Nevis: Tax-Efficient Sectors
Taxation of Foreign Employees of Offshore Operations
There is no personal income tax in Nevis but foreign nationals working in the country are required to obtain a work permit for which, at the time of writing, there is an annual charge of 1,500 East Caribbean dollars ($635). Persons or companies remitting payments to persons or companies outside of the nation must deduct a 10% withholding tax on profits, administration or management and head office expenses, technical service fees, accounting and audit expenses, royalties, non-life insurance premiums and rents.
There is no capital gains tax in Nevis other than on short-term investments.
The Nevis Property Tax Ordinance 2007 was passed by the Nevis Island Assembly in April 2008. The Ordinance modernises the valuation property taxes of Nevis through the introduction of market value as the validation standard for most properties on the island. Under the Ordinance all property owners - foreign or local – must pay the tax.
On November 1, 2010, a 17% value-added tax replaced 12 existing taxes including the Consumption Tax, the Hotel Accommodation and restaurant Tax, the Cable TV Tax, the Vehicle Rental Levy, the Insurance Premium Tax, the Export Duty, the Public Entertainment Tax, the Lotteries Tax, the Gaming Machine Tax, the Traders Tax, the Telecommunications Levy, the Island Enhancement Fund and the Parcel Tax.