Offshore Banking in Nevis
What is an offshore bank?
An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction that also provides financial and legal advantages to the depositor.
Why use an offshore bank?
Most who take advantage of offshore banking do so for reasons of privacy, reduced regulation and taxation, to protect assets from lawsuits or for protection from local political or financial instability in their home country.
Why Nevis is a popular offshore business and banking choice?
Nevis has been a popular offshore banking, incorporation, and investing center for the past 10 years. Nevis is considered a good place to deposit your funds because the country has a stable political and financial environment and its banking laws offer the depositor considerable protection of their privacy and their assets.
Located in the Leeward Islands in the West Indies, St. Kitts and Nevis are two islands that together make up the smallest sovereign nation, in both land and population, in the Americas called The Federation of Saint Kitts and Nevis. Once relying primarily on sugar cane, Nevis’ modern economy is driven by its agriculture, tourism, export-oriented manufacturing, and offshore-banking sectors.
Nevis is popular with private investors looking for safe and stable offshore financial services and products such as asset management and protection, company formation and administration, offshore banking, investment management, and trust services. Nevis has a unique legal and tax climate catering specifically to foreign business and investors.
The Federation of Saint Kitts and Nevis is one of eight island governments using the Eastern Caribbean dollar. The EC is pegged to the US dollar at a fixed rate of $1.00US to $2.70EC. This exchange rate has remained constant for over 20 years, and any change requires all eight participating governments to agree.
In1983, Saint Kitts and Nevis achieved full political independence from Britain. The government of the Federation of Saint Kitts and Nevis is a parliamentary system with a unique political structure. Each island has an independent government. Nevis has its own unicameral legislature and its own island administration with the authority to formulate economic policies.
The Nevis Business Corporation Ordinance is a flexible corporate statute featuring a total tax exemption for Nevis corporations and offering strict confidentially with regard to beneficial ownership; requiring no financial or annual report; permitting nonresidents to be corporate directors, officers and shareholders; and, allowing corporate records to be maintained outside of Nevis. The Nevis ordinance is based on British and US legal principles making an easy transition for those used to doing business in Great Britain or the United States. The Nevis Limited Liability Ordinance offers similar benefits and protections for limited liability corporations.
The Nevis Exempt Trust Ordinance contains asset protection laws for those who establish trusts in the country that are considered to be among the best in the world by trust and estate planning advisers.
It is the combination of these favorable laws and the political and economic stability that make Nevis a location many interested in an offshore banking or business local seriously consider.