The Golden Book of St. Kitts 2020 (4th edition) by media publishing international N.V.

THE GOLDEN BOOK OF

SAINT KITTS 4th edition - 2019

www.goldenbookskn.com

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THE GOLDEN BOOK OF

SAINT KITTS 4th EDITION - 2019 WWW.GOLDENBOOKSKN.COM

THE INVESTMENT GUIDE A COMPREHENSIVE REFERENCE MANUAL FOR INVESTORS & TOURISTS

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

Welcome Message from the Honourable Prime Minister, Dr. Timothy Harris.............................4 Message from St. Kitts Investment Promotion Agency (SKIPA).............................................5 SKIPA Profile.............................................. 10

GENERAL INFORMATION..................... 12 St. Kitts History......................................... 14 St. Kitts: Geographic Profile.......................... 18 Location.............................................. 18 Distance by Air...................................... 18 Map of St. Kitts..................................... 19

TABLE OF CONTENTS 1. Tourism........................................... 40 2. Citizenship by Investment.................... 42 3. Financial Services.............................. 44 4. Information Technology....................... 47 5. Agriculture....................................... 50 6. Renewable Energy.............................. 52 7. International Education....................... 53 8. Light Manufacturing............................ 55 St. Kitts and Nevis International Ship Registry.... 56 St. Kitts Urban Development Corporation (UDC). 60

Why Invest in St. Kitts................................. 20

St. Christopher and Nevis Air and Sea Ports Authority (SCASPA).................................................. 62

Useful Addresses & Contacts.......................... 22

ADVERTISER’S INDEX................................... 64

INVESTMENT GUIDE.......................... 24 The Economy............................................ 26 Incentives................................................. 29 Taxation................................................... 30 Steps to Establishing a Business...................... 32 Priority Sectors for Investment...................... 40

This book is published by Media Publishing International N.V. on behalf of the St. Kitts Investment Promotion Agency (SKIPA) Media Publishing International N.V. P.O. Box 409, Philipsburg, SINT MAARTEN (Dutch Caribbean) Welfare Road, Cole Bay, St. Maarten Tel: 1-721-527-5111 General Manager & Publisher: Emile Cukier E-mail: emilecukier@gmail.com Layout & Design: Estrelinda Rollan-Mc Quilkin E-mail: lindarollan@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 be only the result of an accident. 2019 © Media Publishing International N.V.

Cover Photo: © majicphotos /Shutterstock.com

| The Golden Book of St. Kitts 4 - GENERAL INFORMATION

Welcome Message from the Honourable

Prime Minister

It is my distinct pleasure to welcome you to the pages of the 4th edition of The Golden Book of St. Kitts, the premier guide to doing business in this first-class tropical Federation of St Kitts and Nevis which I am so proud to call home. Here you’ll learn that St. Kitts and Nevis assures a most receptive climate and thriving environment for talented entrepreneurs and investors like yourself. I am delighted that, through this informative publication, even more people will become aware not only of the excellent business opportunities that exist, but also discover the essence of our beloved Federation of St. Kitts and Nevis. This is a place where success is a given when people put their minds to it. We gave the world Alexander Hamilton, after all. Examples of our award-winning innovations and dynamism include us having the world’s oldest Citizenship by Investment Programme – designated the World’s Most Innovative Investment Immigration Programme at the 2017 Russian Global Citizen Awards Ceremony – and an advanced information and communication technology (ICT) infrastructure that is ranked in the Top 40 out of more than 170 countries on the International Telecommunication Union’s ICT Development Index, making us Number 1 in the Organisation of Eastern Caribbean States (OECS). Indeed, our idyllic little islands always punch above her weight. The World Bank’s 2017 Doing Business report, for instance, found that while it takes 65 hours on average to process documents and clear goods at Latin American and Caribbean ports, it takes 37 hours on average at our Federation’s ports. That’s one and a half days here compared with roughly three days elsewhere. Additionally, out of all the countries in the Englishspeaking Caribbean, we were adjudged to be the best facilitator of cross-border trade. I think this partly explains why we are among the fastest-growing economies in the region, as quick processing times boost profits and productivity. Our approach to doing business, however, is not all about the bottom line. You should also know that the Federation of St. Kitts and Nevis sets the gold standard for sustainable business practices. Honoured by the Caribbean Tourism Organization and, most recently, by the World Travel and Tourism Council, St. Kitts and Nevis is positioned firmly at the vanguard of sustainability as the Best Sustainable Tourism Destination on the Planet. Speaking of the planet, our Federation is expanding its diplomatic footprint at a rapid pace. To date, St. Kitts and Nevis enjoys visa-free access to 158 jurisdictions, and our passport ranks 24th in the world – 1st in the OECS. On behalf of the Government and people of St. Kitts and Nevis, I thank you for your interest in making our Federation a special home away from the ordinary routine. We look forward to facilitating your investment as you explore the extraordinary potential of our beautiful country.

Dr the Hon Timothy Harris Prime Minister 4

| The Golden Book of St. Kitts 4 - GENERAL INFORMATION

Message from

Greetings and a warm welcome to our fourth edition of The Golden Book of St. Kitts! We are delighted that you have taken the time to peruse the contents of the official investment guide of the St. Kitts Investment Promotion Agency (SKIPA). The Golden Book of St. Kitts consolidates everything you need to know about investing in St. Kitts into this easily readable format with up to date information on the economy, priority sectors for investment and much more. At SKIPA, our various departments, Investment Facilitation, Investment Promotion, After Care Services and Policy Advocacy all work together for the betterment of the investor by lobbying for policy changes aimed at enhancing the investment climate as well as assisting investors with the successful establishment of businesses in St. Kitts. We are proud to report, that St. Kitts continues to record significant increases in Foreign Direct Investment (FDI). The strong growth in the inflows of FDI is dominated by investment in high-end real estate; condominiums, villas and hotels. The investment flows in the real estate sector are spurred by the country’s Citizenship by Investment Programme (CBI) and the increase in direct flights to St. Kitts from key North American and United Kingdom markets. You are invited to familiarize yourself with the many opportunities available for investment under our priority sectors: Tourism, Information Technology, Agriculture, Offshore Financial Services, Renewable Energy, International Education and Light Manufacturing. In addition to investments in the real estate sector, St. Kitts has also secured significant investment in other sectors such as Tourism and International Education Services, primarily medical universities. The latter accounts for approximately 12 % of the country’s GDP with six accredited institutions. St. Kitts continues to be an attractive jurisdiction for FDI, offering a variety of options for investment under the priority sectors. We hope that you will find The Golden Book of St. Kitts as a useful resource for information about investing in St. Kitts. Our highly professional staff is looking forward to working with you.

