Nevis Passes New Legislation For Investment Promotion
by Amanda Banks, Tax-News.com, London
05 March 2008

Dwight Cozier, Junior Minister responsible for Trade and Industry in the Nevis administration, has expressed support for the Amended Investment Improvement Agency Bill, which was passed in the Nevis Island Assembly on 28th February 2008.

The government expects the Nevis Investment Promotion Agency (NIPA) Ordinance 2008 to encourage more foreign investment in the jurisdiction, with a new legal framework which clarifies existing investment promotion legislation.

Cozier gave credit to the Nevis Reformation Party (NRP) for its committed support for Private Sector Investment, and described the previous legislation as a law which did not address the needs of Nevis.

He explained that: "The old Act of 1987 did not address Nevis. It assumed that both islands would choose to undertake Invest Promotions jointly. However, the new initiative provided effective policy and a regulatory framework for separate Investment Code and Legislation for both Islands."

Cozier stated that the NIPA resulted from the recognisable need for embedded flexibility, and for Nevis to pursue its investment promotion independently, jointly or through cooperation.

According to Cozier the bill was also enacted to address "the heightened interest by hotel investors to capitalise on safe destination trends of the United States and European countries; increase competition by regional governments interested in attracting tourists and discretionary concessions handed to investors that impacted government revenues."

Cozier added that the NIPA would also increase integrity and accountability in public life, a commitment made by the Nevis Island Administration in the budget last December, when it commissioned an internal audit designed to enhance the credibility of the local economy.

The minister credited the Organization of American States (OAS) and guidelines provided by the United States Agency for International Development (USAID) and the Caribbean Open Trade Support programme (COTS) for the new initiative.

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