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May 21, 2023
6
min read
St. Kitts and Nevis is a beautiful twin-island nation located in the Caribbean. The country is known for its stunning beaches, rich culture, and welcoming people.
St. Kitts and Nevis has the world's first and most popular Citizenship by Investment (CBI) program, which permits individuals to obtain citizenship and a second passport in exchange for a substantial financial investment in the country. Since 1984, the CBI program has been operating successfully, attracting many wealthy individuals and investors who seek visa-free travel, international mobility, and business opportunities. Investors participating in the CBI program benefit from zero taxation in Saint Kitts and Nevis.
In this comprehensive guide, we will explore the tax system in St. Kitts and Nevis, including personal income tax, corporate tax, value-added tax, property tax, and other taxes. We will also discuss tax residency, tax planning, and the St. Kitts and Nevis Citizenship by Investment (CBI) program.
St. Kitts and Nevis has a simple and straightforward tax system. The country levies various taxes on individuals and businesses.
Individual taxation in this country is considered to be among the best in the world. Personal income, inheritance, wealth, and gifts are not taxable in this jurisdiction. Capital gains tax (at a rate of 20%) is only levied if the asset is sold within 12 months of its acquisition date.
St. Kitts and Nevis has developed a reputation as an offshore financial center, offering various financial services and incentives to international businesses and investors. These include tax incentives for offshore banking, insurance, and international trusts. The offshore sector is regulated by the Financial Services Regulatory Commission.
If you are planning to move to St. Kitts and Nevis, you should understand the concept of tax residency. Tax residency is a crucial factor that determines your tax obligations in St. Kitts and Nevis.
Tax residency is determined based on the individual's physical presence in the country. The tax residency rules are as follows:
You can be a non-resident even if you hold Saint Kitts and Nevis citizenship and a passport.
It is worth noting that St. Kitts and Nevis has signed double taxation agreements with several countries to avoid double taxation of income. If you are a tax resident of a country that has a double taxation agreement with St. Kitts and Nevis, you may be eligible for tax relief. Additionally, residents may be eligible for certain tax benefits and incentives available under the local tax laws.
The company tax rate in St. Kitts and Nevis is a flat 33% and is based on a company's net profit. There are also other types of taxes that are related to legal entities. Please see the table below.
*Tax resident companies: companies that are incorporated in St. Kitts and Nevis and managed by local directors;
*Non-resident companies are companies that are registered and managed outside St. Kitts and Nevis.
The current VAT rate in St. Kitts and Nevis is 17%. VAT is collected on taxable supplies made to their customers, and businesses are allowed to claim input VAT credits for VAT paid on their business-related purchases.
While most goods and services are subject to the standard VAT rate of 17%, certain supplies may be exempt or subject to a zero rate. Exempt supplies are not subject to VAT, while zero-rated supplies are taxed at a rate of 0%.
Examples of exempt supplies can include certain financial, educational, transportation, insurance, etc. services, whereas zero-rated supplies may include exports of goods and services, depending on the product itself. Such goods as flour, sugar, milk (not condensed, chocolate, cream, or soy), rice (white and brown), oats, and bread are zero-rated.
St. Kitts and Nevis has a property tax system. Property tax is levied on the market value of real estate in St. Kitts and Nevis. Property tax is generally imposed on land and buildings owned by individuals, businesses, or other entities within St. Kitts and Nevis. This includes residential properties, commercial properties, vacant land, and rental properties.
The tax rate ranges from 0% to 0.3%, depending on the value of the property and its location. Property owners are required to file their tax returns by March 31 of each year.
There is also a stamp duty of about 6–10% when transferring ownership of the property.
Investors who apply for the CBI program through real estate purchases are exempt from paying taxes on the transfer of ownership.
St. Kitts and Nevis may impose the following taxes:
St. Kitts and Nevis offers several tax incentives for businesses, including:
Becoming a citizen of St. Kitts and Nevis has several tax benefits, including:
The tax year in St. Kitts and Nevis runs from January 1 to December 31. The government has implemented a modern and efficient tax system that makes it easy for individuals and businesses to file their taxes online.
In St. Kitts and Nevis, the deadlines for filing tax returns can vary depending on the specific tax type and the taxpayer's circumstances.
The St. Kitts and Nevis Citizenship by Investment (CBI) program allows foreign nationals to obtain citizenship by investing in the country and enjoy all tax benefits.The program was established in 1984 and is one of the oldest and most reputable CBI programs in the world.
The program offers two main investment options for obtaining citizenship:
To qualify for the St. Kitts and Nevis CBI program, applicants must meet certain criteria, which may include:
All applicants undergo a thorough due diligence process, which involves background checks and vetting procedures to ensure the integrity of the program. This process is conducted by the government or authorized agencies.
The application process for the St. Kitts and Nevis CBI program involves submitting the necessary documents, forms, and supporting evidence and takes about 2-6 months. The entire process is handled online by Golden Harbors.
Yes, St. Kitts and Nevis passport is widely recognized and accepted for visa-free or visa-on-arrival travel to over 157 countries worldwide. Including the EU, UK, Hong Kong, and Singapore.
It will take approximately six months to obtain a passport from Saint Kitts and Nevis. St. Kitts and Nevis offers an accelerated application process that, for an additional $25,000, expedites the passport application process to 45-60 days.
No, there is no requirement to reside in St. Kitts and Nevis before, during, or after the citizenship application process. To become a tax resident of St. kitts and Nevis you have to live there 183 days or more per year.
Yes, the St. Kitts and Nevis CBI program allows for the inclusion of family members, including your spouse, dependent children, and dependent parents or grandparents.
Yes. The participants in St. Kitts and Nevis' CBI program are not the subject of any reports or publications. Therefore, if the nation of your first citizenship forbids dual citizenship, you need not fear losing your first passport. St. Kitts will also make sure that your second passport is kept secret if that is something you prefer.
Secure your future today with St. Kitts and Nevis citizenship by investment program together with Golden Harbors. Contact our team right now.
Saint Kitts and Nevis
Residence Permit Advantages
Saint Kitts and Nevis
Citizenship
Processing Time and Terms
Enter your estimated application start date for St. Kitts and Nevis citizenship and receive a clear timetable for the entire procedure
1
Sign a service agreement, fill out application forms, and pay the initial service and due diligence fees.
14
We compile a document package and submit it for due diligence performed by St. Kitts CBI unit
120
Due diligence and background check conducted by the state
30
We submit your citizenship application once we receive the approval, and you make payment of the outstanding investment amount, government fees, stamp duty, and other fees.
14
We supervise the issuance of your passport by St. Kitts and Nevis and send your Certificate of Citizenship and passport by DHL Express.
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Victoria
Lead Attorney at Golden Harbors
Victoria
Lead Attorney at Golden Harbors