Tax Incentives for Expatriates and Digital Nomads in Saint Kitts and Nevis
Saint Kitts and Nevis, a Caribbean paradise, welcomes expatriates and digital nomads with open arms, offering a range of tax incentives to make their relocation and stay as seamless as possible.
Eligibility Criteria
To qualify for these tax breaks, individuals must meet the following criteria:
- Expatriates: Individuals who have resided in Saint Kitts and Nevis for at least 183 days in a calendar year.
- Digital Nomads: Individuals who work remotely for companies outside of Saint Kitts and Nevis and have established residency in the country.
Types of Tax Breaks
Expatriates and digital nomads can take advantage of the following tax breaks:
- Personal Income Tax Exemption: Expatriates and digital nomads are exempt from paying personal income tax on their foreign-sourced income.
- Corporate Income Tax Exemption: Digital nomads who establish a company in Saint Kitts and Nevis can benefit from a 15-year corporate income tax exemption.
- No Capital Gains Tax: There is no capital gains tax in Saint Kitts and Nevis, providing investors with peace of mind.
- No Inheritance Tax: Expatriates and digital nomads can pass on their wealth to their loved ones without incurring inheritance tax.
Application Process
To claim these tax breaks, individuals must apply for residency in Saint Kitts and Nevis. The application process involves submitting the following documents:
- Passport and birth certificate
- Proof of income
- Proof of accommodation
- Police clearance certificate
The application is typically processed within 60 days.
Legal Framework
The tax incentives for expatriates and digital nomads are outlined in the following legal documents:
- Income Tax Act, Cap. 22.01
- Corporate Income Tax Act, Cap. 22.02
- Citizenship by Investment Act, Cap. 18.01
Rationale
These tax policies aim to attract skilled professionals, entrepreneurs, and remote workers to Saint Kitts and Nevis, contributing to the country's economic growth and development.
If navigating the intricacies of Saint Kitts and Nevis' tax laws seems daunting, don't hesitate to seek expert guidance. Heavnn's team of tax specialists can simplify your tax planning journey, ensuring you maximize the benefits available to expatriates and digital nomads.
