During his time as a member of parliament Stanley K. John utilized his legal expertise in directly participating in the debate and drafting of many of the laws which govern the International Financial Services sector in St. Vincent and the Grenadines. His insights and experience were transferred into private practice and years of reliable and confidential service in the Offshore Finance Sector culminated in the formation of Cosmos Trust Limited.
 
St. Vincent and the Grenadines was introduced to the international financial services sector by Swiss lawyers in 1976. Three years later the country gained independence from Britain and embarked on the process of nation building. It soon became a priority of the government to move this sector into the forefront of the national economy.

Beginning in 1996 the International Finance legislation was overhauled and a suite of laws (which is constantly being revised) was introduced.

The laws provide the basis for the formation of the following entities:

§        International Business Companies – including LLCs and

        hybrid companies

§        International Trusts

§        Mutual Funds

§        International Insurance Companies

§        International Banks

The international entities registered in St. Vincent and the Grenadines are not subject to taxation. Favorable tax laws are common also in the domestic economy, where there is no capital gains tax, no inheritance tax, no tax on dividends and corporate tax ranges from 10 – 35%.

St. Vincent and the Grenadines has a small, carefully vetted and properly regulated international private banking sector. At present there are only six banks licensed to conduct international banking business. Cosmos Trust Limited has and continues to advise both banks and individuals seeking legal advice or referrals.

The credibility of the International Financial Services Sector here has been bolstered by the implementation of the anti-money laundering regime following the results of substantive legislative and administrative review over the past two years. This regime is on a par with the highest international standards. The FATF have recognized the substantial progress made by St. Vincent and the Grenadines in this regard.

(Excerpts from www.stvincentoffshore.com)