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The economy of Saint Kitts and Nevis has traditionally depended on the growing and processing of sugar cane; decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles in Saint Kitts and Nevis. Most food is imported.
In the 21st century, the government has sought to diversify the economy via agriculture, tourism, export-oriented manufacturing, and offshore banking. [1] In July 2015, St Kitts & Nevis and the Republic of Ireland signed a tax agreement to "promote international co-operation in tax matters through exchange of information." The agreement was ...
An offshore bank is a bank that is operated and regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment.
Offshore banking offers some potential advantages, including tax benefits, asset protection, convenience, and ability to make investments in different currencies. However, there are also some ...
Nevis and the neighbouring island of Saint Kitts constitute the Federation of Saint Kitts and Nevis, a singular nation state. Nevis is located near the northern end of the Lesser Antilles archipelago about 350 kilometres (220 mi) east-southeast of Puerto Rico and 80 kilometres (50 mi) west of Antigua.
The Eastern Caribbean Central Bank (ECCB) is a supranational central bank that serves Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines, all members of the Organisation of Eastern Caribbean States (OECS) that use the ECCB-issued Eastern Caribbean Dollar as their currency.
Very little case law exists in Nevis, which many attorneys interpret to mean that creditors are effectively deterred from bringing suit in Nevis. It has a small offshore banking industry, with St. Kitts-Nevis-Anguilla Bank and Bank of Nevis International as the only licensed offshore banks.
Saint George Basseterre is the economic heart of Saint Kitts and Nevis, and is of significant importance to the greater Eastern Caribbean area. Most Kittitians and also many Nevisians work in the city. Basseterre is a regional financial centre, home to the Eastern Caribbean Central Bank Headquarters, as well as the Eastern Caribbean Stock Exchange.
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