AGRI-Invest Country Profiles

Agri Investment Forum & Expo, 2022

ST. KITTS AND NEVIS

A BRIEF OVERVIEW OF THE AGRICULTURE SECTOR

Since closing the sugar industry in 2005, the Government of St. Kitts and Nevis has embarked on a program to diversify the agricultural sector and stimulate the development of other sectors of the economy.

The main agricultural products include

Corporate Tax Incentives -Under the Fiscal Incentives Act, four types of enterprise qualify for tax holidays. The length of the tax holiday for the first three depends on the amount of value added in St. Kitts & Nevis. The fourth type, known as enclave industry, must produce goods exclusively for export outside the CARICOM region. Export Allowance: St. Kitts provides companies with a further tax concession effective at the end of the tax holiday period. In effect, it is a rebate of a portion of the income tax paid based on export profits as a percentage of total profits. Rebate of Income Tax on Export profits between 25% to 50%. Exemption from Import Duties: Full exemption from import duties on parts, raw materials, and production machinery is also available. Repatriation of Profits: Companies registered in St. Kitts can repatriate all profits, dividends and import capital. Investors in this sector of the economy are free to take advantage of regional trade agreements derived from St. Kitts’ membership in CARICOM and the OECS to gain access to wider markets. • • • • •

Onions

Cabbage Tomato Carrots Breadfruit

Sweet Potatoes

The agriculture sector holds great potential for the creation of wealth for potential investors. The Government of St. Kitts and Nevis has set in place an Agricultural Development Strategy in response global threats to food security. Tremendous opportunities are available for commercial farming as local demands continue to outpace local supply. Specific Opportunities for Investors • Packaging Services • Storage Facilities • Inter-Regional Transport Services • Commercial Farming • Agro-processing Incentives/Concessions for the Agricultural Sector: The government of St. Kitts and Nevis has employed a multidisciplinary approach encompassing vital components such as incentive packages, increase availability of land, investment in agro processing technology and increased linkages with the tourism sector. • Hydroponics • Aquaculture

For further information, please visit our website: www.investstkitts.kn

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