There are three main types of trusts that can be form under this ordinance, charitable trust, non-charitable or purpose trusts or spendthrift trusts. The purpose of the trust can be specified as broadly as the settlor wishes, but generally international trusts are used for asset protection, estate planning, spendthrift protection, investment purposes or charitable purposes.
Nevis Trust Requirements:
- There is no requirement to mention the name/s of the settlor and /or the beneficiary.
- A minimum of one (1) trustee is required; the maximum is four (4).
- At least one of the trustees must be (either) a corporation incorporated under the Nevis Business Corporation Ordinance or trust company doing business in Nevis.
- There are no taxes on international trusts registered in Nevis.
- There is no requirement for stamp or capital gain tax on offshore trust in Nevis.
- There is no restriction on the accumulation of income on offshore trust in Nevis.
- Offshore trust cannot involve any property or interest or assets in Nevis, but the Nevis trust can hold interest in Nevis offshore companies or other offshore entities.
- Nevis trust can be either revocable or irrevocable offshore trusts.
- Nevis offshore trust may own and trade in other shares or open bank accounts.
- The trust or the transfer or disposition by a person creating an international trust cannot be invalidated by any foreign rule of forced heir ship.
- The settlors or trustees can themselves be named as beneficiaries under the trust. (Though, when done, the asset protection coverage weakens since the settlor reverts to becoming the legal owner of the assets.)
- Nevis trust has a life of 100 years.
- Confidentiality is maintained. Any disclosure is prohibited by law, except under an injunction of the Nevis Courts upon an application only for the purpose of an inquiry or trial relating to drug and arms trafficking or money laundering.
- The trust must have a registered agent with a local address in Nevis.
- If the trust is a “non-charitable” trust, a protector must be appointed.
Nevis Trust — Necessary Information
Once the trust deed is prepared by the settlor/s the trust may be registered. The trust deed must contain:
- the name of the trust
- the purpose
- trustee names
- protector name (if any)
- the duties and powers of the trustees
- Date of settlement
- Specifics of the trust property
- Revocability status of trust
Forming a Nevis Trust
We will check the name availability for your trust and let you know about the results via e-mail and may require additional information from you and answer your questions if you have any.
When you are ready we will need a copy of an identity document for the Settlor. At the same time we will raise an invoice, which you have to pay by the method you choose. We proceed with the trust registration after information and payment is delivered.
The process of trust registration normally takes three working days. You will receive The Deed of Trust and Certificate of Registration by courier post. The delivery time varies depending upon your location.