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Capital: Basseterre
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Population: 39,000 (est. 2003)
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Languages: English (official)
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Area: 261 sq. km (land area)
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Currency: East Caribbean dollar
(XCD)
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Fiscal year: Calender year
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Independence status: 19/09/1983
(from UK)
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BACKGROUND
FEDERATION OF ST KITTS AND NEVIS is located in the eastern Caribbean
Sea and consists of the islands of Saint Kitts (Saint Christopher)
and Nevis. Formerly one of the West Indies Associated States,
it became fully independent from the United Kingdom in 1983. In
addition, St. Kitts and Nevis receives counternarcotics assistance
and benefits from U.S. military exercises and humanitarian civic
action construction projects. St. Kitts and Nevis embarked on
a program to diversify the agricultural sector and stimulate the
development of other sectors of the economy, which includes instituting
a program of investment incentives for businesses considering
the possibility of locating in St. Kitts or Nevis, encouraging
both domestic and foreign private investment and encouraging tourism.
Legal System
Nevis legal system, like many other English-speaking islands,
is based on New York or Delaware law, thus the articles and memorandum
are easily transformed. The United States seeks to help St. Kitts
and Nevis develop economically and to help strengthen its moderate,
democratic, parliamentary form of government. St. Kitts and Nevis
is a beneficiary of the U.S. Caribbean Basin Initiative.
Currency
East Caribbean dollar ("XCD") is local currency used.
The exchange rate is approprimately XCD2.7 to USD1.
Confidentiality
There are no disclosure requirements for shareholders or directors,
and recording of financial statements are not a matter of public
record.
Taxation
an International Business Corporation (IBC) can probably receive
a guarantee against the future imposition of taxes from the government.
Nevis has no tax treaties with any nation and the government will
not exchange tax information with any foreign revenue service.
Legislations
The 1990's saw the expansion of offshore services with the enactment
of additional offshore legislation and the attraction of trust operators
committed to the continued growth, success and respectability of
Nevis as an OFC. The additional offshore legislation enacted was:
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