The St Kitts government has been very pro-active in making the country as attractive as possible to overseas investors. In the past, the country has had a reputation for money laundering and drug trafficking, but the introduction of new laws cracked down on this problem, and they have attracted more mainstream businesses.
The St Kitts Investment Promotion Agency was set up in 2007, and it actively promotes the island as being a centre for international finance, and it is able to arrange local and foreign investment projects.
The most important sources of income for the island are still offshore finance, tourism and service industries. St Kitts and Nevis also have a total of eight industrial and commercial free-trade zones, and another four fully developed industrial sites, where investors can choose to have production facilities constructed to their specifications. It’s expected that the amount of factory space will continue to increase in coming years.
These specially designated export processing free zones give investors exemptions from custom duties for exports and imports, and investors are also exempt from any St Kitts and Nevis tax for fifteen years. Commercial treatment zones tend to be located near the jungle frontier, and give investors the benefit of exemption from VAT, a reduction in customs duty and accounting in foreign currency.
Although tourism is one of the most important sectors, and most overseas investors will choose to buy property, this island has a lot more to offer than just fabulous luxury living, year round good weather and gorgeous beaches.
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