GENERAL

Status: Part of the Federation of St Kitts and Nevis which attained full political independence in 1983. Nevis has its own unicameral legislature and government.
Location: Eastern Caribbean. 200 miles from Puerto Rico; 1,300 miles southeast of Miami.
Area: 36m2 (93km2)
Capital: Charlestown
Population: 10,000
Business language: English
Currency: Eastern Caribbean Dollar (EC$). Controlled by the Eastern Caribbean Central Bank. EC$2.7=US$1.
Time zone: GMT-4
Business hours: Mon-Fri 8am to 4pm
Climate: Average temperatures of 79ºf/26ºc

IMPORTANT CONTACTS

Nevis Financial Services Department
Ministry of Finance
Nevis Island Administration
PO Box 689
Charlestown, Nevis
Tel: + 869 469-1469/469-0038
Fax: + 869 469-0039

  • Agatha Jeffers-Gooden, Director
  • Clevelan Williams, Registrar of Offshore Companies and Trusts
  • Leta Manners, Deputy Registrar of Offshore Companies and Trusts
  • Judy Hunkins, Superintendent of Offshore Banks and Trusts

EXPAT EMPLOYMENT DETAILS

Foreign executive and technical personnel require a permit obtained from the Premier’s Ministry. The cost of a work permit is EC$1,600.

COMMUNICATIONS

Nevis’ newly renovated Newcastle Airport can accommodate executive jets, dash 8 and 50 to 60 seater airplanes. There are regional scheduled airlines, operating on a daily basis from Nevis or St Kitts to Puerto Rico, Antigua, St Maartin, St Thomas and St Croix. The state of the art telecommunications network system permits direct, smooth and prompt telephone, telex, facsimile and Internet communications throughout the world. Nevis enjoys a 41 channel cable television service which provides daily entertainment, sports and news programs via satellite. Courier services available include Federal Express, DHL and LIAT’s quickpack service.

POLITICAL AND ECONOMIC STABILITY

Since gaining independence in 1983, Nevis and its sister island, St Kitts has had a history of political stability based upon the Westminster model of government and continuity of national policy. Over the years, the Island of Nevis has experienced stable economic development and there is minimal unemployment. Nevis enjoys one of the highest growth rates in the GNP and per capita income in the Caribbean, a balanced budget, a manageable inflationary pace and an impressive current account surplus.

KEY ACTIVITIES

The major sources of revenue in Nevis are tourism and international financial services.

ADVANTAGES OF NEVIS

  • A stable and secure economy.
  • An independent government.
  • A history of political stability.
  • An adaptable and trainable labour force.
  • Secrecy of information which is protected by the Confidential Relationships Act.
  • Exemption of offshore companies, limited partnerships and trusts from income, social security, capital gains and with-holding, gift, estate and succession taxes.
  • Progessive, user-friendly legislation.
  • Wide range of developed support services:

      i) professional and competent attorneys and accountants;
      ii) a range of local, regional and international banking institutions; and
      iii)offshore trust and asset management services.

The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances

This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com