The golden book of saint Kitts 2023

THE GOLDEN BOOK OF

SAINT KITTS 5TH EDITION - 2023 WWW.GOLDENBOOKSKN.COM

THE INVESTMENT GUIDE A COMPREHENSIVE REFERENCE MANUAL FOR INVESTORS & TOURIST

Readers of the Golden Book of Saint Kitts are referred to the St. Kitts Investment Promotion Agency website: www.investstkitts.kn

© Shutterstock.com

Table of TABLE OF Contents CONTENTS

Welcome Message from the Honourable Minister of Foreign Affairs, International Trade, Industry, Commerce and Consumer Affairs, Economic Development and Investments, Rt. Hon. Dr. Denzil L. Douglas.................................................................... 04 Message from St. Kitts Investment Promotion Agency (SKIPA)......................................................... 05 SKIPA Profile.................................................................................. 06

GENERAL INFORMATION...........................8 St. Kitts History............................................................................. 10 St. Kitts: Geographic Profile........................................................ 12 Location..................................................................................... 12 Distance by Air......................................................................... 12 Map of St. Kitts......................................................................... 13

1. Tourism................................................................................... 32 2. Citizenship by Investment.................................................. 35 3. Financial Services................................................................. 40 4. Information Technology...................................................... 45 5. Agriculture........................................................................... 48 6. Renewable Energy.............................................................. 50 7. International Education...................................................... 52 8. Light Manufacturing............................................................. 53 St. Kitts and Nevis International Ship Registry....................... 54 St. Kitts Urban Development Corporation (UDC)............... 59

Why Invest in St. Kitts.................................................................. 15

St. Christopher and Nevis Air and Sea Ports Authority (SCASPA)........................................................................................ 61

Useful Addresses & Contacts..................................................... 16

ADVERTISER’S INDEX................................................................ 63

INVESTMENT GUIDE................................ 18 The Economy................................................................................. 20 Incentives........................................................................................ 22 Taxation........................................................................................... 24 Steps to Establishing a Business................................................. 26

2

Priority Sectors for Investment................................................. 32

The Golden Book of St. Kitts - INVESTMENT GUIDE

This book has been published by Media Publishing International N.V. Media Publishing International N.V. P.O. Box 409, Philipsburg, Sint Maarten (Dutch Caribbean) | Tel./Whatsapp: +1-721-527-5111 General Manager & Publisher: Emile Cukier E-mail: emile@goldenbookofstkitts.com | www.investstkitts.kn Layout & Design: Evadney Henriques | E-mail: evadneyhenriques@gmail.com All rights reserved. No part of this publication may be reproduced without the prior written permission of the publisher.The publisher is not responsible for any error or omission, which may only be the result of an accident.

The publisher would like to extend thanks and appreciation to all those who contributed editorial material, information and photos for this edition.

2023©Media Publishing International N.V.

© Shutterstock.com

© Shutterstock.com

INVESTMENT GUIDE - The Golden Book of St. Kitts

3

Welcome Message from the

Rt. Hon. Dr. Denzil L. Douglas, Minister of Foreign Affairs, International Trade, Industry, Commerce and Consumer Affairs, Economic Development and Investments

Our new Ministry of Economic Development and Investment, is responsible for seeking out inviting and accommodating investments into our beautiful country. And as Minister, I am privileged to greet you through our 5th edition of The Golden Book of St. Kitts. This Book rich with information about our twin island paradise is our flagship guide for investors to our shores. We are happy to say with confidence that St. Kitts is open for business as we aim to create an ultra­modern investment environment for investors seeking to invest in this post-Covid and climate change environment. Our country remains well positioned geographically with advantageous proximity to the United States and North America as a significant exporter, and with easy access to the UK and Europe, to the OECS sub region and the wider Caribbean region.

Although we are the smallest independent nation in the western world, we continue to outperform our neighbors. Our sub-region’s premier financial institutions are headquartered in St. Kitts and Nevis, include the Eastern Caribbean Central Bank (ECCB), the Eastern Caribbean Securities Exchange and the Eastern Caribbean Home Mortgage Bank. This provides us a comparative advantage in the Financial Sector and enables us to be home to the largest indigenous Bank in the Organization of the Eastern Caribbean States (OECS), that is the St. Kitts Nevis Anguilla National Bank.

I am happy to share with you that the opportunities for investment in St. Kitts are endless. We invite investors from around the world to come partner with us as we develop a modern, robust, people centered economic environment. I am happy to inform you that we expect the cutting edge; we welcome the creative and ultra-modern; we seek out innovators and pioneers,

4

The Golden Book of St. Kitts - INVESTMENT GUIDE

and we collaborate to build the most advanced smallisland economic space.

As we look to consolidate past gains in our development agenda and enter new frontiers for development, we invite investors to partner with us in varying facets of our diverse economic environment. During this post COVID and climate smart period, we understand that deliberate investments must be made in the Hotel and Tourism Sector, Education Services, Food Security, Modern technology-driven Manufacturing, Renewable Energy, and Climate Resilience.We also remain focused on developing our International Ship Registry and will grow and re-imagine how we develop our information and communications technology (ICT) capacity.

We expect that the orientation of our economy to a more modern economic space can come through intentional investments in our infrastructure through innovative design and construction of an iconic SKN Bridge, The Bypass Road from Canada Estate to Sandy Point, the establishment of a New Economic Free Zone, Exploration of access to Water from deep drilling and Desalination, and a major reduction in the use of Fossil Fuel with new Investments in Geothermal and Solar Energy, Electric vehicles and Artificial Intelligence.

On behalf of the Ministry of Economic Development and Investment, I invite you to explore the possibilities we have to invest in this twin island paradise St. Kitts and Nevis. We will continue to provide a stable environment conducive to high return investments for the keen and prudent investor.

Best wishes,

Rt. Hon. Dr. Denzil L. Douglas

Message from

Dear Investor, It is an absolute pleasure to welcome you to our fifth edition of The Golden Book of St. Kitts. We are excited about the completion of this our 5th Edition of the official investment guide of the St. Kitts Investment Promotion Agency (SKIPA).

The COVID-19 Global pandemic, has provided us with the opportunity to rethink and develop our investment promotion strategy to capitalize on new and emerging investment opportunities to build a stronger and more resilient post-COVID economy.

The Golden Book of St. Kitts is a biennial publication, which is dedicated to meeting the information needs of investors. As such, the information is carefully compiled into this easily readable format with up to date information on the economy, priority sectors for investment, how to start a business in St. Kitts and much more.

At SKIPA, our mission is to proactively promote and generate sustainable investments for St. Kitts and to facilitate the establishment and expansion of local and Foreign Direct Investment (FDI), while advocating for the continued streamlining and enhancement of the investment climate in St. Kitts.

Essentially, our office serves as a one-stop-shop for investors and work closely with other government departments to ensure the successful establishment of businesses in St. Kitts.

FDI remains optimistic as the portfolio of projects supported by our agency is projected to expand in the short and medium term. As we recalibrate our National Development Plan, SKIPA is already taking lead to ensure that its` investment promotion strategy and activities are fully aligned with the 2030 Sustainable Development Goals (SDG’s). To this end, SKIPA is working to establish an Export Promotion Division and to develop a Special Economic Zone.

Both initiatives are designed to create economic growth through investment in-flows, job creation, knowledge transfer, and increased exports.

Investments in the tourism built environment continues to dominate FDI inflows and this sector is expected to continue to be a major contributor to the country’s economic growth and overall development for the foreseeable future. However, other sectors such as: integrated renewable energy systems and climate-resilient protected agriculture along with the Creative Industries and investment in healthcare are also indicating strong growth prospects in the near future.

Once again, we welcome you to The Golden Book of St. Kitts and hope that you find it as a useful resource for information about investing in St. Kitts.

Our highly professional staff is looking forward to working with you.

With the COVID-19 pandemic now behind us, we are proud to report, that the outlook for growth in INVESTMENT GUIDE - The Golden Book of St. Kitts

5

SKIPA PROFILE WHAT WE DO (HOW CAN WE HELP YOU) The St. Kitts Investment Promotion Agency (SKIPA) is the Government’s premier Agency responsible for attracting Foreign Direct Investment (FDI) and supporting the expansion of local investment. The Agency has been mandated to play a critical role in the Government’s diversification plan and as such, actively promotes investment in Tourism, Information Technology, Financial Services, International Education, Manufacturing, Renewable Energy and Agriculture.

The Agency provides a one-stop shop service, where investors receive assistance in getting their projects started. Some of the services provided at SKIPA include assistance with approval of projects for Citizenship by Investment, site visits and applications for concessions.

Our core functions include projecting a positive image of St. Kitts in the investment market through

6

The Golden Book of St. Kitts - INVESTMENT GUIDE

proactive promotion strategies, functioning in a facilitative role for foreign and local investments, providing aftercare services for investors and advocating for the continued development and enhancement of the business climate in St. Kitts.

We aim to meet the needs of each investor by providing prompt and reliable information in connection with opportunities for investment and much more.

For more information please contact us at: St. Kitts Investment Promotion Agency 2nd Floor, Koi Building #1 Airport Road, Golden Rock St. Kitts, West Indies Tel: +1 (869) 465-1153 E-mail: office@investstkitts.kn

© Shutterstock.com

GENERAL INFORMATION ST. KITTS HISTORY...................................................................................... 10 ST. KITTS: GEOGRAPHIC PROFILE........................................................... 12 WHY INVEST IN ST. KITTS........................................................................ 14 USEFUL ADDRESSES & CONTACTS........................................................ 16

8

The Golden Book of St. Kitts - INVESTMENT GUIDE

St. Kitts was originally inhabited by the Arawak and Carib tribes: the prehistoric hunter-gatherers who roamed the archipelago for centuries until the arrival of Christopher Columbus in 1493. The Caribs aptly called the island Liamuiga, meaning fertile island because of its soft volcanic soil. Nonetheless, it was Christopher Columbus who named the island St. Kitts, after his favorite Saint.

The first Non-Spanish settlement in the Caribbean occurred in St. Kitts, thus making it the Mother Colony of the West Indies and the launching pad for British and French expansion and domination in the

10

The Golden Book of St. Kitts - INVESTMENT GUIDE

Western Hemisphere. In 1624, an English Captain, Thomas Warner settled on St. Kitts because of its strategic central location for expansion, fertile soil, abundant fresh water, large salt deposits and a hospitable native population. Then, in 1625 Thomas Warner allowed an embattled French Captain, Pierre D’Esnambuc, to settle on the island, thus making St. Kitts the site of the first permanent British and French settlements in the New World.