GENERAL INFORMATION - The Golden Book of St. Kitts 4

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Blue Water Safarisâ&#x20AC;&#x2122; legendary Day charters; Half day and

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| The Golden Book of St. Kitts 4 - GENERAL INFORMATION

Princes Street, Basseterre, St Kitts Tel: 1 869 466 4933 Email: bluewatersafaris@gmail.com

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.

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 ● Fax: +1 (869) 465-1154 E-mail: office@investstkitts.kn

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

| The Golden Book of St. Kitts 4 - GENERAL INFORMATION

ST. KITTS HISTORY.............................................................................14 ST. KITTS: GEOGRAPHIC PROFILE...........................................................18 WHY INVEST IN ST. KITTS....................................................................20 USEFUL ADDRESSES & CONTACTS...........................................................22

| The Golden Book of St. Kitts 4 - GENERAL INFORMATION

Â© SKIPA

GENERAL INFORMATION

ST. KITTS HISTORY St. Kitts was originally inhabited by the Arawak

Consequently, St. Kitts became the battleground for

and Carib tribes; the prehistoric hunter-gatherers

many conflicts as the European powers fought for

who roamed the archipelago for centuries until the

control of the island. The Indigenous Carib people

arrival of Christopher Columbus in 1493. The Caribs

were eventually wiped out in an ambush at Bloody

aptly called the island Litamuiga, meaning fertile

Point, leaving the British and the French in a series

island because of its soft volcanic soil. Nonetheless,

of ferocious back and forth struggles for control of

it was Christopher Columbus who named the island

the island until 1783, when the French ceded the

St. Kitts, after his favorite Saint.

island to the British in the Treaty of Versailles.

The first Non-Spanish settlement in the Caribbean

St. Kitts’ long historical past, dominated by slavery

occurred in St. Kitts, thus making it the Mother

and colonialism has been the incubator for the

Colony of the West Indies and the launching pad for

resilience and fortitude of its people. The cultivation

British and French expansion and domination in the

of cane sugar spanned over three hundred and fifty

Western Hemisphere. In 1624, an English Captain,

years, until, the removal of trade preferences

Thomas Warner settled on St. Kitts because of its

and un-competitive production costs forced The

strategic central location for expansion, fertile

Government to close the industry in 2005. The

soil, abundant fresh water, large salt deposits and a

sugarcane covered landscapes punctuated with

hospitable native population. Then, in 1625 Thomas

centuries-old former sugar plantations tell a story

Warner allowed an embattled French Captain, Pierre

a foregone era.

D’Esnambuc, to settle on the island, thus making

St. Kitts the site of the first permanent British and

Basseterre, the capital city, to this day resembles

French settlements in the New World.

| The Golden Book of St. Kitts 4 - GENERAL INFORMATION

seventeenth

century

European

metropolis

ST. KITTS HISTORY

transplanted in the middle of a vibrant twenty

During the Colonial era, St. Kitts claimed the title

first century Caribbean, with its baroque Georgian

“The Pearl of the Caribbean” because of its riches

architecture and centuries old landmarks. The

and, the important role it played in the expansion

City’s rich cultural heritage remains frozen in time;

of the British Empire; a title many would argue still

from the imposing tower of the St. Georges Anglican

holds true today as it engage the future in a world

Church, originally named Notre Dame by the French

of increasing globalization.

in 1670, to the enchanting garden of Independence Square built in 1790 as a slave market. GENERAL INFORMATION - The Golden Book of St. Kitts 4

Golden Rock Commercial Park

olden Rock Commercial Park depicts several positive aspects of being at a crossroad. This six-acre property sits at the prime and commanding intersection of three busy roads including the Kim Collins Highway, the gateway to tourism activities in Frigate Bay and the southeast peninsula, and the F.T. Williams Highway. Its proximity to the R.L. Bradshaw International Airport, the world renowned St. Kitts Scenic Railway, the capital city of Basseterre and Port Zante, the bustling cruise terminal, positions this development to differentiate its offerings. Golden Rock Commercial Park speaks to yet another kind of crossroad. It is a sophisticated mixed-use property that invites forward-thinking people to live, work and play within a single development. It has the distinction

Consider the definition of a “crossroad” – a meeting place, an intersection of two or more roads. Crossroads also represent change and possibility; places where differences come together and important decisions are made.

of being the first mixed-use commercial and residential property to be listed by the government of St. Kitts and Nevis as an approved real estate project, under the Citizenship by Investment Programme and offers a wide and promising range of investment opportunities. The Commercial Park at Golden Rock is an eco-friendly development comprising four buildings, ideal for a wide range of business activities, from landscaping services to executive corporate offices and a full-service bank. Scheduled to be constructed in three phases, these urbane and upscale multi-storey buildings feature sleek, modern architectural lines. Refinement and polish are reflected throughout in the detailing and finishes. Sophistication is revealed in the careful balance between the built and natural surroundings, as the structures highlight the beautiful, lush greenery of the surrounding environment, while affording gorgeous ocean vistas – the perfect meeting of international appeal and island ambiance. The amenities at the property include ample parking, 24-hour security, back-up power, highspeed internet and a variety of restaurants. Phase 1 of the Golden Rock Commercial Park is a high-end shopping mall, the first of its kind in St. Kitts and Nevis. This elegant mall features three storeys and a mezzanine floor with a total of 125 freehold units, each approximately 1000 sq ft. The ground floor hosts a 20,000 sq ft supermarket, a food court with water features and well-appointed interior landscaping leading to an amphitheatre. Shops and restaurants are located on the main and first floors while the second floor accommodates communal meeting rooms, board rooms and state-of-the-art office spaces that take advantage of striking ocean views. 118 residential units, 25 commercial units, and an entertainment arcade are planned for two separate residential blocks that comprise Phase Two. The entertainment arcade will feature, among other things, bowling alleys, several cinemas and interactive games in an effort to enhance the island experience for an increasing number of discerning visitors and expectant residents. A 136 all suites branded hotel is planned for Phase 3. The building will boast five floors and includes an expansive lobby, beautifully laid with marble floors and exquisite granite finishes. The building will be crowned by a verdant rooftop garden featuring a lounge area surrounded by tall trees, while on the ground floor, a restaurant and bar open up to a pool area. Golden Rock Commercial Park is a differentiated offering that is positioned to attract significant new investments that have the potential to alter the commercial and social landscapes of the Federation. § PLEASE CONTACT US TO FIND OUT MORE ABOUT OUR PROPERTIES AND INVESTMENT OPTIONS. info@grcpark.com +1 869 465 5555

