Nevis, West Indies. ?A Non-Tourist-Trap? Blog About Nevis.

Charlestown, Nevis
August 13, 2010

Premier of Nevis, the Hon. Joseph Parry has defended his Governments’ decision to do Financial Service business with non-traditional markets such as the Middle East. He addressed the issue on the “Breakfast with Walty”, radio program hosted by, Walter Morton on Choice Radio 105.3FM, Tuesday.

On Wednesday, July 28th,2010 during a Press Conference of the Opposition party in Nevis, the Concerned Citizens Movement (CCM), Senator- Hon. Mark Brantley criticized the decision of the Nevis Reformation Party led Administration to do business with the Middle East.

“We would recognize that the Premier have made two trips to Lebanon. I myself have commented publicly that Lebanon is a curious choice if one wants to promote Financial Services,” commented Mr. Brantley.

The Premier strongly defended his administration’s position.

“We have to understand business and petty politics. Maybe we shouldn”t do business with Lebanon, Israel or Kuwait? Maybe all the money that we have taken from Kuwait to build our roads, maybe we should dig up them up and give the Kuwaiti’s back their roads,” said the Premier.

During the program the, Premier said he met with Morning Star Holdings, a Financial Service company located in Nevis, earlier this year. In the meeting, a representative from Morning Star stated that Nevis is stagnant in relation to growth of the Financial Service sector on the island. Mr. Parry said he asked the representative why is Nevis stagnant? The representative replied, because the government of Nevis is doing nothing to drive the industry.

According to Premier Parry, Morning Star Holdings claimed that they have given some proposals to the Financial Secretary, but because of the Governments limited funds, Government could not afford to act on the proposals.

“Another reason why the Offshore Financial Service has been suffering is because the industry is under heavy attack from the United States and Europe for their own tax and revenue purposes,” commented the Premier.

For the mentioned reasons, the Premier said that the alternative would be to look at non-traditional areas where there is growth like India, China and the Middle East.

Over the past two years, the Premier has been negotiating for the registry to become automatic. He said, this will help put on about 10,000 companies on the register per year, in addition to companies that are already in place.

The Premier noted that Morning Star Holdings said it can be done, but “it might cheapen the industry.”

“Belize is doing this and it is not cheapening the industry, the British Virgin Islands and St. Lucia has done what I am trying to do, but something is wrong when I am using initiative and lead?”

Mr. Parry informed listeners that the registry would be headed by an American Public Relations Firm and financed by a Middle Eastern organization.

Just before the closing of the program, the Premier then said that “Morning Star Holdings leaked information to their company’s lawyer, Hon. Mark Brantley.” Mr. Parry then went on to say that he has the information to prove the leak.

“What is basically being done is that this country is being manipulated by people who can use their lawyers to tell the nation that the Government is selling out the off shore industry.”

Mr. Parry clearly stated that if he and his Government did not sell out to Four Seasons, Geothermal, Viceroy or Cable Television why would they now sell out the industry of Financial Services?

The Premier exclaimed, “It is Nonsense!”

Related posts:

1. Nevis Premier Speaks At Financial Services Seminar
2. Nevis Premier Off To Bermuda To Discuss Tourism and Financial Services
3. Nevis To Provide Enhanced Financial Services
4. Nevis Pushes For Top Spot In Financial Services Industry
5. Premier Of Nevis To Visit Lebanon

Liechtenstein Parliament Members -2009-2013

Basseterre, St. Kitts – Nevis
April 26, 2010 (CUOPM)

The Tax Information Exchange Agreement (TIEA) signed between the Governments of St. Kitts and Nevis and Liechtenstein has been ratified by the Liechtenstein parliament.

By a large majority, the Liechtenstein Parliament approved 11 tax agreements submitted by the government and which are compliant with the Organization for Economic Cooperation and Development’s (OECD’s) standards on tax information exchange.

