Tax haven St. Kitts is a competitive offshore jurisdiction. Over the years an exhaustive compilation of regulatory laws and guidelines has been implemented to ensure that a balanced and efficient framework is in place for the supervision, regulation and provision of onshore and offshore financial services. Tax haven St. Kitts has an offshore sector which is built on the offshore values of privacy, tax advantage and better business opportunity. Financial services in tax haven St. Kitts cover trust business, assurance, deposit-taking, insurance and corporate business.
Tax haven St. Kitts is formerly known as the Federation of Saint Kitts and Nevis. St. Kitts is one of the tiny islands which form the Leeward Islands of the Eastern Caribbean and forms part of the Organisation of the Eastern Caribbean States (OECS). Not too far away from tax haven St. Kitts are Nevis, Anguilla, Antigua and Barbuda and Saint Martin where English is spoken as in St. Kitts. Tax haven St. Kitts was called Liamuiga by its first inhabitants the Caribs and Arawaks who were eventually either emigrated or wiped out due to the arrival of European conquistadors on St. Kitts.
Tax haven St. Kitts was once a colony of Britain but is now an independent state. Due to this past, the legal system was inherited from the Common Law system and the head of state is the Queen of England, Elizabeth II, who is represented in tax haven St. Kitts by the Governor-General. The legislature (National Assembly) is unicameral and consists of 14 members divided into 3 senators and 11 elected representatives, three of whom represent Nevis. The Governor General appoints the three senators.
The economy of tax haven St. Kitts relies on tourism, onshore and offshore financial services and real estate. Areas identified for strengthening the development thrust of tax haven St. Kitts are the Computer and Internet Access Program, the construction of Hospitality Institute, a Small Business Development program and the Agricultural Extension Program.
As a tax haven St. Kitts has been progressive in its endeavor to promote its offshore sector. St. Kitts is a zero tax offshore jurisdiction which presents offshore companies with many opportunities for lowering their taxes on corporate profits while offering a means of protection for personal and business assets. Tax haven St. Kitts has the reputation of a regulated jurisdiction which is in keeping with international regulations and rules.
Tax haven St. Kitts advantages for offshore companies include:
Tax haven St. Kitts has a framework of laws that are designed to deal with different aspects of the offshore sector such as the powers of offshore companies and entities, combating financial criminal activity and the responsibilities of regulatory bodies. These laws set the tone for the environment in which offshore and financial services are given and standards for the quality of services to be offered. Offshore companies and entities are to obey the regulatory standards established by domestic and international organisations for offshore companies and services. Well written laws brand St. Kitts as a competitive and properly regulated tax haven.
The relevant Acts governing international financial activities in tax haven St. Kitts include:
In tax haven St. Kitts, anyone who provides corporate financial services must be authorized by the Financial Services (Regulations) Order, 1997, and licensed by the relevant authority in St. Kitts. Tax haven St. Kitts offers a variety of competitive offshore services which are set up for trade, holding and meeting business objectives by minimizing taxes and protecting assets.
The Financial Services Commission in tax haven St. Kitts was founded in 2000 by the Financial Services Commission Act. The responsibilities of the Commission are to regulate and supervise offshore financial services and work with international bodies concerned with offshore and financial activities. By maintaining a controlled offshore financial system through proper administration, The FSC seeks to lower the risk of financial and public loss as a result of malpractice, dishonesty and incompetence, pursue the best economic interests of St. Kitts as a tax haven, identify and terminate breach and abuse of regulations and maintain international standards.