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

1 hour from San

4.5 hours from

Toronto, Canada

4 hours from

New York, USA

8 hours from

London, England

3 hours from

Miami, USA

3.5 hours from

Juan, Puerto Rico

| The Golden Book of St. Kitts 4 - GENERAL INFORMATION

Atlanta, USA

ST. KITTS: GEOGRAPHIC PROFILE

Map of St. Kitts

ut n's G h

Fig Tree Pump Bay

Brimstone Hill Fortress

Phillips

Grange Bay

Mansion

Verchild’s Molineux hut G Mountain y's tle Lodge t O Cayon . Key’s

Mt. Liamuiga

Sandy Point

Saddlers Black Rocks Tabernacle

Newton Ground

Racetrack Sandy Bay

Saint Paul's

Pars o

Saint Pauls Point

Olivee’s Mountain

White Gate

Dieppe Bay Town

Middle Island Half Way Tree

n yo Ca

Old Road Town

Original Map: © MAP RESOURCES | Edition & Updates: © Media Publishing International N.V.

Challengers Trinity Old Road Bay Boyd's

C a r i b b e a n S e a Hermitage Bay

Conaree Village Conaree Bay Monkey Hill Golden Rock

Robert L. Bradshaw Half Moon Bay Int’l. Airport

Port North Frigate Bay Zante Bloody Basseterre North Friar’s Bay Point Palmetto Deep So Limekiln Bay ut Turtle Bay Water Bay h S. Frigate Ea Canoe Bay Harbour st Bay Pe Machineel Bay S. Friars Bay nin su Sandy Bank Bay White House Bay Guana Point Ballast Bay Green Point Shitten Bay Buggs Hole

Great Salt Pond

Mosquito Bluff Turtle Beach Cockleshell Bay Banana Bay

Major’s Sea Bridge Bay Nag's Head

GENERAL INFORMATION - The Golden Book of St. Kitts 4

●● 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

| The Golden Book of St. Kitts 4 - GENERAL INFORMATION

WHY INVEST IN ST. KITTS

USEFUL ADDRESSES &

CONTACTS Telephone Code for St. Kitts:

+1-869

Ministry of Justice and Legal Affairs Government Headquarters Church Street, Basseterre Tel.:................................................. 465-2521 Tel.:................................................. 467-1180 Tel.:................................................. 467-1013 Fax:................................................. 465-5040 Prime Minister’s Office Government Headquarters Church Street, Basseterre Tel.:................................................. 465-0299 Tel.:................................................. 467-1207 Fax:................................................. 465-1001 Ministry of Tourism Port Zante, Basseterre Tel.:................................................. 465-2521 Tel.:................................................. 467-1389 Tourism Authority:............................... 465-4040 Department of Labour New Street, Basseterre Tel.:................................................. 467-1103 Tel.:................................................. 467-1144 Fax:................................................. 466-8643 St. Kitts Electricity Company Central Street, Basseterre Tel.:................................................. 465-2000 Fax:................................................. 466-7308 Chamber of Industry and Commerce Horsford Road, Basseterre Tel.:................................................. 465-3967 Tel.:................................................. 465-2980 Fax:................................................. 465-4490 22

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Governor General’s Office Springfield, Basseterre Tel.:................................................. 465-2260 Tel.:................................................. 465-2315 Tel.:................................................. 466-5046 Fax:................................................. 465-2953 Ministry of Finance Church Street, Basseterre Tel.:................................................. 465-2521 Tel.:................................................. 467-1091 Comptroller of Customs:........................ 467-1077 Inland Revenue Department:................... 467-1083 Fax:................................................. 465-1532 Ministry of National Security Pelican Mall, Basseterre Tel.:................................................. 465-2521 Tel.:................................................. 467-1534 Fax:................................................. 466-4836 Ministry of Sustainable Development Bladen’s Commercial Development Basseterre Tel.:................................................. 467-1056 Fax:................................................. 466-7398 Department of Physical Planning:............. 465-2277 Social Security Office Bay Road, Basseterre Tel.:................................................. 465-2535 Tel.:................................................. 465-2536 Fax:................................................. 465-5051 Water Services Department Needsmust Tel.:................................................. 466-3070 Fax:................................................. 466-7901

THE ECONOMY.................................................................................26 INCENTIVES.....................................................................................29 TAXATION.......................................................................................30 STEPS TO ESTABLISHING A BUSINESS.......................................................32 PRIORITY SECTORS FOR INVESTMENTS.....................................................40 1. TOURISM..................................................................................40 2. CITIZENSHIP BY INVESTMENT.........................................................42 3. FINANCIAL SERVICES...................................................................44 4. INFORMATION TECHNOLOGY..........................................................47 5. AGRICULTURE...........................................................................50 6. RENEWABLE ENERGY...................................................................52 7. INTERNATIONAL EDUCATION..........................................................53 8. LIGHT MANUFACTURING...............................................................55 ST. KITTS AND NEVIS INTERNATIONAL SHIP REGISTRY...................................56 St. Kitts Urban Development Corporation (UDC).................................60 St. Christopher and Nevis Air and Sea Ports Authority (SCASPA)............62 24

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INVESTMENT GUIDE

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THE ECONOMY Basic Facts (2018) Capital of Country

Basseterre

Population

48,857 (2018 est.)

