In 1998, 17,500 international banking companies were registered in Nevis. Registration and annual filing fees paid in 1999 by these entities amounted to over 10 per cent of Nevis' revenues. The offshore financial industry gained importance during the financial disaster of 1999 when Hurricane Lenny damaged the major resort on the island, causing the hotel to be closed down for a year and 400 of the 700 employees to be laid off.
in 1998, 17,500 inTeRnational banKinG compANieS werE rEgistEREd In nevIs. reGistration aNd anNuaL fIlIng fEes paid In 1999 by these enTiTiEs amoUnTeD to oVER 10 PEr cent of neviS' revenues. the ofFshoRE finAncIal inDustrY GaiNed iMpORtaNce DuRINg the fINanciaL diSaSter oF 1999 wheN hurricane LeNNy DAmAgeD tHe MAjor REsoRT ON the islAnd, CaUsInG ThE hOteL TO be ClosED DoWn for a year and 400 Of the 700 EmPloyEeS tO Be laiD oFf.