In his 2008 budget speech in December, St Kitts and Nevis Prime Minister and Minister of Finance, Dr Denzil Douglas, outlined strong growth in the Federation's financial services sector in the previous year.
The number of captive insurance companies registered had increased from 5 at the end of 2006 to 51 at the end of October 2007, while the commercial banking sector had achieved total assets of EC$3.6 billion.
The first 10 months of 2007 had also seen the registration of an additional 55 Foundations, 127 private exempt companies, and 86 private ordinary companies.
The shipping registry, which had been fully functional for just over 3 years, now has 500 ships registered and the revenue from this activity increased from EC$250,000 in 2006 to over EC$1 million for 2007, so far. The registry had already begun to focus its attention on yacht registration, said Dr Douglas, reflecting the recent launch of the Christophe Harbour project which could become the home of numerous luxury yachts within a few years.
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