Official Language

English

GDP at basic market prices

US$M 1,007.5

GDP Per Capita

US$ 20,261.1

Official Exchange Rate (US$- EC$)

EC$ 2.70

Inflation Rate

-1.04 % Manufacture of electronic components, Construction,

Major Economic Drivers

Tourism, Financial Services, Off-shore Education services, and Government Services

Main Trading Partners Major Exports Major Imports Government (Type)

United States, Canada, European Union and CARICOM Electronic Components: switches/Dimmers, Transformers Petroleum, Cement, Flour Parliamentary Democracy and a Commonwealth Realm

Governor General

Yes

Prime Minister

Yes

Opposition Leader

Yes

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THE ECONOMY Since the closure of the sugar industry in 2005, St. Kitts-Nevis has accelerated the transition to a modern service-oriented economy, and achievement of sustainable economic growth and development. The services industry leads the level of economic activity, comprising, on average, seventy-seven percent of the Gross Domestic Product (GDP) (second is the Secondary industry: Mining, Manufacturing and Construction, which comprises twenty-two percent of GDP). Some of the key sectors, which generally drive economic growth include: Construction, Tourism, Transportation

and

Communication,

Financial

Services, and Government Services. In 2018, the economy of St. Kitts and Nevis achieved a seven-year trend in growth; the economy is estimated to record real growth of 3.2% in 2018, and approximately three percent per annum. The expansion in 2018 is attributed to increased activities in the sectors of Construction, Distributive Trade, Tourism, Transportation and Communication, Financial Services and Government Services. Notably, visitor arrivals by air is estimated to by 7.6% to 127,825, while cruise-ship passenger arrivals increased by 7.3% to 1,145,424. These achievements are underpinned by the services of quality hotels, fine restaurants, a major duty-free shopping area, an excellent transport system and a wide range of tour activities and excursions.

The

manufacture

and

export

electronic

components, mainly to the US market, continues to play a significant role in the terms of employment and contribution to economic activity. In fact, St. KittsNevis is the major exporter of electronic components to the USA- with the OECS region. Further to this, St. Kitts-Nevis is home to several off-shore US-based medical universities, which provide training to several thousand foreign students in medicine and veterinary

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studies. The inflation rate recorded for 2018 stood at -1.0 percent, and an annual average -0.2 over the last seven years. This low level of inflation linked to lower inflationary pressures from exogenous factors as well as the positive impact of Governmentâ&#x20AC;&#x2122;s prudent fiscal

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

THE ECONOMY policy practices. The inflationary trend in St. Kitts-

The US dollar is generally accepted in businesses

Nevis is in line with the low inflation rates recorded in

throughout the island, as are all major credit cards.

the CARICOM region and amongst many of the major trading partners.

Banks are open Monday through Thursday, 8:00am 2:00pm and on Friday 8:00am - 4:00pm.

The Eastern Caribbean dollar (XCD) is pegged to the

United States dollar (USD) at an exchange rate of

Each bank, with the exception of the Development Bank

EC$ 2.70 equal to US$1.00. This and other aspects of

provides 24 hour ATM services. These ATM machines

the monetary and financial system of St. Kitts-Nevis,

are linked to MasterCard or VISA via PLUS/Electron or

as well as other countries of the Eastern Caribbean

Cirrus/Maestro networks so that cardholders are also

Economic Union (ECCU), is regulated by a sub-regional

able to access their account information and make

authority, the Eastern Caribbean Central Bank (ECCB).

cash withdrawals.

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

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INCENTIVES The Government of St. Kitts has a favourable attitude towards investments that have had 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

Value Added

Maximum Tax Holiday

Group I

50% or more

15 years

Group II

25% to 50%

12 years

Group III

10% to 25%

10 years

Enclave

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 income tax paid based on export profits as a percentage of total profits. Rebate of Income Tax % of Total Profits

% of Total Profits

10% to 20%

25%

21% to 40%

35%

41% to 60%

45%

More than 60%

50%

Exemption from Import Duties

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 items 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.

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

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

TAXATION 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 (mark-up) 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. 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

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

Taxation • Technical, professional, vocational and any other service fees • Non-life insurance premiums • Any other annual or periodic payment or distribution • Accounting, actuarial, legal and audit expenses 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.

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 training 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).

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.

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

STEPS TO © CKP1001 /Shutterstock.com

ESTABLISHING A BUSINESS The steps involved in establishing a business may vary

●● Registering with Inland Revenue as a tax payer

depending on the type of business being established.

●● Registering with the St. Christopher Social Security

Investors are asked to contact SKIPA for information concerning the specific type of business being considered.

Board as an employer ●● Applying

for

an Alien

Landholding

Licence

(foreigners owning shares in an ordinary company or foreigners serving as directors of an ordinary

Steps to establish a business include but are not limited to:

company) ●● Submitting Proposals for Review (SKIPA) ●● Applying for Incentives

●● Incorporating the company with St. Kitts Financial Services Regulatory Commission

●● Applying for Work Permits ●● Due Diligence for non-nationals

●● Applying for a Business & Occupations Licence

(Facilitated by SKIPA)

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

steps to establishing a business Procedure to Acquire a Business Licence Investors wishing to acquire a business licence need to complete a business licence application form. There are 3 main types of business that require different levels of documentation. Business type “A” 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

Cost to the Investor: There is no charge Requirements: Business Licence Fee or Certificate of Incorporation

Procedure for Registration with Social Security | Timeframe: 1 day Investors that 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

a government agency.

an employer registration form and presenting the

Cost to the Investor: Licence fees vary depending

incorporated the investor still registers their entity as

on the nature of business ranging from EC$100.00 to EC$2,000.00

certificate of incorporation. If the entity is not an employer by completing the employer registration form and presenting valid photo identification.

The time frame varies depending on the nature of business. It may take 3 to 5 working days or up to a month. 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 form in the case of an individual. Inland Revenue uses the information gathered to compile a database and issues the investor with a tax payer number.

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

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

Procedure for Incorporating a Company | Time frame: 24 Hours 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

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 35%. 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

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

Registrar of Companies along with the incorporation fee, in order for a company to be incorporated. Who May Incorporate – Are Any Local Professionals Required? 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 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. 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 INVESTMENT GUIDE - The Golden Book of St. Kitts 4

steps to establishing a business 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 ECD270,000 (equivalent of USD100,000) 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 jurisdictions to St. Kitts. Can LLCs (US-style Limited Liability Companies) Be Formed? Yes

Procedure to Acquire Land | Time frame: 3 to 6 months Investors that 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 High Court (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 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 High Court (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 ÂŠ SKI{A

Investors that 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

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

steps to establishing a business

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 US$5,000.00 to the department that requests the background check. The documents are then delivered 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 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$7,500.00 per applicant for Non-CARICOM nationals and US$5,000.00 for CARICOM nationals.

