Application forms to be completed,
various medical tests, submission of police
records etc. Process usually takes two
weeks. Annual fee is US$595.00 per work
permit.
Businesses can operate as limited company,
sole proprietorship or partnership. Following
are applicable tax rates:
Companies -35% of net income.
Other- 3% of gross turnover with the
first EC$8000 (US$3000) exempted.
In-Bond: Businesses at Port Zante operate
as duty free businesses. A separate application
is made to the Comptroller requesting
permission to operate an in bond shop.
Annual license fee is US$375. All items
are subject to a 6% customs surcharge.
Items sold to locals are subject to .duty.
Duty so collected must be paid to customs
in a timely manner.
5) PROPERTY TAXES:
Property and Building: 5% of assessed
annual rental income.
Property: 4% of the value of property
and then 5% of that value is payable
annually.
6) CONSTRUCTION OF BUILDING:
Building materials are exempt from duties.
However customs surcharge of 12% of the
landed cost on all items is applicable.
Building Plans are to be presented for
approval by the local planning board.
This process usually takes one week. Cost
includes an application fee ofUS$185 if local
architect is used, and US$375 if overseas
architect is used.
All facade design plans must be approved
by the St. Kitts UDC before construction
can commence.
7) EMPLOYEES
Employers make a contribution of 11
% of wages to Social Security on a monthly
basis. Employees contribute between 5-8%
depending on their wage bracket.
8) LEASES
Stamp Duty is payable to The Comptroller of Inland Revenue on Leases in St. Kitts at a rate of EC$2.00 per EC$250, or part thereof, of the annual rent after the first EC$1,000.00 (EC$7.50 is payable in respect of the first EC$1,000.00 of the annual rent). The exchange rate to be used for the calculation of Stamp Duty (where the rent is stated in U.S. dollars) is US$1.00 = EC$2.70.
9) CITIZENSHIP BY INVESTMENT
Individuals investing a minimum of US$250,000 in a land purchase at Port Zante can apply for citizenship. Applicable fees are as follows:
US$2500 per person over 18 years for background check.
US$35,000 per person over 18 for citizenship.
US$15,000 for spouse and children under 18 years.
10) CONCESSIONS
The Cabinet has approved the extension of the period for concessions until December 31, 2006. Click here for the various concessions and incentives for investors at Port Zante.
