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Trusts & Foundations

Trusts & Foundations

Our law firm offers a wide variety of services to ensure that your financial and tax planning needs are met.

It is for this reason that we have added offshore trusts and foundations to our suite of offshore services.  Offshore trusts and foundations are widely used asset management structures. They can be paired with offshore companies (IBCs) to best suit succession, estate planning and commercial needs.

Offshore foundations and trusts are similar in many ways.  The trust,  being a creature of common law, comprises a settlor, trustee and beneficiary.  Protectors are often appointed by settlors of  trusts but these are optional and not a compulsory feature of the trust.  Offshore foundations on the other hand have their origins in civil law and are often described as a hybrid of the trust and corporation.

Both offshore foundations and offshore trusts are of historic importance.  For many years, trusts and foundations  have been used by many families in the passing on of assets, wealth and property, as well as protecting family businesses and legacies.

NEVIS OFFSHORE FOUNDATION 

Nevis offshore foundations are formally known as Multiform Foundations. Nevis Multiform Foundations are hybrid structures which can be alternately structured according to the personal and commercial needs of its members.  We make the registration and maintenance of Nevis foundations straight forward and simple in order to facilitate your asset management needs.

The Nevis Multiform can therefore take any of the following forms:

  • Nevis Multiform Foundation (default structure)
  • Nevis Trust Foundation
  • Nevis LLC Foundation
  • Nevis Partnership Foundation
  • Nevis Limited Partnership Foundation
  • Nevis Partnership Foundation
  • Nevis Limited Liability Partnership Foundation
  • Nevis Company Foundation

Nevis Multiform Foundations are regulated under the Nevis Multiform Foundation Ordinance 2004 which is an innovative piece of legislation.  Under this Ordinance, the Nevis Foundation can converted, transformed, consolidated and merged, thereby giving the Nevis Foundation its multiform. multipurpose nature.

Through the process of Transformation, for example, an non-Nevis company or trust can be relocated to Nevis and transformed into a Nevis multiform foundation.  Likewise, Consolidation or Merger allows two or more entities to be merged into a Nevis multiform foundation.

To register foundations in Nevis basic requirements include:

  • a Registered Agent
  • a Registered Office
  • Management Board and Secretary
  • Memorandum of Establishment
  • Approved Name
  • Foundation By-Lawa
  • Consent Schedule
  • Minimum endowment value of US $10,000

For more information on Offshore Foundations please Contact Us.

NEVIS EXEMPT TRUST

Nevis offshore trusts are formally called International Exempt Trusts.  The Nevis International Exempt Trust Ordinance enables the creation of 3 main types of Nevis trusts:

  • Spendthrift/Protective Trusts
  • Charitable Trusts
  • Qualified Foreign Trusts

Nevis offshore trusts offer many benefits in that they are unable to be declared void, defective and are not voidable by reason of any forced heirship rules that may exist in the Settlor’s domicile, residence, jurisdiction of incorporation or establishment.

Additionally, the rule against perpetuities are not applicable to the Nevis trust while foreign judgments are not enforceable in Nevis, as any civil action to recover assets from a Nevis Trust is required to be brought anew in the Courts of St. Kitts and Nevis. In order to settle a Nevis trust the following basic requirements must be satisfied:

  • a Registered Agent
  • a Registered Office
  • Settlor
  • Beneficiary
  • Corporate Trustee

The Nevis offshore trust is classified as a Private Trust Company (PTC) by virtue of the requirement of a corporate trustee, which requires the appointment of a corporation as trustee.

For more information on Nevis Trusts please Contact Us.

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