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 • 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. GENERAL INFORMATION - The Golden Book of St. Kitts 4

steps to establishing a business Guide to Preparing THE Proposal • Description of the project including size, capital investment,

concept,

and

layout

designs

(if

applicable). • Completed business plan • 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 and their experience in the area of business that they are applying to establish. • Information on the financing of the project • Due diligence check will need to be carried out on the developers. The due diligence cost is US$5,000.00

and is for the account of the developer.

| The Golden Book of St. Kitts 4 - GENERAL INFORMATION

ÂŠ halfofmoon /Shutterstock.com

ÂŠ mbrand85 /Shutterstock.com

PRIORITY SECTORS FOR INVESTMENT © NAPA /Shutterstock.com

TOURISM

Sector Overview

season. It is the first time in the island’s history that

Tourism has been identified as a strategic sector for

cruise arrivals have surpassed the million mile mark,

stimulating economic growth and development on

granting it marquee port status by the cruise lines. It

St. Kitts. The Government, in collaboration with the

is the only destination in the Organisation of Eastern

private sector, has been investing millions of dollars

Caribbean States (OECS) to achieve this status,

to develop the tourism sector through infrastructural

typically only enjoyed by much larger islands. In terms

development, investment in the physical plant

and

of spend, preliminary findings from the FCCA BREA

marketing. Tourism, which has experienced significant

study on the economic impact of cruise tourism for

growth since the closure of the sugar industry in

2017-2018 rank St. Kitts as having the third highest

July 2005, and which complements other growth

cruise passenger spend in the Caribbean. behind only

sectors

agriculture,

St. Martin and the British Virgin Islands. This provides

offshore education and information technology, is a

significant impact to our economy as cruise passengers

key contributor to the Gross Domestic Product, foreign

spend money for tours, in shops and on dining. In

exchange earnings and employment generation in the

terms of hotel development, Investments are being

Federation.

made by a significant number of properties to improve

such

as financial services,

the physical plant and market their products more

Renowned for its natural beauty, its warm, hospitable

vigorously, while new developments are progressing

people and rich history and culture, St. Kitts entices

toward completion to increase available room stock

many visitors to its shores. The cruise sector continues

across the island. Opened in November 2017, the Park

to grow at an impressive rate, having reached 1.112

Hyatt St. Kitts is the brand’s first and only property in

million cruise passenger arrivals in the 2018/2019

the Caribbean Elevating the destination’s profile in the

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

tourism public eye, it has earned distinctions such as Best New

Vacations on FlipKey.com, the vacation rental company

Caribbean Hotel by CNN Travel and rankings among the

of leading travel website, TripAdvisor®.

Best New Hotels in the World by Town & Country. Most recently, St. Kitts has been named among the 22 The Government has negotiated with major airlines to

“hot spots” for Where to Go in 2018 by Bloomberg

ensure that there is convenient airlift from the major

(the only Caribbean destination to appear on the

source markets of the United States of America,

list), one of the Top 21 Places to Travel in 2018 by

Canada the United

Kingdom and the Caribbean.

Robb Report, one of the Destinations to Watch in the

American Airlines flies non-stop weekly from JFK and

Caribbean 2018 by Travel Agent, one of The Best

Charlotte and daily from Miami with twice daily Miami

Honeymoon Destinations in the Caribbean one of

flights operating Wednesday through Sunday. New for

the Top 20 Islands to Live On in the Caribbean and,

2019, American will also operate weekly non-stop

(along with sister island Nevis) one of The 18 Best

flights from Dallas for the summer. Delta operates non-

Islands in the Caribbean to Visit in 2018 by Caribbean

stop weekly service from Atlanta and JFK, while United

Journal, and, along with sister island Nevis, among

offers non-stop weekly peak season service from

The Most Beautiful Winter Escapes in the World

Newark and Sun Country provides non-stop weekly

and The Best Places to Visit in December (the only

peak season service from Minneapolis. From Canada,

Caribbean destination to appear on the list) by Conde

Air Canada operates non-stop weekly peak season

Nast Traveler. It has also been named one of the 13

service from Toronto. From the UK, British Airways

Best Places to Visit in January by Business Insider

provides twice-weekly flights from London’s Gatwick

and one of only 3 Caribbean Islands That Will Be the

Airport. Seaborne Airlines flies daily from San Juan and

Next Billionaire’s Playgrounds by Robb Report. Part

travelers can connect on LIAT from Antigua, St. Martin

of the impetus behind these recent designations is due

and Tortola or on Winair from St. Martin.

to the Park Hyatt St. Kitts, which helped earn St. Kitts a special mention in The Caribbean as one of the 52

St. Kitts is beginning to realize its vast potential as a

Places to Go in 2018 by The New York Times.

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. St. Kitts is currently ranked by US News & World Report, with sister island Nevis, at #5 on a list of the Best Family Vacations in the Caribbean, #6 on a list of the Best Caribbean Honeymoons, #8 on a list of the Best Destination Wedding Spots in the Caribbean, #8 on a list of the Best Affordable Caribbean Destinations, #9 on a list of the Best Caribbean Beaches and #11 on a list of the Best Places to Visit in the Caribbean. The destination is also ranked at #8 on a list of the © SKIPA

Top 10 Best Islands for a Holiday by Places To See In Your Lifetime and one of the Top 12 Best Caribbean

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

CITIZENSHIP BY INVESTMENT St. Kitts & Nevis ranked first in the Caribbean region for its Citizenship by Investment (CBI) programme, in the 2018 Passport Index, released by leading international CBI firm, Henley & Partners. This is a significant accomplishment for St. Kitts & Nevis as the small island state recently signed a historic Visa Waiver Agreement with Russia. St. Kitts and Nevis was also the only Caribbean island recognised in Bloomberg BusinessWeek’s travel list for 2018, positioning the country as a more attractive destination for CBI programmes. Currently St. Kitts & Nevis residents enjoy visa free/entry permits to over 150 countries/territories including Germany, Italy and the United Kingdom, while citizens also enjoy “short stay” visa waivers to France. This achievement is extremely beneficial to St. Kitts & Nevis’s CBI programme. The CBI programme continues to maintain its high standards of conducting business and St. Kitts and Nevis is working hard to ensure that its CBI programme remains a first-class brand. Investors of the CBI programme are given the option to invest in real estate or make a contribution to the Sustainable Growth Fund (SGF).

