What are the tax rates for local types of income for corporations and individuals
There are several advantages to holding a Saint Kitts and Nevis tax residency status and benefiting from being a citizen of the St Kitts and Nevis tax haven. Although the country has not yet reached a “St Kitts zero tax” level, its taxation landscape is extremely liberal and enticing, to give you a better idea about the astonishingly affordable tax regime in St. Kitts and Nevis we have listed an overview of the country’s notable tax requirements:
Corporate income tax:
St. Kitts and Nevis have a flat rate of 33% for corporate income tax. The branch tax rate is also 33%.
St Kitts Sales Tax:
The Country has a Value Added TAX (VAT), which consists of three rates: the Standard at 17%, the Reduced at 10% for hotel accommodation and restaurants, and the Zero-Rated items at 0%, these items include flour, sugar milk, bread, oats, and rice.
Capital Gains Tax:
Capital gains are not subject to tax unless sold within one year of purchase within St. Kitts and Nevis. In that case tax rates are the lower half of the corporation tax for that year, or 20%.
Interest, Dividends, and Royalties:
Interests, dividends, and royalties for foreign non-residents are taxed 15% for both corporations or individuals. For citizens and residents however, it is zero percent.
St Kitts Property Tax:
The Country utilizes a simple formula of “VALUATION x TAX RATE = PROPERTY TAX” to determine property taxes. The tax rates start from as low as 0.1%.
St Kitts Airport Departure Tax:
For travelers and locals, there is a US$ 37 departure tax. The departure tax St Kitts does not need to be paid separately at the airport for it is part of the airfare.
Withholding tax rate (non-treaty):
Withholding tax in St Kitts is 10%. It is deducted by individuals and ordinary companies that conduct business in St Kitts and are remitting payments to persons outside of the Country.
- A cost breakdown for obtaining a St. Kitts and Nevis passport through investment
- St. Kitts and Nevis: a step-by-step guide for a successful passport application
- Visa-free travel for St. Kitts and Nevis passport holders
- Dual citizenship: why you should consider St. Kitts and Nevis as your second passport
- St. Kitts and Nevis citizenship by real estate investment: all you need to know
- St. Kitts and Nevis the best option for offshore business
- What does the new ETIAS rule mean for St. Kitts and Nevis passport holders?