Coldwell Banker Islands Blog

We talk in this blog often about the beauty of St Kitts and Nevis, but if you did decide to live or work here, what is the business climate?

St. Kitts, one of the more recent international financial centers to emerge in the world can offer every investor what he or she is looking for. This small tropical island in the heart of the Caribbean is the home of the Eastern Caribbean Central Bank and the Eastern Caribbean Stock Exchange, which are two important pillars of the Regional Financial Sector.

Our range of enabling legislation and competent service providers can facilitate any investment you need or want to make in the market. Persons wishing to form legal entities for investment, tax planning or estate planning purposes may easily do so here, and those wishing to apply for licenses to become service providers may be walked through the process by the staff of the Marketing and Development Department.

Visit SKIPA, St Kitts Investment Promotion Agency, for more investment information. SKIPA proactively markets St. Kitts, internationally, regionally and locally as an attractive investment location that offers an array of investment opportunities. The investment promotion efforts of the agency are geared towards attracting the right type of investor that will positively contribute to the long term development of St. Kitts.

Specifically, here are points from the Investment Guide:
Incentives
The Government of St. Kitts has a favourable attitude towards investments that have had a positive impact on the citizens. In an effort to encourage such investments the government provides generous incentive packages.
Taxation
Corporate tax is 35% of net profits. Qualified companies enjoy full exemption from taxes on corporate profits for a period not exceeding 15 years. Corporate tax does not apply to exempt companies or to enterprises that have been granted tax concession.
Labour
St. Kitts & Nevis has a labour force of about 25,000 with a literacy rate of 98%. The country’s technical and training needs are met largely by the Clarence Fitzroy Bryant College which offers courses in plumbing, electrical engineering, air conditioning and refrigeration, masonry, carpentry, mechanical engineering, motor mechanics, typing and basic hotel skills.
Social Security
The St. Christopher & Nevis Social Security Board (SSB) was established in 1978 to provide payment of various benefits to insured persons in the event of loss of income due to retirement/old age, invalidity, maternity, sickness, injury on the job. Dependants are allowed survivor’s benefits and funeral grant on the death of the insured. Social assistance by way of non-contributory pensions are paid to old aged or invalid persons who are in need.
Steps to Establishing a Business
The steps involved in establishing a business may vary depending on the type of business being established. Investors are asked to contact SKIPA for information concerning the specific type of business being considered.

In addition to the SKIPA web site, call or write:
St. Kitts Investment Promotion Agency (SKIPA)
CAP Southwell Industrial Park
Basseterre,
St. Kitts

Tel: 1-869-465-1153
Fax: 1-869-465-1154

General Information
E-mail: info@stkittsipa.org

Investment Facilitation
investmentfacilitation@stkittsipa.org

Investment Promotion
investmentpromotion@stkittsipa.org

Research Department
E-mail: financemd@sisterisles.kn

Shawna Lake
Chief Executive Officer
St. Kitts Investment Promotion Agency
E-mail: ceo@stkittsipa.org

Consider St Kitts for your relocation, and contat our Coldwell Banker agents for local knowledge and advice.

When talking about the IAAF Athletics World Plan, which was set up in 2003 to provide strategic impetus in all aspects of athletics’ development, President Lamine Diack always underlines the vital importance of creating a thriving and dynamic school and youth programme that ensures that athletics is not just left to clubs but returns to education systems as well.

“I believe that my greatest legacy would be to know that I have placed the sport of athletics back where it deserves to be ^ at the heart of society ^ and as a key tool in the education, health and fitness of young people all over the world. And by this, we are not only looking at primary schools, where our well established Kids Athletics programme is reaching the under 12s ^ but crucially, the 13-15 age group. If we can hang on to youngsters of this age group, then we really are building the athletic adults of the future, which benefits athletics, sport in general and society as a whole. But as well as that, school and youth initiatives work at all levels ^ it is not just the IAAF working centrally, because we have great initiatives also from our Area Associations, our Member Federations and real interest from national authorities as well. For his reason in particular, the School and Youth project symbolises what the IAAF Athletics World Plan stands for,” said President Diack.

