Financial Crime World

Compliance Programs for Small Financial Institutions in Saint Kitts and Nevis

As the financial landscape in Saint Kitts and Nevis continues to evolve, small financial institutions on the island must stay ahead of the curve when it comes to compliance programs. In this article, we’ll take a closer look at some key developments and reminders that may impact your institution’s operations.

Extension of FATCA and CRS Reporting Deadlines

The Automatic Exchange of Information (AEOI) Competent Authority for the Federation of Saint Kitts and Nevis has announced an extension to the filing deadline for FATCA and CRS reporting. Financial institutions are now required to submit their reports by November 30, 2020.

Key Points:

  • The AEOI Competent Authority has extended the deadline for FATCA and CRS reporting.
  • Financial institutions must submit their reports by November 30, 2020.
  • This extension applies to all financial institutions operating within St. Kitts and Nevis.

Renewal of Liquor Licenses

The St. Kitts and Nevis government has suspended all liquor license renewals until further notice. In the meantime, applications will need to be submitted at the Sir Lee Llewelyn Moore Judicial Complex (Court’s Cashier). A receipt from this office must then be presented to the Inland Revenue Department for processing.

Key Points:

  • The St. Kitts and Nevis government has suspended liquor license renewals until further notice.
  • Applications will need to be submitted at the Sir Lee Llewelyn Moore Judicial Complex (Court’s Cashier).
  • A receipt from this office must then be presented to the Inland Revenue Department for processing.

Extension of Property Tax Payment Deadline

As part of the COVID-19 Stimulus Package 2020, the deadline for payment of property tax 2020 has been extended to September 30, 2020. Property owners are reminded that tax is due and payable each year on or before June 30th.

Key Points:

  • The deadline for payment of property tax 2020 has been extended to September 30, 2020.
  • Property owners must pay their taxes by the new deadline to avoid penalties.
  • Tax is due and payable each year on or before June 30th.

FATCA for Individuals

Individuals with accounts in financial institutions operating within St. Kitts and Nevis may have their account information reported to the United States Internal Revenue Service (IRS) if they meet certain criteria. This includes U.S. citizens, residents, entities, and tax residents.

Key Points:

  • FATCA applies to individuals with accounts in financial institutions operating within St. Kitts and Nevis.
  • If you are a U.S. citizen, resident, entity, or tax resident, your account information may be reported to the IRS.
  • You must comply with FATCA regulations to avoid penalties.

Practical Tips for Taxpayers

The Inland Revenue Department accepts various forms of payment, including cash, personal checks, manager’s checks, bank drafts, and postal money orders. Standing orders may also be arranged. Dishonored checks will incur a fee of EC$146.60.

Key Points:

  • The Inland Revenue Department accepts various forms of payment.
  • You can arrange standing orders for convenient payments.
  • Dishonored checks will incur a fee of EC$146.60.