Consequently, St. Christopher (also known as St. Kitts) became the battleground for many conflicts as the European powers fought for control of the

© Shutterstock.com

ST. KITTS HISTORY

© Shutterstock.com

© Shutterstock.com

ST. KITTS HISTORY

island. The Indigenous Caribpeople were eventually wiped out in an ambush at Bloody Point, leaving the British and the French in a series of ferocious back and forth struggles for control of the island until 1783, when the French ceded the island to the British in the Treaty of Versailles.

St. Kitts’ long historical past, dominated by slavery and colonialism, has been the incubator for the resilience and fortitude of its people. The production of cane sugar spanned over three hundred and fifty years, until the removal of trade preferences and uncompetitive production costs forced the Government to close the industry in 2005. The sugarcanecovered landscapes punctuated with centuries-old former sugar plantations tell a story of a foregone era.

Basseterre, the capital city, to this day resembles a seventeenth century European metropolis transplanted in the middle of a vibrant twenty-first century Caribbean, with its baroque Georgian architecture and centuries-old landmarks. The city’s rich cultural heritage remains frozen in time; from the imposing tower of the St. Georges Anglican Church, originally named Notre Dame by the French in 1670, to the enchanting garden of Independence Square built in 1790 as a slave market.

During the Colonial era, St. Kitts claimed the title “The Pearl of the Caribbean” because of its riches and the important role it played in the expansion of the British Empire; a title many would argue still holds true today as it engages the future in a world of increasing globalization.

INVESTMENT GUIDE - The Golden Book of St. Kitts

11

ST. KITTS: GEOGRAPHIC PROFILE LOCATION

St. Kitts is a 68 square mile island situated in the Eastern Caribbean at 17.25˚ North and 62.5˚ West. It is part of the twin island Federation of St. Kitts and Nevis. St. Kitts is located within the same time zone as USA East Coast (daylight savings not observed).

DISTANCE BY AIR

1 4.5 4 8 3 3.5 12

hour from San Juan, Puerto Rico hours from Toronto, Canada hours from New York, USA hours from London, England hours from Miami, USA hours from Atlanta, USA

The Golden Book of St. Kitts - INVESTMENT GUIDE

ST. KITTS GEOGRAPHIC PROFILE

INVESTMENT GUIDE - The Golden Book of St. Kitts

13

© Shutterstock.com

WHY INVEST IN ST. KITTS

• •

STABLE POLITICAL ENVIRONMENT ONE OF THE HIGHEST LITERACY RATES IN THE REGION AT 98% (EASILY TRAINABLE LABOUR FORCE ) • MODERN INFRASTRUCTURE: ROADS, AIR AND SEA PORTS, WATER AND ELECTRICITY • ADVANCED TELECOMMUNICATION INFRASTRUCTURE • A STABLE CURRENCY FIXED AT 1 USD TO 2.70 ECD • NO PERSONAL INCOME TAX • DIRECT AIR ACCESS FROM KEY NORTH AMERICAN MARKETS AND THE UNITED KINGDOM • THE FINANCIAL CAPITAL OF THE EASTERN CARIBBEAN – HOME TO THE EASTERN CARIBBEAN CENTRAL BANK, THE EASTERN CARIBBEAN SECURITIES EXCHANGE AND THE EASTERN CARIBBEAN REGULATORY COMMISSION • A WELL REGULATED FINANCIAL SERVICES SECTOR • INVESTOR FRIENDLY GOVERNMENT • ENGLISH IS THE OFFICIAL LANGUAGE SPOKEN BY OUR CITIZENS 14

The Golden Book of St. Kitts - INVESTMENT GUIDE

© Shutterstock.com

INVESTMENT GUIDE - The Golden Book of St. Kitts

15

USEFUL ADDRESSES & CONTACTS TELEPHONE CODE FOR ST. KITTS: +1-869 Government Switchboard Tel:........................................................................................ 465-2521 Ministry of Justice and Legal Affairs Tel:........................................................................................ 467-1180 Tel:........................................................................................ 467-1013 Prime Minister’s Office Tel:....................................................................................... 467-1207 Tel:........................................................................................ 467-1043 Ministry of Tourism Tel:....................................................................................... 467-1390 Tourism Authority:........................................................... 465-4040 Department of Labour Tel:....................................................................................... 467-1103 Tel:........................................................................................ 467-1144 St. Kitts Electricity Company Tel:........................................................................................ 465-2000 Chamber of Industry and Commerce Tel:........................................................................................ 465-3967 Tel:........................................................................................ 465-2980

16

The Golden Book of St. Kitts - INVESTMENT GUIDE

Governor General’s Office Tel:........................................................................................ 465-2260 Tel:........................................................................................ 465-2315 Tel:........................................................................................ 466-5046 Ministry of Finance Tel:........................................................................................ 467-1092 Comptroller of Customs................................................ 467-1077 Inland Revenue Department.......................................... 465-8485 Ministry of National Security Tel:........................................................................................ 467-1534 Ministry of Sustainable Development Tel:........................................................................................ 467-1056 Physical Planning:............................................................... 465-2277 Social Security Office Tel:........................................................................................ 465-2535 Tel:........................................................................................ 465-2536 Water Services Department Tel:........................................................................................ 466-3070

© Shutterstock.com

THE ECONOMY...................................................................................................20 INCENTIVES.......................................................................................................22 TAXATION..........................................................................................................24 STEPS TO ESTABLISHING A BUSINESS..............................................................26 PRIORITY SECTORS FOR INVESTMENTS............................................................32 1. TOURISM...................................................................................................32 2. CITIZENSHIP BY INVESTMENT................................................................. 35 3. FINANCIAL SERVICES................................................................................40 4. INFORMATION TECHNOLOGY.....................................................................45 5. AGRICULTURE...........................................................................................48 6. RENEWABLE ENERGY...............................................................................50 7. INTERNATIONAL EDUCATION....................................................................52 8. LIGHT MANUFACTURING...........................................................................53 ST. KITTS AND NEVIS INTERNATIONAL SHIP REGISTRY....................................54 ST. KITTS URBAN DEVELOPMENT CORPORATION (UDC)....................................59 ST. CHRISTOPHER AND NEVIS AIR AND SEA PORTS AUTHORITY (SCASPA).......61

18

The Golden Book of St. Kitts - INVESTMENT GUIDE

© Shutterstock.com

INVESTMENT GUIDE

© Shutterstock.com

INVESTMENT GUIDE - The Golden Book of St. Kitts

19

© Shutterstock.com

THE ECONOMY

BASIC FACTS (2021) GDP

USD Million: 754.31

GDP per Capita

USD: 17,314.8

Inflation

1.2 percent

Unemployment Rate

4.9 percent (2019)

Major Economic Drivers

Major Trading Partners

20

The Golden Book of St. Kitts - INVESTMENT GUIDE

Manufacturing, Construction, Transport Services, Real Estate, Housing and Renting Services, and Public Administration.

United States, Canada, Japan, European Union, United Kingdom, Caricom, Trinidad and Tobago and Barbados.

THE ECONOMY St. Kitts and Nevis is a 104 square miles twin-island Federation located in the eastern Caribbean Sea. In fact, St. Kitts-Nevis is described as one of the smallest nation states within the Western Hemisphere.

With very limited natural resources, the country has a very open economy in that many of the commodities that are used for consumption and in production processes are imported. From British colonial times, sugar production and export were the mainstay of the economy. But from since receiving political independence in 1983, the Federation’s economy has been gradually transforming to light manufacturing and service-oriented activities.

But with the closure of the sugar industry in 2005, St. Kitts and Nevis (SKN) has been accelerating the transition from sugar export-based economy to a modern service-oriented economy. The services sector now dominates the level of economic activity with the main drivers being tourism, financial services, distributive trade, transportation and communication, construction, and real estate services.

Collectively, the services sectors accounts for approximately 77.0 percent of GDP over the five-year period (2017 – 2021). Regarding trade in services, the tourism industry is a major earner of foreign exchange, jobs creation and contributor to economic activities. Tourism receipts represents for 32.3 percent of GDP and 63.1 percent of services exported (Estimate for 2019, pre-Covid-19 pandemic level).

In recent years, St. Kitts and Nevis has been ranked as a high middle income country with a GDP per capita as high as US $22,548.41 in 2019 (one of the highest within the Caribbean). But in 2020, the economy of St. Kitts was severely impacted by the Covid-19 pandemic, and this impact extended into 2021. During these two years, the economy declined, in real terms, by an estimated 15.5 percent. The tourismrelated Hotel and Restaurant sector was particularly affected, declining by an estimated 70%. However, the economy is expected to make a strong recovery

between the years 2022 and 2023, and then with an annual average growth rate of 3.0 percent in the medium-term. This robust recovery and sustained levels of economic growth is expected to be driven by activities in such leading sectors as Construction, Tourism-related services, Financial Services and Real Estate and housing activities.

The manufacture and export of electronic components, mainly to the USA, is St. Kitts and Nevis’ main domestic export. Electronic components export, which accounts for approximately 90% of domestic exports, has a value of nearly US$40 million (pre-covid19 level). This ranks the Federation as the largest exporter in the Eastern Caribbean of manufactured goods to the USA. The level of inflation has kept very low and in line with the developments in the economy of our major trading partners during the pre-covid 19 pandemic period. However, during this period of the prolonged impact of the pandemic, the inflation rate of our major trading partners has risen significantly above that of St. Kitts and Nevis. This is attributed mainly to fiscal and other measures adopted by the government of St. Kitts and Nevis to combat drastic rise in prices of regular goods and services.

The local currency is pegged to the US dollar at a fixed exchange rate of XCD $2.70 to USD $1.00.

The country’s commercial banking system is regulated by a regional authority, the Eastern Caribbean Central Bank. According to the IMF “The financial system remains stable and benefitsfrom sizeable buffers” (2021 Article IV Consultation with St. Kitts and Nevis, IMF Country Report No. 21/236).

The New Thrust

INVESTMENT GUIDE - The Golden Book of St. Kitts

21

© Shutterstock.com

INCENTIVES The Government of St. Kitts has a favourable attitude towards investments that have a positive impact on the citizens. In an effort to encourage such investments, the Government provides generous incentive packages.

CORPORATE TAX INCENTIVES

Under the Fiscal Incentives Act, four types of enterprise qualify for tax holidays. The length of the tax holiday for the first three depends on the amount of value added in St. Kitts & Nevis. The fourth type, known as enclave industry, must produce goods exclusively for export outside the CARICOM region.

Enterprise Group I Group II Group III Enclave

Value Added 50% or more 25% to 50% 10% to 25% Enclave

Maximum Tax Holiday 15 years 12 years 10 years 15 years

EXPORT ALLOWANCE

St. Kitts provides companies with a further tax concession effective at the end of the tax holiday period. In effect, it is a rebate of a portion of the corporate income tax paid based on export profits as a percentage of total profits.

