TBA & Associates

Establishing a private foundation in Saint Kitts & Nevis

There are many locations around the world that offer the facility to set up offshore foundations, but one of the most popular is the island of Nevis, part of the small Caribbean nation of St. Kitts and Nevis.

Nevis is one of the leading jurisdictions in the world for registering a private foundation; it is safe and secure and has a beneficial tax system. As far as offshore foundations incorporation go, Nevis is an exemplary choice for you to consider.

A Nevis foundation has many advantages. For a start, privacy for those who set up such a foundation is guaranteed, thanks to the St. Kitts and Nevis Confidentiality Act 1985. A Nevis foundation is also exempt from all local taxation, can be run from overseas and can be structured in a number of different ways, according to your needs, offering a great deal of flexibility.

If you are interested in setting up a private foundation in Nevis, but you aren’t sure how to go about it, why not talk to the professionals? At TBA, we can offer impartial, expert advice on how to manage your assets through an offshore foundation in Nevis, and our quick, efficient service will ensure that the process of setting up your foundation runs smoothly.

Get in touch today and see how TBA can help you maximise your assets with an overseas foundation.

Nevis Foundation requirements

Must have a management board with at least one member.

Must have by laws written.

Individual or corporate members are permitted. We offer the services of nominee member.

There is no requirement for stamp or capital gain tax on foundations in Nevis.

There is no restriction on the accumulation of income on offshore foundations in Nevis.

The Nevis foundations cannot involve any property or interest or assets in Nevis, but the foundation can hold interest in offshore companies or other offshore entities.

There are no taxes on Nevis foundations.

The foundation can be either revocable or irrevocable.

Nevis multiform foundations may own and trade in other shares or open bank accounts.

Must have a registered agent with a local address in Nevis.

Must have a resident secretary.

The name of the foundation must end in foundation or FDN, or the equivalent in another accepted language, and must include a name ending indicative of the multipurpose foundation: Company foundation, trust foundation, Partnership FDN as examples.

Uses of a Nevis Foundation

To create a foundation in Nevis, it is required that you are a non-resident of the island. You’ll also need a registered office address on the island of Nevis (which we provide) and to outline the purpose of the private foundation.

A private foundation in Nevis in a legal sense has no owner; this is beneficial to many as the foundation therefore has assets that are not owned by any single person, but the entity itself. Critically, this means private foundations start-up are an excellent way of storing assets overseas. In addition to this, a private foundation can be used for charities, pension funds, trusts and several other purposes.

Why register a Private Foundation in Nevis?

Registering an offshore private foundation is an increasingly popular option for people who are looking for ways to manage their company or private assets without having to pay unnecessary taxes or deal with excessive bureaucracy.

An overseas private foundation can be an ideal solution as it combines the benefits of an offshore company with those of a traditional trust and enables you to restructure your assets in a number of ways, without being over-burdened with legal obligations.

The range of locations around the world offering offshore private foundations is wide, but many people choose to set up their foundation on the island of Nevis, part of the small, independent Caribbean nation of St. Kitts and Nevis.

A private foundation set up in Nevis is also exempt from all local taxation, and whereas some jurisdictions insist on a local resident being appointed to run the foundation, a Nevis private foundation can be run from abroad. It’s also worth noting that, thanks to the St. Kitts and Nevis Confidentiality Act 1985, the identity of the people who own or run the foundation cannot be disclosed to the public.

Legal requirements to register a Private Foundation in Nevis

Setting up an overseas private foundation can help you to manage your personal or company assets more effectively and is a good way to handle the transfer of assets to family members and others, without incurring excessive costs.

This jurisdiction offers many advantages if you are looking to set up an offshore foundation, including exemption from local taxation, the ability to manage the foundation from overseas, and a guarantee of privacy for those setting up and running a foundation, thanks to the St. Kitts and Nevis Confidentiality Act 1985.

There are, however, certain legal requirements that you need to fulfill to set up a Nevis private foundation. Although a foundation can be created by just one individual, a secretary, management board and registered agent must also be named. The foundation must also convene two meetings every year, minutes must be kept of these meetings and all accounts, minutes and records must be kept.

Advantages of a Nevis Private Foundation

Registering a private foundation in the Caribbean location of Nevis has plenty of advantages. For this reason, many foundations are set up by parties from the UK on the island, which is part of the St. Kitts and Nevis country. One of the first things to recognise is the Multiform Foundation Ordinance of 2004, under which all Nevis foundations are mandated.

They are classed as offshore foundations, provided the founder, managing officers and beneficiaries don’t live in Nevis itself. Nevis foundations are not permitted to conduct business activity or trade regularly, but are able to obtain earnings from sales, investments and deposits.

Not existing in accordance with any foreign laws, and guaranteed confidentiality and privacy, foundations established in Nevis are a great option for clients with these perks in mind.

There are a number of advantages to establishing a private foundation in Nevis, one of the main ones being that no tax is paid on profits or gains made by the foundation. Other benefits include guaranteed confidentiality and anonymity, and not being subject to foreign judgement or laws. As soon as all the constitutional requirements are met, and a memorandum of establishment is submitted, the foundation is free to engage in legal commercial activities anywhere in the world.

One of the most useful tools for those looking to restructure their personal or company assets, or to ensure that they avoid paying unnecessary taxes when passing on assets to their family or business associates, is the offshore foundation. An overseas foundation combines some of the benefits of a charitable trust with those of a company and can be a useful and effective way to manage your assets.

Why not contact TBA today to speak to one of our advisors on private foundation start-up in Nevis? Our experts will guide you towards the correct package for you and your foundation’s needs.

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Year 1 Incorporation and service fees.
Optional Services (Bank Account opening, Nominee services, Certification of documents, amongst others).
Annual Renewal service fees for year 2 and subsequent years, to keep your company in good standing and full Compliant at all times.

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Disclaimer: While TBA & Associates strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact TBA Customer Services for advice on your specific cases.

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