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St Kitts Offshore Authority Feeling the Pinch
By admin | May 26, 2009
It’s been an open secret for the last 6-12 months that many beneficial owners of offshore corporations have not been paying their annual taxes and fees. This is not a good idea as it puts the whole structure at risk and the IBC ceases to be in good standing.
However I was quite surprised to receive this from our resident agent in St Kitts and Nevis:
22nd May 2009
To : Company Director(s)
Ref : Government annual renewal fees
Dear All,
The St.Christopher (St.Kitts) and Nevis Financial Services Regulatory
Department has announced new initiatives with respect to the payment
annual renewal fees for companies that are in arrears.The incentive offers company director(s) the option to settle arrears of
annual company fees over a period of 12 months, commencing with the
company’s annual renewal date,Please take advantage of this most welcome offer to bring your company
in Good Standing and keep your company current on the register.Best regards and feel free to call on us.
I suppose the St Kitts government are to be congratulated on their flexibility, but I frankly find it rather unlikely that this will benefit anyone unless they have dozens or hundreds of St Kitts and Nevis IBCs. Imagine the wire transfer fees involved in making a payment each month…
St Kitts of course is more famous for its tax-free residence and economic citizenship program, which offers a second passport in just a few months in return for a condo purchase in the island nation.
It’s interesting to note that Panama is still the only jurisdiction that does not automatically strike companies off the register after a time on the grounds of non-payment of franchise taxes.
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