% of Total Profits 10% to 20% 21% to 40% 41% to 60% More than 60%

22

Rebate of Income Tax % of Total Profits 25% 35% 45% 50%

The Golden Book of St. Kitts - INVESTMENT GUIDE

INCENTIVES Full exemption from import duties on parts, raw materials, and production machinery is also available.

HOTEL AIDS ACT

The Hotel Aids Act provides relief from customs duties on item brought into the country for use in construction, extension and equipping of a hotel of not less than 10 bedrooms. In addition, the Income Tax Act provides special tax relief benefits for hotels of more than 30 bedrooms.These hotels are exempt from income tax for 10 years. If the hotel contains less than 30 bedrooms, gains or profits would be exempt from income tax for 5 years.

REPATRIATION OF PROFITS

Companies registered in St. Kitts can repatriate all profits, dividends and import capital.

FULL SERVICE STAND ALONE RESTAURANTS STIMULUS PACKAGE

The Full Service Stand Alone Restaurant Stimulus Package provides tax concessions for qualified res-

taurants. Under this scheme, restaurants can qualify for exemption of Import Duty on food and wine and also on restaurant appliances, equipment, glassware, cutlery and crockery. VAT (17%) and Customs Service Charge (6%) are payable on the non-food items.

Applications for approval under the Full Service Stand Alone Restaurant Stimulus Package should be submitted to the office of The St. Kitts Investment Promotion Agency (SKIPA).

CONTRACTORS RETOOLING INITIATIVE

A concession package is in place for retooling the construction industry. These concessions are designed to assist in the strengthening of our local construction capabilities, improve the services offered by contractors, increase efficiency in the delivery of products and ultimately reduce labour cost through competition and increased efficiency. The policy grants qualified contractors relief from the import duty on tools and equipment for their business. VAT 17 % and CSC 6% are payable.

INVESTMENT GUIDE - The Golden Book of St. Kitts

23

© Shutterstock.com

EXEMPTION FROM IMPORT DUTIES

PERSONAL INCOME TAX

There is no personal income tax in St. Kitts.

CORPORATE INCOME TAX

(Income Tax Amendment Act No. 5 of 2013) Corporate tax is 33% of net profits. Qualified companies enjoy full exemption from taxes on corporate profits for a period not exceeding 15 years. Corporate tax does not apply to exempt companies or to enterprises that have been granted tax concession.

VALUE ADDED TAX

(Value Added Tax Act No. 3 of 2010) VAT or Value Added Tax is a tax on consumption. It is charged on the value of imports and on the value added (markup) on goods and services supplied by one business to another or to the final consumer.

The tax is levied on imports, transactions between businesses and the final consumer and transactions with the Government.

24

The Golden Book of St. Kitts - INVESTMENT GUIDE

The standard VAT rate is 17%. A special rate of 10% is extended to hotels, restaurants and tour operators.

Additionally, a rate of 0% is applied on specific good and services.

WITHHOLDING TAX

(Income Tax Act No. 2 of 2016) Individuals and ordinary companies remitting payments to persons outside of St. Kitts must deduct 10% withholding tax from the following: • A dividend, interest, annuity, premium or discount • Rent, lease, contract and royalty payments • A natural resource payment • Commissions, remunerations, fees and licences • Charges for the provision of personal services (for example, commercial advice and managerial skills) • Administration, management and head office expenses • Technical, professional, vocational and any other

© Shutterstock.com

TAXATION

TAXATION

© Shutterstock.com

Withholding tax does not apply to profits of an approved enterprise, which is enjoying benefits under the Fiscal Incentives Act. This tax does not apply to exempt trusts, limited partnerships, companies or foundations.

ALIEN LANDHOLDING LICENCE

(Alien Landholding Regulation Act – CAP 102 as amended) An Alien Landholding Licence is required for: • A foreign person purchasing land in St. Kitts • A foreign person desirous of acquiring 1/3 or more of the shares in an ordinary company • A foreign person desirous of becoming a director of an ordinary company Foreign investors buying land are charged an Alien Landholding fee of 10% of the value of the land being purchased.

A foreign investor desirous of acquiring 1/3 or more of the shares in an ordinary company or becoming a director of an ordinary company is required to pay a fee of EC $250.00 per application.

LABOUR FORCE

St. Kitts has a literacy rate of 98%.

The country’s technical and training needs are met largely by the Clarence Fitzroy Bryant College which offers courses in plumbing, electrical engineering, air conditioning and refrigeration, masonry, carpentry, mechanical engineering, motor mechanics, typing and basic hotel skills.

There is also a healthy pool of professionals in fields such as law, medicine, business, information technology and accounting. Most of our professionals have been trained in the Caribbean, the United States of America, Canada and the United Kingdom where many of them gain work experience before returning home.

WORK WEEK

The typical work week is 40 hours during the hours of 8:00am - 4:00pm or 9:00am - 5:00pm (Mondays - Fridays).

INVESTMENT GUIDE - The Golden Book of St. Kitts

25

© Shutterstock.com

service fees • Non-life insurance premiums • Any other annual or periodic payment or distribution • Accounting, actuarial, legal and audit expenses

ESTABLISHING A BUSINESS The steps involved in establishing a business may vary depending on the type of business being established. Investors are asked to contact SKIPA for information concerning the specific type of business being considered.

STEPS TO ESTABLISH A BUSINESS INCLUDE BUT ARE NOT LIMITED TO: • Incorporating the company with St. Kitts Financial Services Regulatory Commission • Applying for a Business & Occupations Licence (Facilitated by SKIPA) • Registering with Inland Revenue as a tax payer • Registering with the St. Christopher Social Security Board as an employer

26

The Golden Book of St. Kitts - INVESTMENT GUIDE

• Applying for an Alien Landholding Licence (foreigners owning shares in an ordinary company or foreigners serving as directors of an ordinary company) • Submitting Proposals for Review (SKIPA) • Applying for Incentives • Applying for Work Permits • Due Diligence for non-nationals

PROCEDURE TO ACQUIRE A BUSINESS LICENCE

Investors wishing to acquire a business licence need to complete a business licence application form.

There are three main types of business that require different levels of documentation. Business type “A”

© Shutterstock.com

STEPS TO

only requires the completion of the business licence form. Business type “B” requires the completion of the business licence form along with qualifications and experience. Business type “C” requires the completion of the business licence form, submission of qualifications and experience and an inspection by a government agency.

form in the case of an individual.

Cost to the Investor: Licence fees vary depending on the nature of the business ranging from EC$100.00 to EC$2,000.00.

Requirements: Business Licence Fee or Certificate of Incorporation

The time frame varies depending on the nature of business. It may take 3 to 5 working days or up to a month.

PROCEDURE FOR REGISTRATION WITH SOCIAL SECURITY | TIMEFRAME: 1 DAY

Requirements: Valid Passport or Birth Certificate, Business Licence Fee and qualifications and experience specific to the nature of the business.

PROCEDURE FOR REGISTRATION WITH INLAND REVENUE | TIME FRAME: 1 DAY

After the investor acquires a business licence, the next step would be to register with Inland Revenue in order to receive a tax payer number. This is done by either presenting the Certificate of Incorporation in the case of a company; completing a non-individual registration form in the case of an unincorporated entity; or by completing an individual registration

Inland Revenue uses the information gathered to compile a database and issues the investor with a tax payer number.

Cost to the Investor: There is no charge

Investors who need to register with Social Security need to visit the Social Security Board’s Compliance Office where an officer will assist the investor with the completion of the required form. Incorporated companies register as an employer by completing an employer registration form and presenting the Certificate of Incorporation. If the entity is not incorporated the investor still registers their entity as an employer by completing the employer registration form and presenting valid photo identification.

Cost to the Investor: There is no charge Requirements: Photo Identification or Certificate of Incorporation

PROCEDURE FOR INCORPORATING A COMPANY | TIME FRAME: 24 HOURS

© Shutterstock.com

© Shutterstock.com

STEPS TO ESTABLISHING A BUSINESS

Investors who need to incorporate a company should seek the assistance of a local licenced service provider. The local licenced service provider will be responsible for preparing company documents to be delivered to the Registrar of Companies along with the prescribed fees. Once the Registrar of Companies is satisfied with the documentation, a Certificate of Incorporation will be issued to the company.

Company Law: Companies Act, CAP 21.03

INVESTMENT GUIDE - The Golden Book of St. Kitts

27

STEPS TO ESTABLISHING A BUSINESS Types of Company: The Companies Act makes provision for the formation of Ordinary Companies and Exempt Companies. Both types of company may be limited by shares or by guarantee, or by both shares and guarantee (Hybrid Companies). The Exempt Company (which is not subject to income, capital gains or withholding taxes in St. Kitts as long as it conducts business with persons who are not resident in St. Kitts and Nevis) is the type of company preferred for international transactions.

Capital Requirements: There are no minimum capital requirements.

Costs to Incorporate, Excluding Government Fees: The cost to incorporate a company in St. Kitts varies according to the service provider. There is no specific fee set by the Government of St. Kitts.

Fees paid to the government authority to incorporate are as follows: A. In the case of a private company which is: an ordinary company USD100 - an exempt company USD200 B. In the case of a public company which is: an ordinary company USD300 - an exempt company USD600 Annual fees paid to authorities: Same as above Taxation Rates Applied to Companies Generally: Exempt Companies are exempted from all income, capital gains and withholding taxes in the jurisdiction, provided that they conduct business exclusively with persons who are not resident in St. Kitts and Nevis.

Ordinary Companies are subject to an income tax at the rate of 33%.

Method of Incorporation: Memorandum and Articles of Incorporation, as well as a Statutory Statement providing the particulars outlined in the Companies Act, must be provided to the Registrar of Companies along with the incorporation fee, in order for a company to be incorporated.

Who May Incorporate Companies or individuals authorised to carry on corporate business or trust business under the Financial Services (Regulations) Order, CAP 21.03 (Seventh Schedule) may incorporate companies on behalf of other persons.

Minimum Number of Members: A minimum of one member is required for the formation of a company.

Registered Office: The Registered office of a company may be at the authorised person’s office or the company’s place of business.

Directors and Secretary: a. Must there be a resident director/ secretary? In

28

The Golden Book of St. Kitts - INVESTMENT GUIDE

STEPS TO ESTABLISHING A BUSINESS

Amount of Fees Payable to Appointee Directors/Secretary: The fees that are payable to appointee directors or secretaries are determined by each individual company. There is no particular amount specified in legislation.

Annual Meetings: A public company must have an annual general meeting. The members of a private company may waive the need to hold general meetings by agreement in writing.

Annual Returns: All companies must file an annual return. Financial statements of all public companies and all companies engaged in finance business must be audited.

