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.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.
The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.
Using the Cyprus Non-Dom scheme for beneficial tax planning
In an attempt to improve and simplify the Cyprus tax system as well as to remain a highly compliant and attractive jurisdiction, the introduction of the non-domicile (shortened to Non-Dom) scheme aims to give Cyprus a competitive edge over other jurisdictions.
How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?
It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.
Income tax exemptions for expats living in Cyprus: what are your options?
Situated in the Eastern Mediterranean, the Republic of Cyprus boasts a strategic geographical location at the hub of three continents; Europe, Asia and Africa and a pleasant sunny climate year round.
The UK Persons of Significant Control Register & its impact on companies
The requirement to maintain a register of people with significant influence or control, more commonly known as the PSC register was introduced to mandate all unlisted companies in the UK, including LLPs and dormant companies to maintain a register identifying those with significant control over a company.
Cyprus implements the Hague Convention, legally recognising Trusts as a type of Equitable Law
This year, the Republic of Cyprus ratified The Hague Conventions’ definition of the legislation applicable to trusts and furthering the regulations surrounding their recognition. Cyprus common law now recognises trusts as a unique legal institution under equity.