Nevis attract captives from mainly from North America and have had some captives based from Latin America, Europe, and the Far East, as an understanding of the multi-faceted benefits of captive ownership spreads throughout the world. Most of the nearly 300 captives domiciled in Nevis are micro captives. These types of captives are ostensibly used by small business owners, professionals, and families. But why Nevis?
The micro captives market is price sensitive and Nevis as an international jurisdiction is well placed to facilitate the hosting and operation of such entities. Professional and regulatory fee structures that these micro captives face are competitively low within this tax neutral jurisdiction. This ensures that the various family owned professional or small business captives are able to access cost efficient financial services that meet international standards. Nevis also features competitive minimum capitalization requirements;
1 owner – US$10,000.
More than 1 but less than 5 – US$20,000 to US$40,000.
More than 5 – US$50,000.
Quality Service Providers
There is a significant number of quality service providers that provide appropriate services for the captive insurance sector. Owing to the fact that Nevis possesses internationally established service providers, industry standards are high and also networking opportunities widely available and accessible.
Flexible and Proportionate Administration of Legislation
Nevis has what is described as an approachable regulatory body. The Financial Services Regulatory Commission – Nevis Branch facilitates open discussions that support the multilateral flow of information between all concerned parties (licensees, service providers, international regulatory agencies etc.). Transparent and regular communication is vital in ensuring the regulatory process continues to be relevant and proportionate which results in the most effective form of supervision. In terms of licensing, the process is user friendly, transparent and streamlined with an average of 7-13 working days timeframe for license approval after the application is submitted.
Nevis’ consistency in terms of upholding regulatory standards is a major strength, as is being communicative, transparent and professional in order to maintain consumer confidence. This aligned with competitive pricing and quality service provision makes Nevis an ideal domicile for captives. Contact us for more information.