BASSETERRE, St Kitts:
St Kitts will soon introduce captive insurance legislation, according to St Kitts and Nevis Prime Minister and Minister of Finance, Dr Denzil Douglas, who told service providers including lawyers, accountants and representatives of the financial services sector in Zurich, Switzerland that the new captive insurance legislation will provide “extremely competitive licensing fees for small captives that do not have premiums over US$1.5 million.”
“The basket of services being offered by St Kitts is slowly growing and the development of new products is being done with as much risk management and quality assurance as the industry demands internationally,” Douglas told the group at the Zurich Marriott in an effort to boost the financial services sector.
Douglas said that the Marketing and Development Department, since it was launched April 2001, has actively sought to encourage financial services providers to become licensed to operate in St Kitts.
“We have found from experience that providers who have come in from overseas and who have established themselves, are the ones who have reaped the tremendous benefits and rewards of our very competitive government fees for the setting up of companies for trust, for limited partnerships and more recently for foundations,” said Douglas.