24.1 C
Wednesday, July 24, 2024
HomeNewsPress ReleaseNIA fiscal incentive programs extended into 2022, says Finance Minister

NIA fiscal incentive programs extended into 2022, says Finance Minister


NIA CHARLESTOWN NEVIS (December 07, 2021) – A number of fiscal incentive programs introduced by the Nevis Island Administration (NIA) in 2020 will be extended into 2022 to continue bringing relief to the people of Nevis.

The announcement came as part of the Budget Address 2022, delivered by Premier Hon. Mark Brantley, NIA Minister of Finance, on Tuesday, December 07, 2021.

One such incentive is the construction sector concession package. Designed to stimulate growth in the construction sector, the package provides a waiver on Customs Duty and Service Charge for persons renovating existing homes or businesses when purchasing more than $30,000 in building materials.

“My Cabinet has decided to extend our COVID-19 Relief Construction Stimulus package for an additional six months up to June 30, 2022. This program, which was initially implemented in September 2020, provided relief for all residents on Nevis undertaking any form of construction activity with material costs in excess of $30,000.00. Under both incentive packages (including the first time homeowners program), applicants are only required to pay the 17 percent Value Added Tax on purchases of building materials. To date a total of sixty-three residents have benefited from concessions.

“Mr. President, I am happy to report that the data provided by the Department of Physical Planning indicates that there are 163 active construction sites island-wide that are being monitored by that Department on a daily basis. Our local suppliers of building materials are also indicating evidence of increased sales over the past year as a result of our incentive programs to stimulate activity in the construction sector. This is a clear confirmation that both incentive programs are translating into construction activity on the ground and therefore jobs in our local economy.”

The NIA Cabinet has also taken the decision to extend its policy of the waiver of the Alien Land Holding Fee for an additional six months up to June 30, 2022. This policy which was initially implemented in September 2020 provided a waiver from the payment of the Alien Landholding License Fee for all non-nationals wishing to purchase existing properties, specifically land and building, but not applicable to the simple purchase of undeveloped land only.

The Premier said this incentive has generated much need activity in the real estate sector.

“Since its implementation in September 2020, a total of 54 applicants have benefitted under the program, generating sales of over $74 million and Stamp Duty revenue for the Administration in the amount of $4.5 million thus far.

“Similarly, after consultation with our realtors and in an effort to expedite sales of existing properties here on Nevis, approval has been continued for purchasers of any existing property in excess of US$400,000.00 to qualify for citizenship under our Citizenship by Investment Program.”

The NIA’s program for concessions for start-up business entities along with its program for concessions for entities operating in the tourism sector will continue into the new fiscal year. These are in addition to its existing concession package extended to returning nationals and also its program to facilitate the movement of skilled persons into the island.

Mr. Brantley also announced the NIA’s intention to introduce an attractive package of concessions for the film and fashion industry to try and attract filmmakers, photoshoots and other Creatives to Nevis as the Administration attempts to build out the infrastructure to become a leading film and fashion destination in the Caribbean.

“These measures will serve to stimulate activities in our real estate, construction and creative sectors and provide employment even as we anticipate the full turnaround of activities in the main economic sector of tourism,” he said.


Most Popular

Contact a Program
If you are interested in a program or advertising, send us a message.
Send Message
Signup for our Newsletter
We'll only be in touch when we've something exciting to share.
We never share your details
No thanks