic desirability and will be able to increase its alternative business base for Russians with good creditworthiness.