Financial statements, including the disclosure of profits must be filed for all public companies and for all companies engaged in finance business. Private exempt companies, which are not engaged in finance business, need not file financial statements.

Exchange Controls: Approval for the conversion of EC$270.00 (equivalent of US$100.00) into any foreign currency is required from the Ministry of Finance. Companies holding foreign currency accounts in St. Kitts are not affected by this requirement.

Is Migration of Companies Into and Out of the Jurisdiction Permitted?

There are re-domiciliation provisions under the Companies Act, which provide for companies to migrate from a foreign jurisdiction to St. Kitts.

Can LLCs (US-style Limited Companies) Be Formed? Yes

Liability

PROCEDURE TO ACQUIRE LAND | TIME FRAME: 3 TO 6 MONTHS

Investors who need to acquire land should first search for and locate a property. The next step is to engage an attorney. If the investor is a local person, they would enter a purchase and sale agreement with the vendor. The attorney would obtain a survey from either the vendor or a licenced land surveyor.

The attorney then does a transfer and prepares a Certificate of Title. Next the stamp duty should be paid at Inland Revenue and the documents should be carried to the Land Registry for registration. After registration, the attorney is notified and they collect the Certificate of Title.

If the investor is a foreigner, they would have

INVESTMENT GUIDE - The Golden Book of St. Kitts

29

© Shutterstock.com

a case where the company is a private ordinary both Directors and Secretary are required. In instance where the Directors are foreigners, the secretaries and agent should be local. b. Are Corporate Directors allowed? Yes c. Is a local registered agent required? Yes d. Are Appointee directors/ secretary possible?

Alternate or appointee directors are possible.

An appointee secretary is also possible.

STEPS TO ESTABLISHING A BUSINESS

© Shutterstock.com

to apply for an alien land holding licence. After the licence is acquired the attorney would do a transfer and prepare a Certificate of Title. Next the stamp duty should be paid at Inland Revenue and the documents should be carried to the Land Registry for registration. After entry in the presentation book, the attorney is notified and they collect the Certificate of Title.

Requirements: Survey and Purchase and Sale Agreement Cost to the Investor: Stamp Duty or Transfer Tax is 12% of the cost of the land; a contribution to the Assurance Fund calculated at 0.02% of the value of the land; and a Registration Fee of EC$7.50 Legal Fees amount to approximately 1% of the value of the property. Realtor charges range from 3% to 6% of the value of the land.

PROCEDURE FOR ALIEN LAND HOLDING LICENCE | TIME FRAME: 3 MONTHS

Investors who need an alien land holding licence may opt to use a local service provider. The local service provider will submit the application form and all necessary documents to the Ministry of Sustainable Development.

If approved, the Ministry of Sustainable Development will notify the local service provider/applicant and forward the approval letter to the Legal Department for the processing of the licence certificate.The local service provider/applicant is required to carry the licence certificate to Inland Revenue where the necessary fees are paid. The final step is to register the licence certificate at the High Court Registry (land). This qualifies the investor to purchase land in St. Kitts.

Requirements: • Copy of Statutory Statements if applicant is a company • Copy of Memorandum of association if applicant is a company

30

The Golden Book of St. Kitts - INVESTMENT GUIDE

• Original Police Certificate • Legal description of the land • Certified copy of passport of photo identification • Copy of Articles of Association if applicant is a company • Legal Description of Company • Professional reference letter for the bank • A copy of Survey plan • Cover Letter • Prescribed Fees Costs to the investor: The cost of the alien land holding license is 10% of the value of the land plus the cost of the local service provider if used.

PROCEDURE FOR DUE DILIGENCE | TIME FRAME: 3 WEEKS TO 1 MONTH

In cases where due diligence needs to be performed, investors are required to complete an information request form, sign a information release form and submit a notarized copy of their passport with a payment of payment of US$8,100.00 to the department that requests the background check.

The documents are then delivered the Financial Services Regulatory Commission.The Financial Services Regulatory Commission would pass on the report with the summary to the department that requested the background check.

Requirements: Notarized copy of passport Cost to the investor: US$8,100.00 per applicant for Non-CARICOM nationals and US$5,000.00 for CARICOM nationals.

GUIDE TO PREPARING THE PROPOSAL

INVESTMENT GUIDE - The Golden Book of St. Kitts

31

© Shutterstock.com

• Description of the project including size, capital investment, concept, and layout designs (if applicable).

• Impact on the economy with regard to number of jobs to be created, spin off opportunities for new business ventures which can emerge or spin off opportunities to attract tourism or further new investment to the island.

• Information on work permits requirements (if applicable).

• Time scale for completion of the full project and if it is to be done in phases, the time period for each phase.

• Environmental Impact Assessment (if applicable) • The licences and/or concessions required. (A comprehensive list of items that concessions are required on should be provided or specific categories of items that would be required to execute the project) If concessions from certain taxes or fees are required, these should be stated specifically as well.

• The amount of Government owned land required (if applicable).

• Background information on the principals of the business venture including their names and nationalities and their experience in the area of business that they are applying to establish.

• Information on the financing of the project.

• A due diligence check will be carried out on the directors and shareholders of the company who are non-nationals and who own 15% or more of the shares. The due diligence cost is US$8,100.00 per applicant.

• Source and proof of financing (e.g. letter from a bank).

• Five year pro forma cash flow statement and projected financial statements.

• For tourism-related projects, information on how the project will be marketed.

© Shutterstock.com

PRIORITY SECTORS FOR INVESTMENT

TOURISM

SECTOR OVERVIEW Tourism has been identified as a strategic sector for stimulating economic growth and development on St. Kitts. The Government, in collaboration with the private sector, has been investing millions of dollars to develop the tourism sector through infrastructural development and investment in marketing. Tourism, which has experienced significant growth since the closure of the sugar industry in July 2005, and which complements other growth sectors such as financial services, agriculture, offshore education and information technology, is a key contributor to the Gross Domestic Product, foreign exchange earnings and employment generation in the Federation.

Renowned for its natural beauty, its warm, hospitable people and rich history and culture, St. Kitts entices many visitors to its shores. Prior to the COVID-19 pandemic, the cruise sector grew steadily

32

The Golden Book of St. Kitts - INVESTMENT GUIDE

at an impressive rate, surpassing one million cruise passenger arrivals in the 2017/2018 season. This was the first time in the island’s history that cruise arrivals surpassed the million-mile mark, granting it marquee port status by the cruise lines. The country is the only destination in the Organisation of Eastern Caribbean States (OECS) to achieve this status, typically only enjoyed by much larger islands. In terms of spend, preliminary findings from the FCCA BREA study on the economic impact of cruise tourism for 2017-2018 ranked St. Kitts as having the third highest cruise passenger spend in the Caribbean, behind only Sint Maarten and the British Virgin Islands.

This provides significant impact to our economy as cruise passengers spend money for tours, in shops and on dining. Following the peak of the COVID-19 pandemic, St. Kitts has seen an increase in cruise calls and inaugurals at Port Zante. We are incredibly proud to celebrate the maiden cruise calls to St. Kitts as they reflect the ongoing expansion of the

sector and cruise-line partnerships. The increase in cruise calls to the destination also provides a significant economic boost for industry stakeholders.

In terms of hotel development, investments are being made by a significant number of properties to improve the built environment and market their products more vigorously, while new developments are progressing toward completion to increase available room stock across the island. Opened in November 2017, the Park Hyatt St. Kitts is the brand’s first and only property in the Caribbean, elevating the destination’s profile in the public eye. It has earned distinctions such as Best New Caribbean Hotel by CNN Travel and rankings among the Best New Hotels in the World by Town & Country. Recent builds across the island include the luxe, environmentally-friendly Sunset Reef, KOI Resort St. Kitts, and Ramada by Wyndham St. Kitts.

The Government has negotiated with major airlines to ensure that there is convenient airlift from the major source markets of the United States of America, Canada, the United Kingdom and the Caribbean.

Connectivity to the island continues to increase, and airlift and air passenger arrivals are trending up. The launch of direct service on interCaribbean Airways from Barbados is not only going to increase travel from Barbados but also is a key element in rebuilding intra-regional travel to the destination.We have seen the return of American Airlines’ double daily flights on Saturdays, Winair continuing with double daily flights between Sint Maarten and St. Kitts, and LIAT has increased their schedule between Antigua and Barbuda and St. Kitts.There are now five roundtrips a week. Further, we saw the return of weekly Saturday flights on Air Canada (Toronto to St. Kitts) as well as weekly Wednesday and Saturday flights on British Airways (London to St. Kitts).

St. Kitts has no shortage of activities to engage the interests of every visitor. The St. Kitts Tourism Authority is gearing up for 2023’s “Summer of Fun,” with innovative programming, thrilling sporting events, and a star-studded music festival on the horizon. It will feature the destination’s culture,

20 years of Excellent Service General Health Profile, PSA Prostate, Pregnancy, Cholesterol Testing, Diabetes Testing, DNA, etc.

INVESTMENT GUIDE - The Golden Book of St. Kitts

33

TOURISM music and adventure suited for every traveler.

“Summer of Fun” 2023 events include: • The St. Kitts Music Festival (22-24 June) • Nevis Mango Festival (30 June - 2 July) • St. Kitts and Nevis Restaurant Week (13 - 23 July) • Nevis Culturama (27 July - 8 August) • Caribbean Premier League Cricket (31 August 30 September) Added to the annual festival schedule is a new initiative—Kittitian RumMaster. Led by two of St. Kitts’ prestigious rum experts, the Kittitian RumMaster program invites travelers to deep-dive into the history of rum and distilling rum, gain hands-on experience in creating spiced rum, and the methodology of

creating rum-based cocktails. The immersive experience is designed for rum aficionados and visitors wanting to learn more about the spirit and combines the expertise of proprietors at Spice Mill and Old Road Rum Company.

St. Kitts consistently ranks highly on international lists of the best vacation and wedding destinations.

For example, in 2018 the island was acknowledged by Bloomberg, Robb Report,Travel Agent, Caribbean Journal, Conde Nast Traveler, and The New York Times as among the top places to visit, honeymoon, and live. PostCOVID-19, the island has continued to place among the top Caribbean destinations for vacations, sports, and adventure activities. In 2022, the island was the recipient of the following awards and rankings: • Caribbean Journal’s Caribbean Travel Awards— 2023’s Caribbean Destination of the Year • World Culinary Awards, Caribbean’s World Culinary Awards—The Caribbean’s Best Fine Dining Hotel Restaurant 2022 (Stone Barn at Park Hyatt St. Kitts Christophe Harbour) • World Travel Awards—Caribbean’s Leading Dive Destination 2022 • Caribbean Journal’s Traveler’s Choice Awards 2022—Best Caribbean Hiking Destination • Travel Weekly Magellan Awards 2022— Caribbean-Overall Destinations—Adventure Destination • Conde Nast Traveler 2022 Readers’ Choice Awards—Top Caribbean Island in the World (St. Kitts received a top spot on the list, showcasing Belle Mont Farm) • Porthole Cruise and Travel Readers’ Choice Awards 2022—The Best Caribbean Beach Port 2022 • 2022 WOWSA World Top 100 Open Water Swimming Event – Cross Channel Swim

© Shutterstock.com

St. Kitts is beginning to realize its vast potential as a destination to delight its visitors, attract investors and mobilize its people to work together in charting the way forward for national development. An investment in St. Kitts is a road map to prosperity.

