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New Tax Residence Laws in Nevis; Tax Filing now Underway in Cook Islands
There have been some tax law changes in many of the offshore jurisdictions, including Nevis in the Caribbean and the Cook Islands in the South Pacific. 

The changes have primarily been prompted by the European Union as a means to thwart tax competition. 

Keep in mind, US people are taxed on worldwide income. So, we are talking about no tax due in the country where the company or trust is formed. However, you're still responsible for paying taxes to your local tax authorities where applicable.

So, what does this mean to you if you have an offshore company and/or trust or are thinking about forming one?  

So, Saint Kitts Nevis legislature caved in to the pressure. They passed the Income Tax (Amendment) Act, 2021, which as 1 July, 2021, enshrines the concept of "permanent establishment" in the tax code.  
 
The Amendment determines the circumstances whereby companies would be taxable by the Saint Kitts Nevis tax authorities. Under the Amendment, a company is subject to tax on its assessable income if it has a local "permanent establishment", which includes its "mind and management", a branch, an office, a factory, a workshop or a place of extraction of natural resources. The law applies to Nevis business corporations ("NBCs"), Nevis limited liability companies ("NLLCs") and all other companies regardless of their jurisdiction of registration.
As a practical matter, NBCs. NLLCs and other companies will remain tax-exempt provided they do not have local directors, managers or fall foul of the other prohibitions under the Act.

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