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Nevis Ready To Become Major Player In Financial Services

Tuesday, February 9, 2010

At the Nevis Financial Services Regulation and Supervision Department conference “Compliance Requirements – The Changing Landscape”, which received a record attendance from the island’s financial services providers, Nevis’s Finance Minister Laurie Lawrence reiterated the government’s commitment to establishing the territory as a major international player in the world of financial services.

“I want to assure service providers that the government will not give up in its quest to make Nevis a major player in the financial services industry. We believe that here is still potential for growth in the sector although success will require creativity and imagination.”.

Lawrence observed opportunities for tax planning providers as a result of developed countries’ efforts to reign in their budget deficits through tax hikes. He also pointed to the global shift in wealth, from Europe and North America, to Asia and South America, which he observed would open up new markets, but in turn increase competitiveness.

“With the growth in technology, service providers will no longer focus on any one or two jurisdictions. They will spread their wings across the globe. Centres will continue to increase resulting in greater competition for the available opportunities. The more competitive it becomes the harder it is and the best jurisdictions will do well,” he said.

With this in mind, Lawrence said the Nevis Island Administration (NIA) would continue to amend the island’s legislation to meet the needs of its customers but would not sacrifice quality.

“We will continue to adhere to global regulatory and transparency standards, and also aggressively pursue new markets. We are already working with the federal government to appoint honorary consuls in strategic areas across the globe to facilitate the processing of documents. We are also exploring the possibility of contracting out the Registry to a private entity that could upgrade the technology and make our service more competitive, in terms of speed and efficiency.”

“We are studying potential growth in areas such as insurance, intellectual property and ship registration to seek out opportunities. These are just some of the areas we are working on presently, to ensure the sustainability of this important sector. So we are not giving up, we are not going to throw in the towel so we are going to have to work harder,” he said.

Lawrence acknowledged that the NIA could not do it alone, and called for continued cooperation with service providers on the island, to promote and develop the sector. He told the participants that they had the direct experience and as such, the Administration would continue to solicit their views and advice as they forged ahead.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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