IAAF Member Services Director, Elio Locatelli, said recently: “We are starting to have real success in seeding our Kids Athletics programmes for primary school kids, throughout the world, often in association with education systems which means that the effects are going to be long lasting. But we don’t want all these kids who enjoy Kids Athletics at a young age to then drop out when they reach adolescence. The 13 to 15 year old age group is vital, although there are obviously big differences between a 13 and a 15 year old, which is why our system is flexible and allows us to select, and prepare athletes gradually, depending on their own physical maturity. Our aim is to have as many 15 year olds not only staying in the sport but with an excellent all-round athletic ability. In other words, they should be “ready to train” by that age and be on the right road to begin specialising in different events in time for the IAAF’s first age group competition which is the World Youth and open to 16-17 year olds.”

St Kitts and Nevis is a member nation of the IAAF, and has received a Kids Athletics Kit, for younger age groups. In the world of Kids Athletics, one of the goals for 2010 and beyond are to insist on a direct partnership approach with institutions that can see the benefit of athletics as a core sport and a way to encourage health and fitness. Kids Athletics aims to make the sport fun and relevant to the young age group ^ competing with friends in a team, which is something that is appealing to kids, rather than individual efforts and commitment.

This is a great program for the youth of St Kitts and Nevis and can only pay positive dividends in the future.

The CaymanNetNews picked up an interesting story by Reuters, supporting Pres. Obama’s push to reregulate banks. “The Cayman Islands and other offshore financial centres could become scapegoats unless regulation is stepped up on Wall Street’s biggest banks to avert another potential financial crisis, a former IMF chief economist warned.

“‘If they can’t deal with the underlying real problems, because those banks are too powerful politically, they will look for other people to blame,’ Simon Johnson, a former chief economist at the International Monetary Fund, said at a weekend business conference in Grand Cayman.

“‘Blaming offshore money centres for problems that are really centered on Wall Street’s largest banks doesn’t make any sense, but it could still happen,’ he said.”

Johnson, now a professor at MIT, cautioned that unless regulation is placed on the world’s largest banks, nothing will prevent them from putting together the same high-risk transactions and engaging in the same business practices that led to the worldwide financial crisis. US President Barack Obama’s recent proposal to limit the size and scope of the largest US banks is the right move toward effective regulation, he said.

How can this affect the Cayman Islands? Johnson explained, “Faced with escalating budget deficits, a declining taxpayer base and bank bailouts, more governments will increase taxes. OECD and G20 countries will then keep up the pressure on offshore centres to make sure their citizens are not evading taxes.”

Additionally, the Cayman Islands was in the spotlight in April last year when the G20 urged the OECD to crack down on tax havens. Cayman has put in place 12 tax information exchange agreements with other countries, and is now on the white list with internationally recognized tax standards.

Johnson’s remarks certainly reinforce the need to understand that we now have a global economy and how to deal with its challenges.

Six Senses Resorts & Spas has agreed to establish its first Caribbean resort in Turks & Caicos, following the signing of an agreement with Salt Cay. The initial phase will include a Six Senses resort, residential villas, Six Senses Spa, and golf course. The proposed opening date is 2013.

Initially, the resort project will comprise a total of 40 one-bedroom villa suites, two-bedroom villa suites and three-bedroom retreats, plus 13 four-bedroom residential villas. Architect plan for many of the villas to make dramatic use of the slope of the site, giving panoramic views.

In addition to several dining alternatives, including an organic garden restaurant, there will be a jazz bar, an observatory, and Cinema Paradiso – classic movies in an open environment that has proved a winning double feature in many Six Senses properties. Leisure activities will focus on water activities, and include tennis and golf.