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

PRIORITY SECTORS FOR INVESTMENT

CITIZENSHIP BY INVESTMENT SUSTAINABLE GROWTH FUND (SGF) CONTRIBUTION

US$400,000 (resalable after 5 years) for each main

Applicants may qualify for citizenship through a

applicant.

by law is US$200,000 (resalable after 7 years) or

contribution to the Sustainable Growth Fund (SGF). • Single applicant: a non-refundable contribution of US$150,000 is required

Upon submission of an application, non-refundable due diligence and processing fees must also be

• Main applicant with up to three dependents (for

paid. These fees amount to US$7,500 for the main

example, a spouse and two children): a non-

applicant, and US$4,000 for each dependent of the

refundable contribution of US$195,000 is required

main applicant who is over the age of 16 years.

• Additional

dependents,

regardless

Age:

US$10,000

On approval in principle of an application made through a real estate investment, a Government fee

Upon submission of an application, non-refundable

applies, as follows:

due diligence and processing fees must be also

• Main applicant: US$35,047

paid. These fees amount to US$7,500 for the main

• Spouse of the main applicant: US$20,047

applicant, and US$4,000 for each dependent of the

• Any other qualified dependent of the main applicant

main application who is over the age of 16 years.

regardless of age: US$10,047

REAL ESTATE INVESTMENT Applicants may qualify for citizenship through an investment in a pre-approved real estate project, which may include hotel shares, villas, and condominium

units. The minimum real estate investment required

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

PRIORITY SECTORS FOR INVESTMENT

FINANCIAL SERVICES

The

Financial

Services

Regulatory

Commission

Domestic Insurance Companies – Insurance Act, Cap.

was established in accordance with the Financial

21.11

Services Regulatory Commission Act, Cap. 21.10 to

Credit Unions – The Co-operatives Societies Act, No.

regulate the Non-Banking Financial Sector, and as

31 of 2011

the ultimate regulatory body for Financial Services,

Money Services Business – The Money Services Business

Anti-Money Laundering and Countering the Financing

Act, Cap. 21.21

of Terrorism for St. Kitts and Nevis. It also performs on-site inspections and off–site reviews and analysis,

Application Process for Entities

to ensure compliance with the provisions of various

All applications are presented to the Financial Services

legislation. Its efforts are focused on:

Regulatory Commission by persons licensed under the Financial Services. (Trust and Corporate Business)

1. High professional standards within the Financial Services Industry,

Regulations, 2019 A list of persons so authorized can be found on our website (www.fsrc.kn), as well as copies

2. Promoting industry codes of conduct,

of the various legislations pertaining to the products

3. Ensuring that regulated entities are compliant

we offer. The required documents are presented to

with the Anti-Money Laundering Regulations,

the FSRC, where they are reviewed. Once the review

and other regulations applicable to the sector.

is completed and the application is approved, the FSRC will register and deliver copies to the Licensed

The FSRC continues to strive in its efforts to maintain

Service Provider for collection.

public confidence in the financial system, and to secure the appropriate degree of protection for consumers.

Our Products Are:

In this regard, it is responsible for supervising Credit

• Ordinary Companies

Unions, Money Services Business, Insurance Companies

• Limited Partnerships

(Domestic), Trust and Corporate Service Providers and

• Trusts

the Development Bank of St. Kitts and Nevis. Copies

• Foundations

of the required legislation can be accessed from our

• Non-Governmental Organizations

website. 44

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

FINANCIAL SERVICES Non-Governmental Organizations

• Registration fee is competitive i.e. only $200 US

The Non-Governmental Organization Act, Cap. 20.59

• The Registration process takes only 24 hrs.

has been introduced to provide registration and legal status for local NGOs allowing them to be recognized internationally.

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

Financial Services Regulatory Commission

delivering the Articles of a Foundation to the Registrar

South Independence Square Street

and on payment of the registration fee may apply to

P. O. Box 898

have a Foundation registered. The Founder is any

Basseterre, St. Kitts

person who transfers the initial Asset/Capital to the

Tel: +1 (869) 466-5048/467-1019/1591

Foundation.

Fax: +1 (869) 466-5317 Email: info@fsrc.kn

The Advantages of Establishing a Foundation in St. Kitts

Website: www.fsrc.kn

• Anyone can be a Founder to a Foundation. • There are no capital requirements for the

registration of a Foundation.

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

FINANCIAL SERVICES

Application and Licence Fees

Costs are in United States Currency (US $)

Company Incorporation: 1. Domestic/Local/External

$100.00

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

$100.00 $200.00

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

$100.00 $200.00

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

$100.00 $200.00

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

$400.00 $3,000.00

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 $3,700.00

Domestic Insurance Business: 1. Application Fees for Registration (non-refundable) 2. Annual Registration Fees Insurance Broker Insurance Adjuster Insurance Agent Sales Representative 3. Annual Licence Fees (a) Local Insurance Company Long Term Insurance Business General Insurance Business (b) Foreign Insurance Company Long Term Insurance Business General Insurance Business

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

$561.80 $375.00 $375.00 $375.00 $187.00 $936.00 $936.00 $1,873.00 $1,873.00

PRIORITY SECTORS FOR INVESTMENT

ÂŠ SKIPA

INFORMATION TECHNOLOGY 2017 Mobile Penetration of 159%

Mobile Broadband Penetration 75% Citizen Engagement & Co-Creation

Digitization of Services Government Portal Online e-Traffic Management System

Accelerating towards an Innovative Digital Economy 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. INVESTMENT GUIDE - The Golden Book of St. Kitts 4

INFORMATION TECHNOLOGY To date the Department of Technology has successfully opened its National ICT Centre with a focus on

• 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

delivering:

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

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

eGovernment & Digital Public Services The eGovernment Unit is focussed on the use of

Our Environment and Products • 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

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.

Tender Currency

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

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

• 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

/Shutterstock.com

information systems. One of the major projects is the

Build’n’Code is a week-long hackathon that brings

new Land Administration Information System.

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 judges, with prizes going to the top two teams.

Innovation & Training 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.