CDA.

34

The Golden Book of St. Kitts - INVESTMENT GUIDE

PRIORITY SECTORS FOR INVESTMENT

St Kitts and Nevis has ranked first for the second year running in the 2022 CBI Index, a rating system designed to measure the performance and appeal of global CBI programmes, published by PWM Magazine, a publication from the Financial Times in collaboration with CS Global Partners.

The St Kitts and Nevis Citizenship by Investment (CBI) Programme has been a popular choice for many families and entrepreneurs looking to obtain a second citizenship. It is the oldest and one of the most trusted programmes of its kind. Since 1984, it has allowed investors and their families to legally obtain citizenship in one of the Caribbean’s most idyllic locations.

© Shutterstock.com

ST. KITTS AND NEVIS CITIZENSHIP BY INVESTMENT • No physical presence requirement • Approval-in-principle within 90 days from the acknowledgement of an application by the Citizenship by Investment Unit (CIU) • Choice of making an accelerated application with a shorter processing time of 60 days from the CIU’s acknowledgement to approval-in-principle, at additional costs • Flexibility in choosing the type of investment There are four ways in which an applicant can apply for citizenship under the St Kitts and Nevis Citizenship by Investment Programme:

The benefits of this Programme include the following:

1. By making a direct contribution to the country’s Sustainable Island State Contribution

• No residency requirement • No language requirements

2. By making a real estate investment in an Approved Development INVESTMENT GUIDE - The Golden Book of St. Kitts

35

CITIZENSHIP BY INVESTMENT 3. By purchasing an Approved Private Home 4. By making an investment in an Approved Public Benefit Option

SUSTAINABLE ISLAND STATE CONTRIBUTION Applicants may qualify for citizenship through a contribution to the Sustainable Island State Contribution. The minimum contribution required by law is as follows: (1) US$250,000 - Main applicant only (2) US$300,000 - Main applicant and a. a spouse or b. one (1) dependant (3) US$350,000 - Main applicant and a. a spouse and one or two dependants or b. two or three dependants (4) US$50,000 - Each additional dependent under 18 years of age (5) US$75,000 - Each additional dependent 18 years of age or over

These fees amount to US$7,500 for the main applicant and US$4,000 for each dependant who is aged 16 years or over. In addition, there is also a nonrefundable processing fee of US$250 payable per application.

On approval-in-principle of a non-accelerated application made under the Real Estate Investment Option, the following post-approval application fees apply: • US$25,000 - Main applicant • US$15,000 - Spouse of the main applicant • US$10,000 - Each qualified dependant under 18 years of age • US$15,000 - Each qualified dependant aged 18 or over

PRIVATE HOME SALE INVESTMENT OPTION The Private Home Sale Option allows applicants to obtain citizenship by purchasing an Approved Private Home.

Prior to submission of a non-accelerated application, non-refundable due diligence fees must also be paid.

These fees amount to US$7,500 for the main applicant and US$4,000 for each dependant who is aged 16 years or over. In addition, there is also a nonrefundable processing fee of US$250 payable per application.

With respect to a condominium unit, a minimum investment of US$400,000 shall be paid to the owner of the Approved Private Home by the main applicant, or with respect to a single family private dwelling home, a minimum investment sum of US$800,000 shall be paid to the owner of the Approved Private Home by the main applicant.

REAL ESTATE INVESTMENT OPTION

Upon submission of a non-accelerated application, non-refundable due diligence fees must also be paid.

These fees amount to US$7,500 for the main applicant and US$4,000 for each dependant who is aged 16 years or over. There is also a non-refundable processing fee of US$250 payable per application.

Applicants may qualify for citizenship through making a real estate investment in an Approved Development, which may include hotel shares, villas, and condominium units of an Approved Development.

The minimum real estate investment required by law is US$400,000. The real estate unit must be held for a minimum of seven years before it can be resold.

Upon submission of a non-accelerated application, non-refundable due diligence fees must also be paid.

36

The Golden Book of St. Kitts - INVESTMENT GUIDE

On approval-in-principle of a non-accelerated application made under the Private Home Sale Investment Option, the following post-approval application fees apply: • US$25,000 - Main applicant

CITIZENSHIP BY INVESTMENT • US$15,000 - Spouse of the main applicant • US$10,000 - Each qualified dependant under 18 years of age • US$15,000 - Each qualified dependant aged 18 or over

PUBLIC BENEFIT OPTION Applicants may qualify for second citizenship through the newly introduced Public Benefit Option where the minimum investment per application is US$250,000.00 in an Approved Public Benefit Project, payable to an Approved Public Benefactor. Only Approved Public Benefit Projects qualify for the Public Benefit Option.

Upon submission of an application, non-refundable due diligence fees must also be paid. These fees amount to US$7,500 for the main applicant and US$4,000 for each dependant who is aged 16 years or over. There is also a non-refundable processing fee of US$250 payable per application.

On approval-in-principle of a non-accelerated application made under the Public Benefit Option, the following post-approval application fees apply: • US$25,000 - Main applicant • US$15,000 - Spouse of the main applicant • US$10,000 - Each dependant under 18 years of age • US$15,000 - Each dependant aged 18 or over

ST. KITTS AND NEVIS CITIZENSHIP BY INVESTMENT THE FIRST. THE FINEST.

St. Kitts and Nevis is one of the world’s ultimate paradise destinations for tourists and investors.The dual-island nation is small, yet it has a rich economy with tourism being the island’s largest contributor to their GDP, followed by the Citizenship by Investment Programme, agriculture, medicinal cannabis industry, construction and manufacturing sectors.

businesses can thrive in this region with the right support.

According to the latest report from the International Monetary Fund (IMF) released in January 2023, St. Kitts and Nevis is projected to experience a growth of 4.5 per cent this year. This growth is driven by a steady recovery from the tourism sector and various service sectors,

St. Kitts and Nevis has emerged as a popular destination for entrepreneurs and business owners due to its stunning natural scenery, reliable infrastructure, and low cost of living. From small startups to multinational companies, many businesses are taking advantage of the Caribbean’s many benefits to establish a presence in this idyllic location.

To attract investors, the St. Kitts and Nevis Government has implemented various initiatives, such as offering tax incentives, encouraging foreign direct investment, and providing government grants, loan programmes, and other forms of financing. With excellent infrastructure, a skilled workforce, and access to international markets,

INVESTMENT GUIDE - The Golden Book of St. Kitts

37

CITIZENSHIP BY INVESTMENT including the country’s Citizenship by Investment Programme.

capital gains tax, no corporate profit tax, and reduced taxes on dividends and other income.

Under the leadership of Prime Minister Dr. Terrance Drew, the current St. Kitts and Nevis Labour Administration Party has made strategic changes to the investment migration programme to transform the economy into a sustainable island state. In the 2023 Budget Address, Dr. Drew emphasized the CBI’s role in generating significant revenue and promoting a diverse economy that fosters entrepreneurship, job creation, and homeownership. As such, St. Kitts and Nevis is becoming an increasingly attractive destination for businesses from around the world, thanks to its strategic location, access to resources, and growing economy.

ST. KITTS AND NEVIS CITIZENSHIP BY INVESTMENT PROGRAMME EVOLUTION

“Our policies continue our progressive course in the global investor immigration industry and cement St. Kitts and Nevis’ place as a leader in the citizenship by investment space. As we move toward a brand-new diversified economy, we remain committed to investing in tangible projects to uplift the country to achieve our goal of establishing a sustainable island state,” said the Prime Minister Dr. Terrance Drew.

St. Kitts and Nevis presents a prime opportunity for global investors seeking advantageous financial incentives.

As a dual-island nation, it offers substantial fiscal benefits to those willing to make a sustained investment of their capital and resources. These benefits include attractive tax relief measures such as no income tax, no personal

38

The Golden Book of St. Kitts - INVESTMENT GUIDE

Since its inception in 1984, the Citizenship by Investment Programme in St. Kitts and Nevis has become the world’s oldest initiative of its kind. With close to 40 years of expertise in the investment migration industry, the Programme has served as a model for similar initiatives around the world. Renowned as a premium brand, St. Kitts and Nevis continues to be the most prominent and intelligent means of obtaining second citizenship globally.

“Our citizenship is precious, therefore the evolved CBI Programme will invite bold and creative top-notch investors to our shores who will develop innovative industries in St. Kitts and Nevis, the construction of real estate developments pursuant to our government’s priority infrastructure list, and in all things, bring substantial benefit to the people of St Kitts and Nevis,” said Prime Minister Dr. Terrance Drew.

In true trailblazer form, the St. Kitts and Nevis CBI Unit continues to lead the way for the investment immigration industry. The Government has recently made a raft of changes to its CBI Programme, adding a new layer of integrity to truly accelerate the country’s economic diversification, empower and prosper local citizens, while creating an enriching base for intelligent investors.

CITIZENSHIP BY INVESTMENT As part of its efforts to bring about change, the trusted programme has undergone significant alterations, including the implementation of a Board of Governors and a Technical Committee. The reformed version of the St. Kitts and Nevis CBI Programme will be grounded on three core principles: sustainability, good governance, and pragmatism, which have informed the administration’s decision-making processes.

The ultimate aim is to create policies, strategies, and initiatives that benefit all citizens and promote economic and social development. We are dedicated to transforming people’s lives by driving our economy forward in a manner that generates increased opportunities and improved living standards for all.

The government has pledged to govern with transparency, accountability, and integrity in a committed push to improve the quality of life and health of the citizens of the nation.

Investment from The Sustainable Island State Contribution (SISC) is used to support the economic and social development of St. Kitts and Nevis following seven pillars of prioritisation: 1. Increasing local food production 2. Transitioning to Green Energy 3. Diversifying the economy 4. Attracting and supporting sustainable industries 5. Evolving the Creative Economy 6. Recovering from the impacts of the Covid-19 pandemic 7. Expanding social protections and safety nets to protect the most vulnerable The SISC provides discerning investors the option to contribute to their new nation. It’s a sustainable and secure solution for intelligent investors who want to make a smart move. All contributions are payable to the Federal Consolidated Fund.

