Nevis Reaps $11 Million From Offshore Sector

Amanda Banks, Tax-News.com, London
December 31, 2007

The offshore financial services sector in Nevis, which is due to undergo a regulatory overhaul this year, continued to perform well in 2007, with the industry adding $11 million to the coffers of the Nevis Island Administration in the first eleven months of the year, Premier of Nevis, Joseph Parry, has announced.

The figure represents a 9% increase compared with the corresponding period in 2006, according to the government.

Parry brought the matter to light during his 2008 Budget Address presentation at a sitting of the Nevis Island Assembly Chambers in Charlestown last month. He noted that the industry was an important component in the administration’s thrust for economic and social development and the sector contributed over 11% of the government’s revenue.

“We also registered 3,191 new entities for the year up to 28th November representing a 10 percent increase over the corresponding period last year,” Parry announced.

“This sector now contributes over 11 percent of government’s revenue which demonstrates, beyond any doubt, its importance and the need for progressive policies to continue the propulsion forward,” he added.

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