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| Nevis |
  Nevis
is a 36 square mile (93 square kilometers) unspoiled magical
gem located in the Caribbean sea with a population of approximately 10,000
inhabitants. The island is 240 miles Southeast of Puerto Rico,
1,300 miles South of Miami (3 1/2 hrs flight time), 1,750 miles
from New York (5 hours flight time), 2,100 miles from Toronto
(6 hours flight time) and 4,100 miles from London (9 hours flight
time). The island is encircled by miles of breathtaking palm-fringed
beaches that are clear, calm and pristine and provide front
row seats to sunsets with colours that defy the spectrum and
fire the sky and clouds. These scenes can quickly vanquish the
stresses of everyday life. Renowned for its beautiful mountain
scenery, the island is dominated by Nevis Peak, which rises
to a height of 3,265 feet in the center of the island and is
invariably covered with clouds. It is said that when Christopher
Columbus, on his second voyage in 1493 saw the clouds, he thought
it was snow, so he called the island, "Nuestra senora de
las nieves" which means "Our lady of the snows";
hence the name Nevis. The interior of the island is graced with
a lush tropical rain forest that complements the beauty of the
coastline and provides eco-tourism lovers with paradise. The
average air temperature is 79° F (26° C) and humidity
is 71.5% with extremes in temperature and humidity tempered
by breezes from the north-east trade winds with very low humidity.
The average sea temperature is 80° F (27° C). The average
annual rainfall is 55 inches (1,397 mm). It is no wonder, equipped
with all of this exquisite beauty and charm, that tourism is
the major source of revenue on the island.
Government
From the 17th century until 1967, Nevis along with its sister
island were governed by England as part of the colony of the
Leeward Islands, and later, the West Indies Federation. In 1967,
St. Kitts and Nevis along with Anguilla became a governing state
with Great Britain. In that same year, Anguilla seceded from
the Federation. In 1983, St. Kitts and Nevis achieved full political
independence. Consequently, the Federation ceased being an Associated
State and attained the status of a Sovereign and Democratic
Federal State, which is an independent participant of the British
Commonwealth. Under this sovereign status, Nevis has adopted
the British Parliamentary System of government. It has its own
unicameral legislature and government that has the authority
to formulate its own economic decisions. The Federation has
its own representation at the United Nations.
Political Stability
Since attaining independence in 1983, the Federation has had
a history of political stability based upon the Westminster
model of government and continuity of national policy. The Federation
has also been consistently adjudged to be among the world’s
freest nations by Freedom House, an independent and highly respected
research organization in the USA.
Legal System
The legal system is based upon English Common Law, which is
partly codified and partly based on case law. There is a Court
of Appeal and High Court of the Eastern Caribbean Supreme Court,
with all final appeals to her Majesty’s Privy Council in
London, England.
Economic Stability
The major source of revenue on Nevis is tourism, followed closely
by offshore financial services. Over the years the island has
experienced stable, economic development and there is minimal
unemployment. Nevis enjoys one of the highest growth rates in
gross national product and per capita income in the Caribbean.
It has also experienced a balanced budget, a manageable inflationary
pace and a current account surplus.
Currency
The official currency used on the island is the Eastern Caribbean
Dollar (ECD) which is shared by eight states throughout the
Eastern Caribbean and controlled by the Eastern Caribbean Central
Bank. The ECD is pegged to the United States dollar (USD) and
fixed at ECD 2.70 per dollar of the United States of America.
The USD is generally considered to be a second currency and
is freely accepted and interchangeable throughout the island.
The exchange rate versus other currencies fluctuates accordingly
to world money markets. Furthermore, all major credit cards
are readily accepted throughout the island.
Language And Education
The official language of the island is English. Interpreters
are available for major international languages.
The island has a 98% literacy level and its CXC and GCE results
are among the highest in the Caribbean. The labour force is
adaptable, trainable and possesses a high degree of aptitude.
However, it may be noted that foreign executives and technical
personnel may be brought in to work, after obtaining work permits
from the Premier’s Ministry.
Banking And Professional Facilities
There are three international banks, one offshore bank and several
regional and local banks represented in Nevis. In addition,
the Eastern Caribbean Central Bank, the Eastern Caribbean Home
Mortgage Bank and the recently launched Eastern Caribbean Stock
Exchange have their headquarters in Nevis’ sister island
of St. Kitts. The legal profession is represented by Barristers
and Solicitors of the High Court who are allowed to practice
before the courts in Nevis and St. Kitts. Additionally, one
of the five major international auditing firms along with several
competent and professional accountants are represented in Nevis.
Several well-established trust and asset management companies
are also available to assist investors.
Communication
To complement its international financial services sector, Nevis
has a state of the art telecommunications system. Its modern
network permits smooth and prompt telephone, telex, facsimile
and internet connections throughout the world. Nevis is four
hours behind Greenwich Mean Time (GMT – 4).
Nevis enjoys a 44 channel cable television service which provides
daily entertainment, sports and news programs from North America
and England via satellite. Nevis has recently completed renovation
of its Newcastle Airport that includes the building of a state-of-the-art
tower and a 4,000 feet runway which accommodates Dash 8, ATR
72, Lear Jets and Falcon 50 airplanes similar to those run by
American Eagle in the Caribbean area. There are regional scheduled
airlines which operate on a daily basis from Nevis or St. Kitts
and provide access to Puerto Rico, St. Martin, Antigua, St. Thomas
and St. Croix, which serve as major gateways to Europe and North
America. Scheduled direct charter aircrafts are also available
to and from St. Kitts. The most popular form of transportation
between Nevis and St. Kitts is by ferry service between the
two islands. There are also scheduled airlines such as Nevis
Express, Carib Aviation, and LIAT. In addition, local charter aircrafts
are also readily available on the island. Courier services available
include Federal Express, DHL, Airborne Express and LIAT’s
quickpack service. Nevis Express also offers an inter-airport
packet service. A deep water pier has been recently constructed
and provides modern berthing facilities to accommodate freight
carriers.
Taxes & Exemptions
There are no personal income taxes in Nevis. However, local
companies are subject to a corporate tax on profits. Nevis international
financial services sector offers numerous taxation benefits
to offshore companies, limited liability companies and trusts.
These include exemption from income taxes, social security taxes,
capital gain taxes, withholding taxes, gift taxes, estate and
succession taxes. Under the Fiscal Incentives Act, several enterprises
qualify for tax holidays, such as concessions and full exemption
from import duties on parts, raw materials and production machinery.
Secrecy Of Information
Secrecy of information is protected by the Confidential Relationship
Act of 1985 of St. Kitts and Nevis. This Act prohibits the disclosure
of any information obtained in the course of business, and applies
to banks and professionals as well as Government officials.
Commitment To Maintenance Of Reputation
Over the years, the government of Nevis has jealously guarded
its impeccable reputation and has continuously demonstrated
its serious commitment to the development of a solid international
financial services sector. Consequently, the Nevis Island Government
has worked with international agencies to host seminars, workshops
and training sessions to ensure that all of the operators on
the island work together to ensure that Nevis remains a reputable
jurisdiction. Furthermore, extensive due diligence and other
measures are undertaken with the aim of ensuring that only persons
and businesses with the highest degree of integrity are permitted
to conduct business in Nevis.
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