The government is committed to moving to 100 per cent renewable energy and reducing carbon dioxide emissions.

Infrastructure initiatives have included road rehabilitation projects, and a new data centre is planned. The tourism industry, which employs over 40 per cent of the workforce and makes up around 22 per cent of the economy, is a key focus of investment, including funding for new resorts, globally renowned brands, and ecotourism initiatives.

THE FIRST. THE FINEST.

second citizenship programme and in its nearly 40 years of existence, the nation continues to use its forwardthinking approach to maintain its position as a pioneer of the investment migration industry.

It is with this wealth of experience that the second citizenship programme of St. Kitts and Nevis remains an elite, secure, and reliable investment opportunity with an attractive return on investment (ROI).

Prominent international firms and publications such as the Financial Times, PWM Magazine, and Ernst & Young have praised the St. Kitts and Nevis Citizenship by Investment Programme. St. Kitts and Nevis has been reported as offering the best economic citizenship programme, partly due to its rigid and stringent due diligence process.

It has also been recognised several times as the best running CBI Programme in the world by the CBI Index. In 2022 the Professional Wealth Management Magazine, a publication of the Financial Times, ranked it as the number one programme in the 2022 CBI Index Report. Amongst others it was recognised for its “Ease of Processing” and “Due Diligence” Pillars.

There are four ways in which discerning investors can apply for citizenship under the St. Kitts and Nevis Citizenship by Investment Programme, namely: • • • •

By making a Sustainable Island State Contribution (SISC) to the Federal Consolidated Fund; By making a real estate investment in an Approved Development; By purchasing an Approved Private Home, or By investing in an Approved Public Benefit Project

Some of the benefits of this programme are: • No language requirements • Full citizenship, after strict background checks, in 120 days • Flexibility in choosing the type of investment “St Kitts and Nevis is seeking well respected and serious investors who see the potential of our nation and who are prepared to put capital behind innovative projects, investments and industries that will enhance our palatability to global immigration investors,” said Mr Michael Martin, CEO of the St Kitts and Nevis Citizenship by Investment Unit.

St Kitts and Nevis was the first country to implement a INVESTMENT GUIDE - The Golden Book of St. Kitts

39

FINANCIAL SERVICES

The Financial Services Regulatory Commission was established in accordance with the Financial Services Regulatory Commission Act Cap 21.10 to regulate the Non-Banking Financial Sector, and as the ultimate regulatory body for Financial Services, Anti-Money Laundering and Countering the Financing of Terrorism for St. Kitts and Nevis. It also performs on-site inspections and off-site reviews and analysis, to ensure compliance with the provisions of various legislation. Its efforts are focused on: 1.

High professional standards within the Financial Services Industry, 2. Promoting industry codes of conduct, 3. Ensuring that regulated entities are compliant with the Anti-Money Laundering Regulations, and other regulations applicable to the sector.

40

The Golden Book of St. Kitts - INVESTMENT GUIDE

The FSRC continues to strive in its efforts to maintain public confidence in the financial system, and to secure the appropriate degree of protection for consumers. In this regard, it is responsible for supervising Credit Unions, Money Services Business, Insurance Companies (Domestic and Captive), Gaming Entities, Virtual Assets Service Providers, Trust and Corporate Service Providers and the Development Bank of St. Kitts and Nevis. Copies of the required legislation can be access from website.

Domestic Insurance Companies - Insurance Act Cap 21.11 Credit Unions - The Co-operatives Societies Act Cap 21.04 Money Services Business - The Money Services Business Act Cap 21.21 Gaming - Gaming Control Act No.11 of 2021

© Shutterstock.com

PRIORITY SECTORS FOR INVESTMENT

FINANCIAL SERVICES

© Shutterstock.com

APPLICATION PROCESS FOR ENTITIES All applications are presented to Financial Services Regulatory Commission by person licensed under the Financial Services Regulation Order Seventh Schedule, of the Companies Act. 21.03. A list of persons so authorized can be found on our website (www.fsrc.kn), as well as copies of the various legislation pertaining to products we offer. The required documents are presented to FSRC, where they are reviewed. Once the review is completed and the application is approved, the FSRC will register and deliver copies to the Licensed Service Provider for collection.

OUR PRODUCTS ARE:

• Ordinary and International Companies • Limited Partnerships • Trusts • Foundations • Captive Insurance Companies • Non-Government Organizations

NON-GOVERNMENT ORGANIZATIONS

The following Non-Government Organization Act Cap 20.59 has been introduced to provide registration and legal status for local NGOs allowing them to be recognized internationally.

PRIORITY PRODUCTS

to have a Foundation registered. The Founder is any person who transfer the initial Asset/Capital to the Foundation.

THE ADVANTAGES OF ESTABLISHING A FOUNDATION IN ST. KITTS

• Anyone can be a Founder to a Foundation.

• There are no capital requirements for the registration of a Foundation.

• An Exempt Foundation will be Exempted from Taxes.

• Registration fee is competitive i.e. only $200 US • The Registration process takes only 24hrs

INTERNATIONAL COMPANY

International Company means a company that: • is incorporated in St. Christopher • is not managed or controlled in or from within St. Christopher and Nevis; • has no permanent establishment in St. Christopher or Nevis and • does not conduct business with resident

THE ADVANTAGES OF INCORPORATING AN INTERNATIONAL COMPANY IN ST. KITTS

• An International will be Exempted from Taxes.

• Incorporation fee is minimal- $200 US • The Registration process takes only 24hrs

Foundations and International Companies are identified as unique opportunities due to the nature of the products.

FOUNDATIONS

The Foundations Act Cap 21.19 provides for the registration of Foundations in St. Kitts. On this basis, any person acting on behalf of the Founder, on delivering the Articles of Foundation to Registrar and on payment of registration fee may apply

Financial Services Regulatory Commission St. Kitts Branch P. O. Box 898 South Independence Square Street, Basseterre, St. Kitts Tel: 1-869-466-5048 | Fax: 1-869-466-5317 Email: info@fsrc.kn | Website: www.fsrc.kn

INVESTMENT GUIDE - The Golden Book of St. Kitts

41

FINANCIAL SERVICES APPLICATION AND LICENCE FEES

42

COSTS ARE IN UNITED STATES CURRENCY

Company Incorporation: 1. Domestic/Local/External 2. International

$100.00 $200.00

Trust Company: 1. Domestic/Local 2. Exempt/International

$100.00 $200.00

Foundation Establishment: 1. Domestic/Local 2. Exempt/International

$100.00 $200.00

Limited Partnership: 1. Domestic/Local 2. Exempt/International

$100.00 $200.00

Captive Insurance Companies: 1. Application Fee (non-refundable) 2. Annual Licence Fee: Small Group Captive Insurance Company 3. Annual Licence Fee: Captive Insurance Company other than Small Group Captive

$200.00 $800.00 $3,000.00

Captive Insurance Manager: 1. Application Fee (non-refundable) 2. Annual Licence

$400.00 $3,000.00

Gaming: Annual Registration Fees Distributor Annual Licence Fee Supplier Annual Licence Fee Lottery Agent

$371.00 $371.00 $371.00

Key Gaming Employee Application Fee Annual Licence Fee

$93.00 $186.00

Junket Operator Application Fee Annual Licence Fee

$371.00 $371.00

The Golden Book of St. Kitts - INVESTMENT GUIDE

FINANCIAL SERVICES APPLICATION AND LICENCE FEES

COSTS ARE IN UNITED STATES CURRENCY

Slot Operator Application Fee Annual Licence Fee

$38.00 $250.00

Slot Machine Registration (a) 1-5 machines (b) 6 machines and above

$75.00 per machine $38.00 per machine

Slot Parlour (a) 150 machines (b) More than 150 machines

$7,408.00 $38.00 per machine

Registration Of Slot Operations Slot Operations Category A:1-5 machines Slot Operations Category B: 6-10 machines Slot Operations Category C: 11-20 machines Slot Parlour 21 machines and above

$75.00 $186.00 $371.00 $7,408.00

Virtual Assets Service Provider: 1. Application Fee 2. Annual Licence Fee

$20,000.00 $50,000.00

Trust Service Provider: 1. Application Fee (non-refundable) 2. Annual Licence Fee (restricted) 3. Annual Licence Fee

$600.00 $2,000.00 $4,000.00

Corporate Service Provider: 1. Application Fee (non-refundable) 2. Annual Licence Fee

$400.00 $2,000.00

Money Services Business 1. Application Fee 2. Annual Licence Fee

$741.00 $3,704.00

INVESTMENT GUIDE - The Golden Book of St. Kitts

43

FINANCIAL SERVICES APPLICATION AND LICENCE FEES

Domestic Insurance Business: 1. Application Fees for Registration

$556.00

2. Annual Registration Fees Insurance Broker Insurance Adjuster Insurance Agent Sales Representative

$371.00 $371.00 $371.00 $186.00

© Shutterstock.com

3. Annual Licence Fees a) Local Insurance Company Long Term Insurance General Insurance b) Foreign Insurance Company Long Term Insurance General Insurance

44

COSTS ARE IN UNITED STATES CURRENCY

The Golden Book of St. Kitts - INVESTMENT GUIDE

$926.00 $926.00 $1,852.00 $1,852.00

© Shutterstock.com

PRIORITY SECTORS FOR INVESTMENT

INFORMATION TECHNOLOGY

DIGITAL TRANSFORMATION

The Government of St. Kitts and Nevis has embarked on a strategic path to accelerate towards an innovative digital economy through the implementation of a digital transformation strategy 2020-2022.

This will involve transforming Government to provide more efficient public services, using technology to enable the Digital Strategy. The Department of Technology has been deploying ICT solutions across government with the objective of improving services delivered by the Government to Citizens, Businesses and other stakeholders.

To date the Department of Technology has successfully opened its National ICT Centre with a focus on delivering: • Domain Registration for cctld - .KN • Establish ICT Policy & Standards • e-Government Services

• ICT Infrastructure & Technical support • G-Cloud Services • ICT Innovation Hub • Telephony Services • Training & Conference Facilities • Pearson VUE: Computer Based Test Certification Centre

OUR ICT NATIONAL DEVELOPMENT FOCAL AREAS

• Build Resilient ICT Infrastructure • Affordable, Ubiquitous Broadband Network Access • Enable Policy & Legal Framework for Digital Economy • Cybersecurity and Digital Services & Online Payment • Co-Creation and Citizen Involvement in INVESTMENT GUIDE - The Golden Book of St. Kitts

45

INFORMATION TECHNOLOGY Public Policy • Foster Innovation in Public Sector, Entrepreneurship, and SME Development

online practice tests to proctored exams with popular certification vendors like Cisco systems, Microsoft and VMware.