Salt Cay is one of only 10 inhabited islands in a group of 40 islands and cays that make up the Turks and Caicos. The island has remained virtually unchanged from an era when the salt industry, dating back to the 17th century, dominated the economy for over 300 years. Covering just 6.5 square kilometres, or 2.5 square miles, Salt Cay is scattered with historical sites and ruins from the salt raking days; historians, photographers and tourists will enjoy exploring our islands.

While St Maarten tourism officials are still working on developing closer ties with Latin and South America, Curacao and Aruba, through securing agreements with Brazil in particular, have agreed to the services of Gol and TAM airlines, using Venezuela as a hub, something St. Maarten is yet to do.

GOL Linhas Aéreas Inteligentes is a domestic Brazilian airline with low prices, online ticket purchase, and a rising reputation.

TAM - you can choose English or Portuguese to check flights, destinations, fares, and more information about this Brazilian airline.

A British Virgin Islands Tourism Research Competition, intended to ensure greater understanding of the importance of the tourism industry among residents of the Territory, has been officially launched. There are three objectives: foster research and dialogue on the significance of the tourism dollar to the BVI economy; explore strategies for coping with the current global economic downturn as it relates to the effects on tourism; bring balance and a diversity of viewpoints to the tourism sector.

Acting Director of the BVI Tourist Board Ms. Hadassah Ward stated that the competition is open to all residents of the Virgin Islands who are 18 years and older. The actual submission of research papers must be done electronically by May 1, 2010. The judging criteria include areas such as organization and clarity of content, significance and quality of the submission and writing skills.

The top four finalists will be notified by July 15, with presentations of their work scheduled for September this year. The overall winner of the competition will be given an expense-paid trip to the International Tourism Exhibition (ITB) in Berlin, Germany in 2011. The winner will accompany representatives from the BVI Tourist Board to that event to gain firsthand experience of how the Territory’s tourism product is marketed globally.

For more information, contact the BVI Tourist Board. This is an important initiative of partnership between government and resients with a common goal.

When experts ask buyers what project most affects the selling price of homes - not counting the first impression made by the outside of the house - they reply,” It all starts in the kitchen!”

Kitchens and master bathrooms are the big selling points in any house. That is what will move the home (a sale depends on other factors too). But how profitable is it to update your kitchen in this market? Or purchase a home knowing you will have to remodel the kitchen and baths?

A kitchen remodel can be costly and at least a major inconvenience for a home owner, but it can also be very rewarding - with an excellent return on investment. If your home is competing against homes with beautifully updated kitchens, those properties will certainly sell first, all other factors being equal.

Typically, kitchen remodeling will give you one of the highest home remodeling returns, at about 80-100% return on dollars spent. Maybe a major remodel may be more than you want to tackle. If so, consider minor remodels, which can be just as effective in highlighting the home - and the small enhancements can use some of the good features in your kitchen. Here are a few ideas for minor changes:

* Tile the backsplash behind work areas and stove
* Add color - if your counters are one color, accent with tile, stainless steel appliances, and fashionable countertops
* Do something interesting with the hardware

These and many other remodeling jobs will add value to your home, whether a new purchase or to help sell your house. Decide on a budget and shop materials and designs. Also, be honest with yourself if you have the patience and carpentry abilities to do the work yourself. If not, check with our Coldwell Banker office for referrals to local builders who do home remodeling.

Keep in mind that some investments are worth the money, and a local Coldwell Banker agent can give you an idea of whether the remodel will keep your home competitive with market values.

When experts ask buyers what project most affects the selling price of homes - not counting the first impression made by the outside of the house - they reply,” It all starts in the kitchen!”

Kitchens and master bathrooms are the big selling points in any house. That is what will move the home (a sale depends on other factors too). But how profitable is it to update your kitchen in this market? Or purchase a home knowing you will have to remodel the kitchen and baths?

A kitchen remodel can be costly and at least a major inconvenience for a home owner, but it can also be very rewarding - with an excellent return on investment. If your home is competing against homes with beautifully updated kitchens, those properties will certainly sell first, all other factors being equal.

