Country overview

#117
Saint Kitts and Nevis

Country stats

Rating Points
81
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
2%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
0
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
60
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
1 100
Total amount of crypto users out of the country's total population based on public data.
Taxation points
16
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
0
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
Legally allowed
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
No regulation
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
Minor danger
The overall level of security in a given country based on open data.
Crypto Salaries
No regulation
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No info
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
No info
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
No
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
Crypto-to-crypto
This license type allows VASP to provide legal exchange from one cryptocurrency to another.
Crypto-to-fiat
This type of license regulates the exchange from cryptocurrency to fiat.
Wallet/Custody
This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.
Good
Medium
Bad
intro

  This is general info about crypto regulation in Saint Kitts and Nevis. The more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com

Saint Kitts and Newis is an island state (1) in Eastern Carribean with 54,338 population and 261 km2 area.

Saint Kitts and Nevis was the first country in the region, which had launched (2) an investment citizenship program in 1984. However, the price of Saint Kitts Nevis citizenship for a single applicant is $250,000 and this is 2,5 more than in Antigua and Barbuda ($100,000). It's interesting that founder of Telegram Pavel Durov got citizenship of Saint Kitts and Newis.

The country still doesn’t have digital nomad visa program. According to BuyGoldenVisa guide (3) tourists can visit the country without visa during 27-180 days depending on their citizenship. For a longer term it’s essential to apply for Electronic Entry Visa (EEV). 

Security level

According to Quora (4) Saint Kitts and Navis is a relatively safe place. The CIA factbook (5) also characterizes this country in a good way. That’s why we define Saint Kitts and Nevis as a minor danger security level.

Crypto Payments

  In 2022 local prime minister Terrance Drew promised (6) to make Bitcoin Cash a legal payment method in the country. However, currently we still have no confirmation that crypto payments are legal in the country.  

Crypto Salaries

No regulation.

Legal

In January 2020 this country has passed The Virtual Assets Bill (7) and Financial Services Regulatory Commisson (FSRC) is the regulator. The definition of “virtual asset business” includes the following activities:

(a)exchange between a virtual asset and fiat currency;

(b)exchange between one or more forms of virtual assets;

(c)transfer of a virtual asset whether or not for value;

(d)safekeeping or administration of a virtual asset or instruments enablingcontrol over a virtual asset; and

(e)participation in and provision of financial services related to an issue orsale of a virtual asset;

Based on Coin ATM radar (8) there is only 1 crypto ATM in the country.

Taxation

  Based on GlobalCitizenSolution (9) this jurisdiction “levies no capital gains or income tax on cryptocurrency-related activities if operated through a structure such as an LLC or trust”. Overseas investment income is tax free. This means that crypto investors can be exempt from taxation by holding their assets in another country.  

Based on Global Residence Index (10) dividends of non-residents inside the country are taxed by 15% rate. Local employees pay 5% tax on their wages. Basic CIT rate for resident companies is 33% and 0% for non-residents. CGT rate for corporates gains from local sources is 15%.

Links

1)👉🏻Saint Kitts and Nevis Wikipedia

2)👉🏻Carribean Citizenship by Investment Comparison Global Citizen Solution 

3)👉🏻Digital Nomad Visa for St. Kitts and Nevis Buy Golden Visa

4)👉🏻Is St. Kitts and Nevis safe? Quora

5)👉🏻St. Kitts and Nevis: Travel Facts The CIA Factbook

6)👉🏻 ****St. Kitts and Nevis to Explore Possibility of Making Bitcoin Cash Legal Tender by March 2023 Bitcoin.com

7)👉🏻The Virtual Assets Bill 2020 FSRC

8)👉🏻CoinATMRadar

9)👉🏻Crypto Tax Haven Global Citizen Solution

10)👉🏻St.Kitts and Nevis Taxes Global Residence Index