- 12% Stamp Duty is payable on the selling price by the seller.
- 0.2% Assurance Fee
- Exemption from Alien Landholding License Fee (application must still be submitted)
- EC$7.20 registration fee
- Applicable legal fees.
- Application made to the Ministry Of Finance. Usually takes 7 working days. Annual fee is US$400 for retail businesses.
- Official form include: a) Application For Licence b) Suppementary Form
- 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.
- Official form include: a) Application For Work Permit b) Application For Work Permit ID
c) Employment and/or Residence Questionaire
4) BUSINESS OPERATION:
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.
- Property and Building: 5% of assessed annual rental income.
- Property: 4% of the value of property and then 5% of that value is payable
- 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.
- 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.
- 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.
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.
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.