Typically, kitchen remodeling will give you one of the highest home remodeling returns, at about 80-100% return on dollars spent. Maybe a major remodel may be more than you want to tackle. If so, consider minor remodels, which can be just as effective in highlighting the home - and the small enhancements can use some of the good features in your kitchen. Here are a few ideas for minor changes:

* Tile the backsplash behind work areas and stove
* Add color - if your counters are one color, accent with tile, stainless steel appliances, and fashionable countertops
* Do something interesting with the hardware

These and many other remodeling jobs will add value to your home, whether a new purchase or to help sell your house. Decide on a budget and shop materials and designs. Also, be honest with yourself if you have the patience and carpentry abilities to do the work yourself. If not, check with our Coldwell Banker office for referrals to local builders who do home remodeling.

Keep in mind that some investments are worth the money, and a local Coldwell Banker agent can give you an idea of whether the remodel will keep your home competitive with market values.

When experts ask buyers what project most affects the selling price of homes - not counting the first impression made by the outside of the house - they reply,” It all starts in the kitchen!”

Kitchens and master bathrooms are the big selling points in any house. That is what will move the home (a sale depends on other factors too). But how profitable is it to update your kitchen in this market? Or purchase a home knowing you will have to remodel the kitchen and baths?

A kitchen remodel can be costly and at least a major inconvenience for a home owner, but it can also be very rewarding - with an excellent return on investment. If your home is competing against homes with beautifully updated kitchens, those properties will certainly sell first, all other factors being equal.

Typically, kitchen remodeling will give you one of the highest home remodeling returns, at about 80-100% return on dollars spent. Maybe a major remodel may be more than you want to tackle. If so, consider minor remodels, which can be just as effective in highlighting the home - and the small enhancements can use some of the good features in your kitchen. Here are a few ideas for minor changes:

* Tile the backsplash behind work areas and stove
* Add color - if your counters are one color, accent with tile, stainless steel appliances, and fashionable countertops
* Do something interesting with the hardware

These and many other remodeling jobs will add value to your home, whether a new purchase or to help sell your house. Decide on a budget and shop materials and designs. Also, be honest with yourself if you have the patience and carpentry abilities to do the work yourself. If not, check with our Coldwell Banker office for referrals to local builders who do home remodeling.

Keep in mind that some investments are worth the money, and a local Coldwell Banker agent can give you an idea of whether the remodel will keep your home competitive with market values.

When experts ask buyers what project most affects the selling price of homes - not counting the first impression made by the outside of the house - they reply,” It all starts in the kitchen!”

Kitchens and master bathrooms are the big selling points in any house. That is what will move the home (a sale depends on other factors too). But how profitable is it to update your kitchen in this market? Or purchase a home knowing you will have to remodel the kitchen and baths?

A kitchen remodel can be costly and at least a major inconvenience for a home owner, but it can also be very rewarding - with an excellent return on investment. If your home is competing against homes with beautifully updated kitchens, those properties will certainly sell first, all other factors being equal.

Typically, kitchen remodeling will give you one of the highest home remodeling returns, at about 80-100% return on dollars spent. Maybe a major remodel may be more than you want to tackle. If so, consider minor remodels, which can be just as effective in highlighting the home - and the small enhancements can use some of the good features in your kitchen. Here are a few ideas for minor changes:

* Tile the backsplash behind work areas and stove
* Add color - if your counters are one color, accent with tile, stainless steel appliances, and fashionable countertops
* Do something interesting with the hardware

These and many other remodeling jobs will add value to your home, whether a new purchase or to help sell your house. Decide on a budget and shop materials and designs. Also, be honest with yourself if you have the patience and carpentry abilities to do the work yourself. If not, check with our Coldwell Banker office for referrals to local builders who do home remodeling.

Keep in mind that some investments are worth the money, and a local Coldwell Banker agent can give you an idea of whether the remodel will keep your home competitive with market values.