Amended Legislation Will Assist Nevis Offshore Jurisdiction

St. Kitts - Nevis - A Favoured Tax-Haven

St. Kitts – Nevis – A Favoured Tax-Haven

Charlestown, Nevis
September 18, 2009

The Nevis Reformation Party led Administration continued to develop Nevis’ Offshore Financial sector industry as several amendments to the Nevis Business Corporation Ordinance, 2009 were unanimously passed in the Nevis Island Assembly Chambers on Monday, September 14th, 2009.

Premier and Minister of Finance the Hon. Joseph Parry said during the Assembly sitting that the Offshore Financial industry in Nevis was vital to the economy of the island and the Administration remained committed to maintaining the good reputation of the jurisdiction.

“Nevis safeguards its reputation and understands the need to be vigilant while maintaining the island’s high caliber of respectability,” remarked Premier Parry.

The Premier also noted that the international community had certain adjustments with regard to offshore jurisdictions and Nevis had to adhere to them in order to maintain a good reputation.

“There are presently three lists for financial offshore countries. They are the White List, Grey List and Black List. The White List is a listing of clean countries doing offshore business; the Grey List is the countries that need to work on their reputable standing, while the Black List is a list of places where measures need to be taken,” he explained.

During the assembly, Deputy Premier, Hon. Hensley Daniel said, “The amendments seek to put Nevis in line with the international community and stated that there had been no fraud in the financial sector on the island of Nevis.

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