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. 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 4

PRIORITY SECTORS FOR INVESTMENT

AGRICULTURE

We welcome investment in agriculture and have

We would like to develop aquaculture within the

identified agriculture as one of 4 pillars of our economic

fisheries sector to support food and nutrition security.

development strategy. Whether it’s the conventional

It would be unsustainable for the country to continue

open field farming or modern cutting edge technology,

targeting marine capture species of fish to meet the

there is an impressive incentive package in place,

growing demand for fish and fish products. Change

coupled with land availability, a friendly investment

in the way that fishing is conducted is of paramount

climate, excellent trade links by sea and air and a

importance. It is estimated that fish produced by

knowledgeable work force.

aquaculture worldwide is expanding by 5% each year and is expected to eclipse the production by marine

Although services dominate the economic activity in

captured species by the year 2019. Given this trend,

the Federation, significant efforts are being made to

St. Kitts is aiming to be at the forefront of aquaculture

diversify into agricultural products with value added

development.

potential in the areas of; horticulture, fruits and processed meats. The Federation like many island states has been impacted by climate change resulting in increased sea surface temperatures and changes in total annual rainfall. In response, renewed emphasis has been placed on climate smart agriculture, organic agriculture, hydroponics, acquaponcis and organoponics and similar advanced technologies.

Market potential is excellent, as we surpassed one are well established trade links with neighboring countries, North America and Europe that provides significant export potential.

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

million cruise passengers in 2018. Additionally, there

PRIORITY SECTORS FOR INVESTMENT

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 and has embarked on a very ambitious goal to produce 100% of its electricity from renewable energy sources by the year 2020. 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 Description 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 factors 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 52

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

RENEWABLE ENERGY 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 and management of renewable energy projects. • Increasingly high cost for imported fuel for energy production.

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

Types of Investment Required • Waste to Energy (WTE) Plant • Solar Energy Project • Wind Energy • Geothermal Energy • LED and Solar Street Lights

INTERNATIONAL EDUCATION The St. Christopher and Nevis Accreditation Board is the

4. The Faculty

sole government body tasked with the responsibility

5. Educational Resources

of registering and accrediting post secondary and

6. Internships

tertiary level institutions and programmes within the Federation.

These requirements have been compiled using internationally and regionally accepted standards

To achieve and maintain accreditation, educational

in use by reputable agencies such as the Caribbean

programmes must adhere to and meet the standards

Accreditation Authority for Education in Medicine and

established by the Board to ensure quality within

other health Professionals (CAAM-HP), the Standards

the institution. These may be found on the Board’s

of General Medical Council of Great Britain (GMC),

website: ab.gov.kn or at the Accreditation Secretariat.

Liaison Committee on Medical Education (LCME) of

To achieve and maintain accreditation, each institution

the United States and Canada and the New York State

must provide documentation on the following with

Education Department (NYSED).

their application: The assurance of quality education within an institution 1. The institutional Setting

is one of the most important considerations of the

2. The Students

Board when granting or reaffirming accreditation.

3. Educational Programmes

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

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PRIORITY SECTORS FOR INVESTMENT

LIGHT MANUFACTURING The manufacturing sector is a major pillar of the St. Kitts economy. It has been a consistent contributor to

• Trainable and experienced manufacturing human resource base

the domestic economy and the overall development

• Adequate infrastructure such as airports, sea

of St. Kitts and Nevi over the last 30 years. The sector

ports, roads, telecommunication services, utilities

contributes approximately 8 -10 % of Gross Domestic

and financial services

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

• Proximity to the USA, South America, Central America and Caribbean Markets • Diverse air and sea transportation services

States (OECS). 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 © SKIPA

to facilitate free movement of goods, such as the Caribbean Single Market and Economy (CSME) and the Caribbean Basin Initiative

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

ST. KITTS AND NEVIS

SKANReg has a network of over 30 Maritime Registrars, offering local points of contact that can carry out ship and seafarer registrations. This enables an oner/ manager to deal with such matters in his/her own time zone and language with minimum hassle. SKANReg is recognised for its sound mortgage legislation, which being based on English Law, is known, trusted and respected the world over. Its head office is located on the outskirts of London, spanning the time zones of the major shipping centres of the world. We are active at the International Maritime Organisation (IMO) and participate in all meetings, networking events and exhibitions in the Marine Industry, with the latest being Seatrade Middle East Maritime held in Dubai in October 2018 and the next being Sea Asia 2019 which takes place in Singapore in April 2019. We strive to improve continuously on a daily basis to be a flag of choice for the ship owners and to that effect, SKANReg holds an ISO 9001:2015 Quality Management System (QMS) accreditation with American Bureau of Shipping.

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

Further information can be obtained via the following mediums: For non-national enquiries (non St Kitts national or St Kitts company i.e. BVI company) By website: http://www.stkittsnevisregistry.net By email: mail@stkittsnevisregistry.net By SKN Office: Mr Alan Crass – Office: +1 (869) 466 3330 Cell: +1 (869) 669 0382 For national or local company enquiries (St Kitts national or St Kitts company) In person: Mr McClean Hobson, Water Services Building Needsmust Basseterre St. Kitts By email: maritimeaffairs@yahoo.com

Under the jurisdiction of the Department of Maritime Affairs, St. Kitts & Nevis International Ship Registry (SKANReg) began operating in 2005 and, by the end of 2017, had registered over 2,300 vessels with a total gross tonnage of 26.2M. In that time, we have issued seafarer documents to over 25,000 seafarers of many nationalities and we currently have around 600 registered vessels.

INTERNATIONAL SHIP REGISTRY

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ST. KITTS Urban Development corporation

UDC

Port Zante: Tomorrow’s Destination Today Port Zante is a sparkling world class port fronting the historic town of Basseterre. It offers beautiful promenades surrounded by elegant shops. Port Zante is only a few steps away from a deep harbour designed to accommodate the largest cruise ships and luxury yachts. There has been a dramatic increase in the number of cruise ships and Visitors over the past 6 years. The 2017/2018 winter season, brought a record number of visitors exceeding one million for the first time. Port Zante is a shopper’s paradise offering a diverse blend of designer goods, jewellery, premium cigars & spirits and souvenirs at duty free prices. Port Zante also offers a new food court boasting numerous culinary offerings adding to the already multicultural dining experience. A new chic all-suites 18 room hotel has recently opened providing splendid accommodation at very modest rates. Continuous growth and development has transformed Port Zante into the ideal cruise facility and has created superb conditions for economic growth in St. Kitts-Nevis.

