Offshore Banking in Nevis
Nevis is an offshore jurisdiction which offers very efficient offshore services to its clientele. Among these offshore services are the incorporation of offshore business companies, the formation of offshore trusts and foundation and offshore banking. Nevis Offshore Banking Ordinance was passed in 1996 allowing banking institution in the offshore tax haven to offer the services to clients. All offshore banks in the offshore tax haven of Nevis are regulated by the Eastern Caribbean Central bank (ECCB).
Nevis offshore banking legislation describes offshore banking accepting deposits from a foreign source which may be payable on demand or at a later time. No institution in the offshore tax haven of Nevis can offer offshore banking services without the proper license from the Government of Nevis. Companies wishing to apply for license to operate as a Nevis offshore bank or offshore Nevis offshore banking services must be incorporated in the jurisdiction. The application for operation as a Nevis offshore Bank must be submitted along with the memorandum of Association of the company.
Nevis offshore banking has many perks. Since offshore banks can only accept capital gained outside of the jurisdiction offshore bank accounts are not taxed. Nevis is an offshore tax haven which does not apply local taxes to capital gained outside of the country. The offshore tax haven of Nevis has no exchange controls laws in place which makes it very easy to transfer funds in and out of the country. Privacy and confidentially are provided for offshore bank accounts and offshore bank account holders in the offshore tax haven. The Confidentiality Relationships Act which was first passed in 1985. This act ensures that information in offshore bank accounts remains private and persons associated directly with offshore bank accounts (bank employees and registered agents etc.) who divulge such information can be prosecuted by law.
Setting up a Nevis offshore bank account can be done with help of a registered agent or by simply going to the bank in person. The requirements for opening a Nevis offshore bank account are:
- Notarized copies of passport pages or Driver’s License
- Two (2) references from a recognize bank, attorney or certified account
- Show proof of source of funds
- Verification of address which is done by providing a utility bill
- Business companies must state the type of business operations being carried out
- The address of the business company must be provided
- Certified copies of the registration documents of business companies must be provided
- The estimated size of deposits
Nevis offshore banking accounts can be help by corporations and individuals. Offshore baking in Nevis is carried out by one banking institution. The services being offered as part of Nevis offshore banking are credit and debit cards, online banking, wire transfers, banking via telephone, chequing accounts among other services.
Nevis offshore banking provides a means for clients to protect their investments against rising taxes. Nevis offshore banking offers some of the best offshore banking services in the Caribbean region.