OUR ENVIRONMENT AND PRODUCTS

EGOVERNMENT & DIGITAL PUBLIC SERVICES

• Ranked 37 in ITU ICT Development Index in 2017 • 4G Mobile Broadband Access & Fibre to the Home • Mobile Penetration: 107.1% as at 2017 • Fixed Broadband Penetration: 20.5% as at 2017 • Mobile Broadband: 45.5% as at 2017 • Eastern Caribbean Central Bank to issue Digital EC Dollar to become the World’s first Digital Legal Tender Currency

PEARSON VUE AUTHORIZED TEST CENTRE

© Shutterstock.com

The National ICT Centre is a globally recognized certification centre by Pearson Vue. With over 400 credential owners world-wide, the centre offers

46

The Golden Book of St. Kitts - INVESTMENT GUIDE

The eGovernment Unit is focussed on the use of technologies to provide digital public services to citizens, businesses and other stakeholders, based on the strategic approach to digital transformation that is underpinned by a whole of government secure enterprise architecture.The approach is all encompassing, from the capture of process workflow, system design, development to the implementation of integrated information systems.

• Application & Software Development • Mobile Application Development • API Services • Technical Consultation • System Architecture & Design • Domain Configuration and management • G-Cloud Server Hosting & Backup Services • Project Management

INFORMATION TECHNOLOGY PARTNERSHIP WITH GOVERNMENT OF THE REPUBLIC OF CHINA ON TAIWAN – LAIS

The Government of the Republic of China on Taiwan has been a critical partner in the advancement of Information Technology with the Federation of St. Kitts and Nevis including the establishment of the National ICT Centre, capacity building and delivery of information systems. One of the major projects is the new Land Administration Information System.

The Innovation Hub on St. Kitts is a cradle of digital creativity. It is home to the Innovation and Training Unit within the Department of Technology and is well positioned to deliver training in emerging & ubiquitous digital tools.The past two years have seen staff at Innovation Hub spearhead several initiatives aimed at getting children and teens excited about technology. The annual Future Skills Summer Camp targets children and teens ages 10-15 for three weeks of collaborative learning in 3D printing, augmented reality, and robotics.

Build’n’Code is a week-long hackathon that brings together persons interested in software development to develop prototypes that digitise processes within government. The week is topped off by teams presenting their prototype to a panel of

© Shutterstock.com

INNOVATION & TRAINING

judges, with prizes going to the top two teams.

The Innovation Hub directly supports the work of technology-based businesses on St Kitts. The latest initiative is an accelerator programme that gives participants two months to focus on building the systems that transform their ventures into high growth businesses. The Hub has partnered with the Ministry of Trade’s Small Business Development Centre to provide training and mentorship for founders. Participation in the accelerator also connects founders with potential funders that can provide the growth capital needed.

© Shutterstock.com

The Department of Technology’s Innovation Hub is actively crafting a culture of innovation & creativity on St Kitts-Nevis.

For more information: visit https://innovationhub.kn or email innovationhub@gov.kn

INVESTMENT GUIDE - The Golden Book of St. Kitts

47

© Shutterstock.com

PRIORITY SECTORS FOR INVESTMENT

AGRICULTURE

© Shutterstock.com

In the aftermath of the COVID-19 Pandemic, the vital role the agricultural sector must play in ensuring the nation’s food security is evident. Additionally, global conflicts and supply chain disruptions, and climate change have far-reaching effects on small island developing states obvious in the rise in food prices.

These economic shocks were magnified by the overreliance on food imports as over 90% of the food

48

The Golden Book of St. Kitts - INVESTMENT GUIDE

consumed in St. Kitts and Nevis is imported. This means that there exists an untapped local market rife with business opportunities.

As a result of these shocks, the government of St. Kitts and Nevis has refocused its attention on the growth and development of the agricultural sector.

The new thrust is geared towards a more technologically driven agricultural sector. The main goal of that action is to further improve the food security of the federation by encouraging local production that can meet the market demand with as few disruptions as possible. With the renewed emphasis on agriculture, the federal government is enhancing the business climate to facilitate new investment opportunities within the sector.

Therefore, there are several priority areas where additional investments would reap dividends.

• Protected agriculture: This includes the use of

AGRICULTURE • Warehousing and cold chain storage facilities.

• Crop insurance and micro-lending institutions or various digital solutions for agricultural financing.

• Agro-processing: This involves the creation of value-added products that can be marketed to the local and international markets.

• The market for agricultural investment in St. Kitts and Nevis is filled with unmet potential. This creates the possibility for large returns on investments that can be sustained over the long run.

Investing in St. Kitts is a golden opportunity with great rewards.

INVESTMENT GUIDE - The Golden Book of St. Kitts

49

© Shutterstock.com

greenhouses, vertical farming, hydroponics, and aquaponics systems that can allow for the all-yearround production of selected crops.

• Aquaculture: This involves the production of aquatic organisms mainly fishes under controlled conditions for consumption.

• Sustainable crop and livestock commercial farming.This involves the use of sustainable technologically driven farming systems that can operate on a large scale in the open field.

• Input suppliers: This involves the formulation of a supply chain that can provide agricultural inputs in a timely and cost-effective manner from global suppliers.

© Shutterstock.com

PRIORITY SECTORS FOR INVESTMENT

RENEWABLE ENERGY

According to the National Energy Policy, St. Kitts’ vision is to become the smallest green nation in the Western Hemisphere – with a sustainable energy sector, where reliable, renewable, clean and affordable energy services are provided to all its citizens.

The island is promoting the use of renewable energy sources in all sectors of the economy. St. Kitts requires a holistic approach to address challenges in the energy sector and to transition to a more sustainable energy sector. Such challenges include consumption patterns, types of fuel used, infrastructure and management and the types of energy carriers.

DETAILED DESC RIPTION OF ENERGY SECTOR

The transition to a more sustainable energy sector is currently driven by high electricity rates, high transportation fuel prices and global climate change awareness and concerns. The aforementioned fac-

50

The Golden Book of St. Kitts - INVESTMENT GUIDE

tors impacts businesses and citizens alike and as such the need for energy efficiency and conservation along with increase investments in renewable energy technologies. The National Energy Policy has created the framework that allows St. Kitts to transition from a primarily fossil fuel source of energy to alternative renewable energy sources such as wind, solar, geothermal and waste to energy (WTE).

COMPETITIVE ADVANTAGES

• Renewable energy sources in the form of solar, wind and geothermal are deemed the most appropriate mid to long-term alternative sources to replace imported petroleum product for electricity generation.

• Potential for electricity interconnection between St. Kitts and Nevis for geothermal.

• The National Energy Policy encourages publicprivate partnership in the development, financing

RENEWABLE ENERGY and management of renewable energy projects.

• Increasingly high cost for imported fuel for energy production.

• Solar water heaters and tanks • Solar AC units • And other approved related equipment

INCENTIVES

TYPES OF INVESTMENT REQUIRED • Waste to Energy (WTE) Plant • Solar Energy Project • Wind Energy • Geothermal Energy • LED and Solar Street Lights

INVESTMENT GUIDE - The Golden Book of St. Kitts

51

© Shutterstock.com

Exemption from Import Duty and Customs Service Charge on the following: • Solar PV panels and ancillary equipment for generating electricity • Hydrogen fuel cells and ancillary equipment • Wind Turbines and ancillary equipment • Energy saving bulbs including LED Bulbs

© Shutterstock.com

PRIORITY SECTORS FOR INVESTMENT

INTERNATIONAL EDUCATION

The St. Christopher and Nevis Accreditation Board is the sole government body tasked with the responsibility of registering and accrediting post secondary and tertiary level institutions and programmes within the Federation.

To achieve and maintain accreditation, educational programmes must adhere to and meet the standards established by the Board to ensure quality within the institution. These may be found on the Board’s website: ab.gov.kn or at the Accreditation Secretariat.

To achieve and maintain accreditation, each institution must provide documentation on the following with their application: 1. The institutional Setting 2. The Students 3. Educational Programmes

52

The Golden Book of St. Kitts - INVESTMENT GUIDE

4. The Faculty 5. Educational Resources 6. Internships These requirements have been compiled using internationally and regionally accepted standards in use by reputable agencies such as the Caribbean Accreditation Authority for Education in Medicine and other health Professionals (CAAM-HP), the Standards of General Medical Council of Great Britain (GMC), Liaison Committee on Medical Education (LCME) of the United States and Canada and the New York State Education Department (NYSED).

The assurance of quality education within an institution is one of the most important considerations of the Board when granting or reaffirming accreditation.

© Shutterstock.com

PRIORITY SECTORS FOR INVESTMENT

LIGHT MANUFACTURING

St. Kitts possesses considerable strengths that make the island attractive for manufacturing.These include: • Stable political, social, economical and business environment • Business incentives and fiscal exemptions for local and foreign investors • Low cost producers relative to the USA and other developed countries • Free Trade Agreements and international initiatives to facilitate free movement of goods, such

as the Caribbean Single Market and Economy (CSME) and the Caribbean Basin Initiative • Trainable and experienced manufacturing human resource base • Adequate infrastructure such as airports, sea ports, roads, telecommunication services, utilities and financial services • Proximity to the USA, South America, Central America and Caribbean Markets • Diverse air and sea transportation services

© SKIPA

The manufacturing sector is a major pillar of the St. Kitts economy. It has been a consistent contributor to the domestic economy and the overall development of St. Kitts and Nevi over the last 30 years.The sector contributes approximately 8 -10 % of Gross Domestic Product (GDP) and sustains over 2000 jobs or 8.54 % of the country’s workforce. St. Kitts is the leading exporter in the Organization of Eastern Caribbean States (OECS).

INVESTMENT GUIDE - The Golden Book of St. Kitts

53

© Shutterstock.com

PRIORITY SECTORS FOR INVESTMENT

INTERNATIONAL SHIP REGISTRY

St Kitts & Nevis International Ship Registry (SKANReg) headquartered in London, UK; is an ISO 9001:2015 certified Flag State Administration and is certified by American Bureau of Shipping.

in strategic locations to meet all time zones. State of the art technology and systems are used to deliver electronic documents to our ships within the same day .

Headed by Liam Ryan, International Registrar of Shipping & Seamen / Chief Executive Officer, the Ship Registry aims to be a “Whitelisted” nation in the Memorandum of Understandings established

by Paris, Tokyo, Caribbean et al. To achieve this status, the registry applies a robust due diligence procedure to ensure that vessels wishing to register under the federation are of the required standard, meet the required convention requirements and trade in accordance with international law.

Since the commencement of operations in 2005, SKANReghas registered 3000 vessels and issue documents for44,000 seafarers.

