This section of the website describes and promotes the Nevis Multiform Foundation. It is a foundation that is different from any other. Here, you will find the facts that distinguish the Nevis foundation from the other foundations we offer. The formations requirement and documents are set out as well.
Nevis Multiform Foundations
Deferring the opportunity to preserve assets could be to the detriment of your financial security. But this does not have to be the case.
With the Nevis Multiform Foundation, a founder does not only endeavor to plan his estate; he creates an environment designed to reel in earnings, accrue income and retain it.
Evidence of this occurring is straightforward. Nevis Multiform Foundations can function purely as foundations, but can be structured as foundations while they adapt to the founder’s needs by taking on a specific corporate structure.
This gives rise to the multi-form and multi-purpose nature of the Nevis offshore foundation; hence the:
- Trust foundation
- Company foundation
- Limited company foundation
- LLC foundation
- Partnership foundation
- Limited partnership foundation
- Limited liability partnership foundation
Founders can establish and constitute their Nevis multiform by
- Registration following the standard establishment procedure
- Executed will
Nevis Multiform Foundation Key Facts
Property and assets vested in any Nevis Multiform Foundation must be valued at US$10,000 or more.
- A founder, management board, secretary and registered agent are required
- Naming a beneficiary is not obligatory
- A foundation may be set up a for any lawful purpose or object
- One founder or more (natural or legal) can establish a multiform
- The secretary may be a natural or legal person, but is disallowed from being the sole board member
- A supervisory board may be appointed to serve as protector or guardian
- A register of past and present secretaries management board, supervisory board (if relevant) must be filed at the registered office, containing personal details and interests
- At least two meetings must be convened yearly; first within 1 to 3 months of forming the foundation and then an annual board meeting
- It is the secretary’s duty to prepare minutes of all meetings
- Restrictions are placed on the ownership of property, investment and business in Belize
- Accounts, records and minutes must be prepared and stored
- All activities and vested property must originate outside St. Kitts and Nevis
Asset Protection Mechanisms of the Multiform
The ability to guard property against contingencies such as insolvency, bankruptcy or creditor claims on the part of the foundation’s beneficiary or purpose is created by the Ordinance.
Asset protection provisions in this regard operate to:
- Protect against forced heirship by reaffirming the legitimacy of foundations which are under the sole jurisdiction of St. Kitts and Nevis to prevent foreign laws from nullifying or defeating the beneficiary’s rights and dispositions to and by the foundation
- Cancel income disbursements to the beneficiary if a restriction against alienation has been enforced due to the beneficiary or purpose becoming insolvent, bankrupt or liquidated (removal at any time according to the by-laws)
- Enable the forfeiture of the foundation’s purpose or beneficiary’s entitlement in the face of claims from a trustee-in-bankruptcy, liquidator or creditor
- Protect the founder’s capacity to create the foundation and the beneficiary’s right to entitlement against challenges of any foreign jurisdiction by virtue of its failure to recognize foundations
- Preserve confidentiality in compliance with the Confidential Relationships Act, No. 2 of 1985