Nevis Banking: Opening an Offshore Bank Account in Nevis

The Caribbean islands are renowned for their beaches, pristine coastlines and most importantly being home to some of the best offshore banking jurisdictions in the world. The jurisdiction of Nevis is no exception. Nevis is part of the two-island nation of St. Kitts & Nevis.

It is a small country in terms of size (only 261 square km) and population (just over 57 000 inhabitants); however, despite its relative size it has very well-developed financial and banking sector that has become a popular destination for company formation as well as for offshore banking.

Nevis is an offshore jurisdiction that offers zero tax on foreign source income, strict privacy controls, and favorable corporate policies, making it a popular destination for foreign trusts and company formation.

Opening an Offshore Account in Nevis

There are two primary ways to open an account in Nevis:

1. A personal account held by the individual
2. Corporate account through the formation of an offshore limited liability company (LLC)

Opening a corporate account with an LLC is much preferable as it creates a separation between the individual and his/her assets that strengthen the asset protection capabilities. If bulletproof asset security is needed an offshore account can be opened with a Nevis LLC which is held by a Nevis Trust.

This provides the most secure formation structure possible as a Nevis Trust presents many barriers to creditors looking to break into the entity. A Nevis LLC can be incorporated with a single member which is ideal for those looking to use the LLC structure to hold the account.

Advantages 

Two primary reasons why Nevis is known as an offshore jurisdiction is due to its tax and privacy laws. Like many of its Caribbean counterparts, Nevis offers non-resident individuals offshore formation and account opening possibilities that have enhanced privacy, security and flexibility.

There is zero local taxation on all income earned outside of the jurisdiction. In addition, offshore LLCs and their owners are not subject to withholding tax, capital gains tax or estate tax. However, it is important to note that as of this writing legislation has been undergoing some recent changes, so be sure to have a personal consultation before committing to any package.

Irrespective of the changes, however, the Nevisian government has been committed to keeping its financial industry alive and will continue to have a very favorable tax regime for corporations and individuals alike.

Like many offshore havens Nevis, takes client confidentiality seriously and does not, and will continue to never disclosure private client banking information nor financial reports, however, the burden of reporting lies within the client and the country where they currently reside. 

As a result tax advantages will be dependent upon tax and CFC laws in the jurisdiction where the client lives. It is in the island’s best interest to maintain high levels of asset protection and privacy for their non-resident investors, as offshore banking and finance account for upwards of 10% of GDP. 

Benefits

1. The official language is English
2. The currency is pegged to the USD which removes currency risk
3. The nation has a sound and stable political and economic system
4. Offshore banks in Nevis are generally very efficient, offer good service and in our experience are professionals
5. Finally, Saint Kitts and Nevis are well-known for having started the original citizenship by investment program back in 1984

As many non-residents have chosen to find a second residency alternative to enhance their global prospects, not only does Nevis offer the tranquility that comes with a Caribbean destination, but has numerous retirement advantages, investment opportunities, and through a donation or an investment in real estate, it is possible to obtain citizenship in several months.

Bank Account Details

• Opening an offshore account in Nevis requires a deposit of 10,000 USD
• Personal accounts can take 2 weeks where corporate accounts can take 1-2 months 
• No in-person requirements
• Accounts can be held in nearly half a dozen different currencies
• Credit cards, internet banking, and telebanking services included

Bank Account Requirements 

• Notarized copy of passport 
• Bank and professional reference letter
• Proof of physical address (copy of utility bill, bank statement)
• Incorporation documents (in case of corporate account) 

Do You Need an Account?

If you are seeking a safe secure jurisdiction to form an account Nevis might be worth considering. It is especially recommended for those who are looking for a high degree of confidentiality and asset protection, which only a few other jurisdictions offer.

Like all things, these days, laws and policies are changing quickly and be sure you are up to date with the latest information before you open an account.

Compared to other jurisdictions, Nevis presents few obstacles and is generally a smooth formation process with few barriers to entry. Nevis is one of those few nations whose economy is centered around its offshore banking sector, meaning it is specifically geared towards providing the exact type of environment that you as an offshore investor are looking for.

It is especially recommended for those who are looking for a very high degree of confidentiality and asset protection, as you are unlikely to find anywhere else which ensures the same level of security as with Nevis offshore bank accounts. 

Offshore Bank Account Update: If you are looking for privacy and asset protection we recommend offshore business accounts. Offshore personal accounts do not offer the privacy and asset protection you are looking for. We suggest using offshore corporate accounts or a private Swiss account. Get in touch for more info.