The registry is reaping rewards in its technological standing to deliver services from all parts of the world. To do this, the Registry employs consultants

54

The Golden Book of St. Kitts - INVESTMENT GUIDE

To promote our services, we engage Maritime Registrars around the world and have a presence in key shipping locations such as Singapore, Dubai, Cyprus, and Greece amongst many more. Maritime Registrars are a local point of contact for shipowners and ship managers for their everyday registration needs including the certification of documents for submission as true copies of the original.

The registry is active at International Maritime Or-

INVESTMENT GUIDE - The Golden Book of St. Kitts

55

INTERNATIONAL SHIP REGISTRY ganization (IMO) level and participates in relevant meetings and networking events in the Maritime Industry such as Sea Asia, Posidonia, Seatrade Middle East Maritime and many more.

In 2022, we launched our drive to register large yachts, therefore SKANReg accepts the UK/MCA Large Yacht Code as the regulatory framework for large yachts not more than 12 passengers.

All vessels registered are subject to a Merchant Shipping Act based on English Law. Ships can be mortgaged by execution of a simple mortgage deed and lodged with the Head Office.

St. Kitts & Nevis Ship Registry is a member of the Maritime Accident Investigators International Forum(MAIIF). One of the greatest hallmarks of the St. Kitts and Nevis Ship Registry is our competitive fee structure, instant communication and fastturnaround of applications, to enable ship owners to cope with today’s commercial pressures.

To be the flag of choice for ship owners, the St. Kitts &Nevis International Ship Registry strives to improve its services on a daily basis.

WHY CHOOSE ST. KITTS AND NEVIS INTERNATIONAL SHIP REGISTRY?

© Shutterstock.com

There are many benefits to be gained by registering your vessels with St. Kitts & Nevis, not

56

least is the rapid turnaround to enquiries and applications from our worldwide network of maritime registrars. Equally important is the SKANREG ethos, which all members of our team are committed to upholding.

There are 5 key aspects to the SKANREG ethos, which provide valuable peace-of-mind and a competitive advantage to clients who choose to register with us.These are support, safety, reliability, flexibility and economics: Support Our Flag State services are available worldwide.

Prevention is better than detention.

We will fully support its owners and managers in the event of an emergency.

We have around the clock technical support from xperienced senior management staff, who are based at Head Office, and across our Maritime Registrar network.

We endeavour to provide all solutions on the same day.

Safe All of our procedures are in accordance with our Merchant Shipping Act and IMO Regulations.

We have trained & experienced staff worldwide.

We are accredited by ISO 9001 2015.

We assist our Ship owners and Managers on Port State Control (PSC) deficiencies & detentions All of our crew are certified as per STCW Standards.

Reliable Our Head Office is based on the outskirts of London.

Our Services are available in over 35 countries around the world.

All of our Registration Documents are issued locally, with the control of issuance managed at Head Office.

Direct access to Senior Management at any time.

Flexible Our target is to provide Ship Registration on the same day.

The Golden Book of St. Kitts - INVESTMENT GUIDE

INVESTMENT GUIDE - The Golden Book of St. Kitts

57

We can provide tailor-made decisions on the same day.

We offer flexible multi-registration rights.

Economical We strive to keep costs as low as possible for our owners.

We do not have any hidden fees and will always provide a transparent explanation to our costs.

We offer major discounts on vessel registrations for new buildings and vessels that have been built within the last 5 years.

Special discounts for multiple registrations Recognition that “Time is Money.”

The St. Kitts and Nevis International Ship Registry welcomes your application for registration. Further information can be obtained at www.stkittsnevisregistry.net Key Contacts: Wayne Edmeade Senior Inspector Dept. of Maritime Affairs Ministry of International Transport.

P.O.Box 878 Pelican Mall Basseterre, St. Kitts, W.I Tel: 1869 467 1848 Cell: 1869 762 9503 EM: maritimeaffairsskn@gov.kn Mr. Liam Ryan International Registrar of Shipping and Seamen / CEO Stolt Nielsen House, 1 5 Oldchurch Road, Romford, Essex, RM7 0BQ Tel: +44 (0)1708 380400 Email: liam.ryan@skanregistry.com

© Shutterstock.com

Mr. Alan Crass Technical & Survey Manager Tel: +1 869 466 3330 Email: alan.crass@skanregistry.com

58

The Golden Book of St. Kitts - INVESTMENT GUIDE

© Shutterstock.com

ST. KITTS URBAN DEVELOPMENT CORPORATION

UDC

PORT ZANTE: A PICTURESQUE GATEWAY TO HISTORIC BASSETERRE

in the confines of Port Zante which provides splendid accommodation at very modest rates.

Port Zante is a radiant world class port that provides a stylish gateway to the historic town of Basseterre. It offers beautiful promenades surrounded by elegant shops. Port Zante is only a few steps away from a marina designed to accommodate the largest cruise ships and luxury yachts.

© Shutterstock.com

Port Zante is in the process of rebounding from the slow down associated with COVID-19 Pandemic to its almost vibrant self. It is re-energized, revitalized and ready to welcome thousands of visitors to the shores of the Federation of St. Kitts and Nevis. Port Zante is a shopper’s paradise offering a diverse blend of designer goods, jewelry, cigars & spirits, and mementos at duty free prices. Port Zante also offers a multicultural dining experience. The food court is home to a wide array of international culinary offerings as well as a taste of local cuisine and culture.

There is an elegant 18 room, all-suites, hotel located INVESTMENT GUIDE - The Golden Book of St. Kitts

59

ST. KITTS URBAN DEVELOPMENT CORPORATION Continuous growth and development have transformed Port Zante into the ideal cruise facility and has created superb conditions for economic growth in St. Kitts-Nevis. The St. Kitts Urban Development Corporation Ltd. invites enquiries from interested developers and investors, who wish to participate in this exciting project. The Port Zante Development project is approved for participation under the real estate option of the Citizenship by Investment Programme, in accordance with the citizenship Act of 1984. There are possibilities for single or fractional ownership of the hotel and condominium units.

© Shutterstock.com

St. Kitts Urban Development Corporation Ltd. is pursuing a second phase of real estate development aimed at utilizing its remaining undeveloped lands.

This second phase of real estate development will be anchored by a new 54 slip full-service marina accommodating vessels up to 200 feet in length. The

60

The Golden Book of St. Kitts - INVESTMENT GUIDE

marina village will include a boutique hotel, commercial and residential condominiums, structured parking, a waterfront promenade and outdoor landscaped recreation areas. It is envisaged that when completed investors will obtain full advantage of the anticipated further increases in visitors to this destination as well as the predicted boost in economic activity across the island.

ST. KITTS URBAN DEVELOPMENT CORPORATION LTD. P.O. Box 838, Unit 201, Building 3/4 Port Zante, Basseterre St. Kitts and Nevis Email: info@skudc.com Tel: 1 869 466 5021 Fax: 1 869 466 5020 Web: www.portzante.com

ST. CHRISTOPHER AND NEVIS AIR AND SEA PORTS AUTHORITY

SCASPA

The St. Christopher Air and Sea Ports Authority abbreviated as SCASPA is a statutory corporation formed by the Government of St. Kitts & Nevis in 1993 uniting the Air and Sea Ports in St. Kitts.

RLBIA, can accommodate commercial jumbo jets and handles scheduled non-stop jet flights to Canada and the United States, as well as numerous regional commuter flights from within the Caribbean region.

THE GATEWAYS TO ST. KITTS

Port Zante Cruise Ship Terminal – a WorldClass twin pier, 4-berth cruise terminal, that can comfortably accommodate the latest generation of cruise vessels.

Basseterre Deep Water Port also referred to as the Multipurpose Pier handles the island’s container and cargo traffic while, when necessary, transforms into a vibrant burst of culture and splendor to welcome passengers from cruise vessels that may berth on any day. The Basseterre Deep Water Port is also a key player in the Caribbean’s Container Transhipment sector.

Robert Llewellyn Bradshaw International Airport - formerly known as Golden Rock Airport, is an international airport located just northeast of Basseterre, on the island of Saint Kitts. The Robert L. Bradshaw International Airport, abbreviated

Basseterre Ferry Terminal provides daily ferry services to Nevis and other neighboring islands.

The Basseterre Ferry Terminal has a pier of 200 ft and can accommodate four (4) vessels at a time.

Specially chartered trips to neighboring islands such

The Authority facilitates and governs the four (4) main gateways to St. Kitts, operating the:

INVESTMENT GUIDE - The Golden Book of St. Kitts

61

SCASPA as St. Eustatius (Statia), Saba and St. Maarten are also facilitated at the Ferry Terminal.

These modern facilities form a key element of our islands infrastructure but also help maintain and stimulate vital foreign investment – mostly in the tourism sector.

STRUCTURE AND GOVERNANCE

© Shutterstock.com

The St. Christopher Air & Sea Ports Authority (SCASPA) is managed by a Board of Directors and a Management Team. The major departments at SCASPA includes Human Resource, Security, Communications, Finance, Facilities & Maintenance, Seaport Operations (Marine and Cargo Division), Legal Counsel and Airport Operations (inclusive of Air Traffic Control and a Meteorological Department).

62

The Golden Book of St. Kitts - INVESTMENT GUIDE

Our meteorological department of SCASPA is the only department in the Caribbean region that is owned under the authority of a statutory body. The Control Tower which houses the Air Traffic Control and Meteorology Departments was opened in 2003.

As facilitators of Trade and by extension – Tourism, SCASPA falls under the umbrella of the Ministry of Tourism, International Trade, Civil Aviation, Urban Development, Employment and Labour with minister responsible Hon. Marsha Henderson.

The Authority serves as great support for the Government of St. Kitts and Nevis to create a powerful stimulus for international trade, Tourism, and long-term economic expansion, ultimately boosting the Federation’s development.

© Shutterstock.com

ADVERTISER’S INDEX C.S. GLOBAL PARTNERS...................................... INSIDE FRONT COVER B. KASSAB & ASSOCIATES REALTORS...................................................... 8 NATIONAL BANK TRUST............................................................................. 9 B. WILLIAMS PROPERTY MANAGEMENT SERVICES............................ 15 OFFICE MACHINES LTD............................................................................. 28 AVALON MEDICAL LABORATORY........................................................... 33 ST. KITTS & NEVIS INT’L SHIP REGISTRY.......................................55 & 57 MARRIOTT RESORT ST. KITTS............................... INSIDE BACK COVER ROYAL ST. KITTS..................................................................... BACK COVER INVESTMENT GUIDE - The Golden Book of St. Kitts

63

64

The Golden Book of St. Kitts - INVESTMENT GUIDE

INVESTMENT GUIDE - The Golden Book of St. Kitts

65