Nevis Foundation
About Nevis Foundation
St Kitts and Nevis is a beautiful 2- island nation located in the Caribbean Sea, boasting white sandy beaches, clear blue water, mountains and tropical rainforests. As one of the wealthiest nations in the Caribbean, St Kitts & Nevis offers a politically and economically stable environment with a sophisticated legal framework and highly developed banking systems.
St Kitts & Nevis offers a very unique legal structure governed by The Nevis Multiform Foundation Ordinance of 2004. The innovative legislations allows the Nevis Foundation to act as a hybrid vehicle offering an unparalleled level of flexibility in the utilization and application. An entity created under the Ordinance is advantageous in combining the asset protection abilities of a foundation along with the features and characteristics of a trust, corporation or partnership.
Prime Minister:
Timothy Harris
Government:
Federal Parliamentary Democracy
Economy:
Trading, Tourism, Real Estate and Financial Sectors
Currency:
Eastern Caribbean Dollar
Capital City:
Basseterre
Population:
Less than 55,000
Language:
English
Tax system:
Territorial Tax System
Members of:
UN, OAS (Organization of American States), Commonwealth, CARICOM
Benefits
Unlike other offshore foundations, Nevis foundations are free to engage in commercial activities under the dual functionality of the Ordinance- founders can set up an LLC foundation through the use of the multiform concept. Alternatively, foundations can remain as is- simply a foundation or embody a corporate (LLC) foundation, partnership foundation or trust foundation, imitating the characteristics of the chosen form.
With the strong asset protection legislation, Nevis helps prevent litigation before it even begins and creditors will be faced with strong barriers to bring a legal dispute against the Nevis Foundation:
Characteristics
Process
1. While many offshore jurisdictions offer similar advantages and benefits, there is no one-jurisdiction-fits all. Our advisors will discuss your needs and goals and ask you the right questions to help determine which jurisdictions are right for you.
2. Defining the objectives of the foundation will help establish which legal structure is right for you. Our advisors will assist in setting up the foundation charter in accordance to the founder´s wishes.
3. Choosing a local resident agent is key in establishing a well-defined foundation that adheres to local laws and offers the foundation the most protection and privacy. As this is an on-going relationship, it is advisable to set up an offshore foundation with a reputable and trusted firm.
4. Each jurisdiction will have their own set up process and set of due diligence processes. Nevis requires clients to fulfill KYC (Know Your Client) by proving your identity with proof of address, as well as completing a simple form to provide the necessary information to draft the Memorandum of Establishment (charter) and regulations.
5. Once the required documentation is received, the provider can then file the foundation charter, creating a legal entity in the public registry. The regulations of the foundation or letter of wishes are then privately issued.
6. The founder´s assets are transferred to the foundation thereby transferring legal ownership of the assets to the foundation. The Nevis Foundation requires an initial subscription of USD 10K of any property and assets vested in the foundation.
7. The management board manages and fulfils any duties in accordance to the by-laws of the foundation while the supervisory board, similar to a protector or enforcer, overseas the affairs of the foundation and ensures the management board are fulfilling their duties.
8. Nevis foundations require the management board to hold their first annual meeting within 1 month of the foundation set up. Expenses including annual maintenance fees as well as any tax expenses incurred by the assets must be paid and maintained. Financial statements are required to be maintained, though filing of the statements are not required. Returns, with any changes to the Memorandum of Establishment must be filed annually.
Choose your jurisdiction
While many offshore jurisdictions offer similar advantages and benefits, there is no one-jurisdiction-fits all. Our advisors will discuss your needs and goals and ask you the right questions to help determine which jurisdictions are right for you.
Choose the legal structure
Defining the objectives of the foundation will help establish which legal structure is right for you. Our advisors will assist in setting up the foundation charter in accordance to the founder´s wishes.
Choose your professional provider
Choosing a local resident agent is key in establishing a well-defined foundation that adheres to local laws and offers the foundation the most protection and privacy. As this is an on-going relationship, it is advisable to set up an offshore foundation with a reputable and trusted firm.
Fulfill due diligence
Each jurisdiction will have their own set up process and set of due diligence processes. Nevis requires clients to fulfill KYC (Know Your Client) by proving your identity with proof of address, as well as completing a simple form to provide the necessary information to draft the Memorandum of Establishment (charter) and regulations.
Draft and execution
Once the required documentation is received, the provider can then file the foundation charter, creating a legal entity in the public registry. The regulations of the foundation or letter of wishes are then privately issued.
Transfer of assets
The founder´s assets are transferred to the foundation thereby transferring legal ownership of the assets to the foundation. The Nevis Foundation requires an initial subscription of USD 10K of any property and assets vested in the foundation.
Duties & Responsibilities
The management board manages and fulfils any duties in accordance to the by-laws of the foundation while the supervisory board, similar to a protector or enforcer, overseas the affairs of the foundation and ensures the management board are fulfilling their duties.
Maintenance of Foundation
1. Nevis foundations require the management board to hold their first annual meeting within 1 month of the foundation set up. Expenses including annual maintenance fees as well as any tax expenses incurred by the assets must be paid and maintained. Financial statements are required to be maintained, though filing of the statements are not required. Returns, with any changes to the Memorandum of Establishment must be filed annually.
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