Ratified on April 22, the bilateral tax agreements are those with Germany, the United Kingdom, France, the Netherlands, Ireland, Belgium, Monaco, Andorra, St Vincent and the Grenadines, St Kitts and Nevis, and Antigua and Barbuda.

According to the Liechtenstein government, the agreements are due to enter into force once the domestic ratification procedures in the respective partner countries are complete.

All agreements are based on the OECD Model Convention and provide for information exchange in suspected cases of tax evasion on the basis of a justified individual request. Upon entering into force, the agreements signed last year with the various partner countries will apply to tax years 2010 and beyond. The government points out, however, that the agreements exclude administrative assistance based on stolen client data pursuant to an “ordre public” clause.

Commenting on the latest development, Liechtenstein’s Prime Minister Klaus Tschütscher said: “The decision by parliament underscores the political consensus in our country with regard to rapid implementation of our international commitments.”

“The conclusion of these agreements, especially with a series of EU member states, constitutes an important step toward more legal certainty in the cross-border persecution of tax evasion in Europe.”

With its Declaration of March 12, 2009, Liechtenstein committed itself to the global standards on transparency and information exchange in tax matters defined by the OECD. Since then, Liechtenstein has signed 16 such agreements, and on March 30, 2010, the government approved the draft laws intended to provide a legal basis for the agreements now ratified by parliament.

Related posts:

1. St. Kitts – Nevis Signs TIEA With New Zealand
2. St. Kitts – Nevis Meets International TEIA Standards
3. St. Kitts – Nevis To sign TIEA’s With Nordic Nations
4. St. Kitts – Nevis Signs Another Tax Information Exchange Agreement
5. St. Kitts – Nevis Signs TIEA’s With Four Countries

No TEIA With The USA Yet

Basseterre, St. Kitts – Nevis
March 25, 2010 (CUOPM)

St. Kitts and Nevis has been placed on the white list of the OECD countries.

The twin-island Federation was among three Caribbean jurisdictions – the others being St. Vincent and the Grenadines and Anguilla – who now meet internationally agreed standards on exchange of tax information, the OECD said Wednesday.

The Organisation for Economic Cooperation and Development said the entities had signed a total of 14 tax information exchange agreements with other countries and are now considered to have “substantially implemented” an international reporting standard.

The standard, developed by the OECD in 2002, was designed to combat harmful tax practices through the sharing of tax data among nations.

“We continue to see a great deal of progress as jurisdictions move to sign agreements,” said Jeffrey Owens, head of the OECD’s center for tax policy and administration.

“With Anguilla, Saint Kitts and Nevis and Saint Vincent and the Grenadines now reaching this benchmark, almost all the Caribbean jurisdictions have substantially implemented the standard, and we will be working with the remaining jurisdictions — both in the Caribbean and elsewhere — to encourage them to follow this trend.”

St. Kitts and Nevis were scheduled on March 24 to sign tax information exchange agreements with six (6) Nordic countries.

Previously Tax Information Exchange Agreements (TIEA’s) were signed with Australia, Monaco, The Netherlands, The Netherlands Antilles, Aruba, United Kingdom, Denmark, Belgium, New Zealand and Liechtenstein.

St. Kitts and Nevis has already initialed or concluded negotiations with and are awaiting dates for signature with Canada, France, Germany, Norway, Sweden, Greenland, Faroe Islands, Iceland, Finland and San Marino.

The Federation has commenced discussions with India, Japan, the Republic of Seychelles and the United States on Tax Information Exchange Agreement but has not yet confirmed the text for these agreements.

Related posts:

1. St. Kitts – Nevis Signs TIEA’s With Four Countries
2. St. Kitts – Nevis Negotiating Tax Information Exchange Agreements
3. OECS Countries, France and Tax Evasion
4. St. Kitts – Nevis Black-Listed By France On Tax Evasion
5. St. Kitts – Nevis Signs TIEA With New Zealand