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

ST. KITTS Urban Development Corporation The St. Kitts Urban development Corporation Ltd. therefore 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 © UDC

option of the Citizenship by Investment Programme, in

St. Kitts Urban Development Corporation Ltd. is pursuing a second phase of real estate development

accordance with the citizenship Act of 1984. There are possibilities for single or fractional ownership of the hotel and condominium units.

aimed at utilizing its remaining undeveloped lands. The design of this mixed use development is the result of the revision of the original master plan through consultation with Bermello Ajamil & Partners Inc., an award winning design and project delivery firm and © UDC

local stakeholders. 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 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

ST. KITTS URBAN DEVELOPMENT CORPORATION LTD. P.O. Box 838, Unit 201, Bld.9 Port Zante, Basseterre St. Kitts and Nevis Email: stkittsudc@gmail.com Tel: 1 869 466 5021 Fax: 1 869 466 5020 Web: portzante.com

activity across the island.

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

St. Christopher and Nevis Air and Sea Ports Authority

SCASPA

SCASPA; the Transportation of St. Kitts Economy! Just about everything that is used or consumed by the residents of St. Kitts must enter the island through boat or by plane. Commodities, finished products, automobiles and people - via the cruise industry - pass through the four ports in St. Kitts. The St. Christopher Air & Sea Ports Authority feels duty bound in playing an integral role in the everyday lives of every single resident and visitor to the island of St. Kitts. As regulators to the gateways of our Kittitian paradise, SCASPA manages the four entries of St. Kitts; the Robert Llewellyn Bradshaw International Airport, The Basseterre Ferry Terminal, the Port Zante Cruise Terminal and the Deep Water Habour also known as the Multipurpose Pier. St. Kitts, now being recognized as a Global Tourism Giant, is now experiencing an influx of both passengers and cargo through the air and sea ports. As a result, SCASPA has repositioned itself to be the most secure, safe and efficient port as a component in the strength and growth of the islands’ economy. The St. Christopher Air & Sea Ports Authority is proud to invest, protect and improve St. Kitts’ ports at our utmost ability in order to secure our nation’s economic future. Over the past few years SCASPA embarked on several port developmental projects that are geared towards the maintenance and upgrade of our existing ports that are guaranteed to keep our port facilities competitive with other destinations, such as; the Refurbishing of the Airport Terminal Building, the Resurfacing of the RLBIA runway, and the massive construction of a second cruise ship pier at Port Zante; to better accommodate Oasis type class ships. Conjointly partnering with the Embassy of China (on Taiwan), SCASPA affirmed its commitment of modernizing the Robert Llewellyn Bradshaw International Airport’s (RLBIA) facility that was commissioned back in 1998.

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

SCASPA In recent times, the Robert Llewellyn Bradshaw

Aside from the air movement of people and goods, the

International Airport (RLBIA) has now been physically

optimistic St. Christopher Air & Sea Ports Authority saw

accessorized with completed phases of a new check

the need for even more berthing facilities with the

in area that is now fully air-conditioned fashioned

weighty passenger numbers projected in the upcoming

with automatic entry doors; new check-in counters,

cruise seasons by constructing a brand-new second

which are now on par with industry standards based

cruise pier.

on their ability to be compatible with the international C.U.T.E. System (Common User Terminal Equipment);

The existing Port Zante Cruise Pier, managed by SCASPA,

renovation and expansion the Arrival Hall; the upgrade

has captured itinerary calls from cruise lines all around

and expansion of the Departure Hall; total restroom

the world that has awarded St. Kitts the opportunity

overhauls; and complete retiling of the floors and

to accommodate some of the largest vessels that are

staircase safety enhancements.

plying the seas today.

As the Robert Llewellyn Bradshaw International Airport

Cruise season 2019-2020 will definitely be a cruise

is becoming one of the busiest airports in the Caribbean

season to remember, as the second cruise pier is

Region, SCASPA has efficiently and adequately prepared

expected to be completed by September 2019.

for the occasions of new and continuous regional and international flights with the resurfacing of the asphalt

A pier with a difference; as this second cruise pier,

runway.

adjacent to the existing Port Zante pier will position St. Kitts to be the recipient of three oasis-class vessels

In addition to the runway pavement receiving its

– three of the largest vessels currently afloat in recent

smooth and sturdy makeover, the outskirts of the

times.

runway is soon to be outfitted with Solar Lighting System runway lights that is expected to; at all times

Making St Kitts the smallest independent nation to

and in all conditions, particularly at night or in poor

accommodate three of the largest vessels in the world.

visibility, provide pilots with adequate lighting during

The expansion, modernization, development and

evening flights and daytime when necessary that will

upgrading of SCASPA and its infrastructure is and will be

enhance the visibility of the runway stretch. This will

an ongoing process. However, through the Government

then provide easier vision for pilots during, landing

of St. Kitts and Nevis and its people, continuous work

and takeoff phases. This installation will also provide

will be placed on improving efficiency of St. Kitts’ Ports

on the ground assistance for aircraft to and from their

and benchmarking them to international standards –

designated gates. It is also essential for users moving

and through this St. Kitts will continue to soar!

other vehicles on the airfield surface.

INVESTMENT GUIDE - The Golden Book of St. Kitts 4

ADVERTISER’S INDEX

AAA REAL ESTATE......................................... 13

HAROWE SERVO CONTROLS ST. KITTS................. 54

AVALON MEDICAL LABORATORY......................... 35

KITTITIAN HILL REAL ESTATE.......................... 8, 9

BIRD ROCK BEACH HOTEL............................... 59

NAGICO INSURANCES.................................... 11

B. KASSAB & ASSOCIATES REALTORS................... 25

OFFICE MACHINES LTD................................... 27

BLUE WATER SAFARIS.................................. 6, 7

ROYAL ELECTRONICS..................................... 28

B WILLIAMS PROPERTY MANAGEMENT SERVICES..... 39

ROYAL LIMITED............................................ 23

CHRISTOPHE HARBOUR....................................3

ST. KITTS MARINE WORKS............................... 33

COMPLETE LAND SERVICES LTD......................... 25

ST. KITTS & NEVIS INT’L. SHIP REGISTRY............. 57

DEON & ASOCIATES LTD................................. 21

SUGAR MILL REAL ESTATE............................... 34

G H W ARCHITECTS...................................... 43

SUGARTOWN ORGANICS................................. 51

GOLDEN ROCK COMMERCIAL PARK.................16, 17

TERMINIX.................................................. 37

HAMILTON TRUST COMPANY (NEVIS) LTD.............. 45

UCU SCHOOL OF MEDICINE.............................. 54

| The Golden Book of St. Kitts 4 - INVESTMENT GUIDE

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THE GOLDEN BOOK OF

SAINT KITTS 4th edition - 2019 www.goldenbookskn.com