Arrange with us to have your offshore trust settled in Nevis. CCP Inc. provides advice and support you can count on. Nevis offshore trust advantages are three-tier, relating to tax-sheltered benefits, asset protection and estate planning. For more details on how to devise a Nevis offshore trust based on your unique circumstances, don’t hesitate – call us.
Settling an Offshore Trust in Nevis
Offshore trusts in Nevis are regulated by the Nevis International Exempt Trust Ordinance, 2009. These trusts are tax-exempt and can be settled by any non-resident person who according to the law of Nevis is capable of owning and transferring property.
Anyone establishing an offshore trust in Nevis can do so for:
- the benefit of a person
- any valid charitable or non-charitable purpose
- both the benefit of a person and a charitable or non-charitable purpose
To create trusts, settlors may either send us their prepared Letter or Memoranda of Wishes or have one prepared by us according to their terms.
For guidelines on Letters of Wishes (also known as Deeds), please Contact Us .
Trust Beneficiaries and Purpose Trusts
Who is a Beneficiary? :
‘Beneficiary’ refers to any non-resident person who is entitled to benefit under a Nevis trust or in whose favor a power to distribute property may be exercised, as instructed by the trust’s deed.
- By the above definition, beneficiaries can either be named by the settlor, or, the settlor may allow the trustee to use his discretion and distribute trust property in an unnamed person’s favor.
- At least one name must be given for trusts settled for the benefit of someone.
What is a Purpose Trust? :
Nevis purpose trusts are those settled with charitable or non-charitable objectives (advancement of religion, the environment, human rights, community programs, alleviation of poverty).
Trustee(s) of Trust
At least one trustee is mandatory.
One of the trustees must either be a corporation formed under the Nevis Business Corporation Ordinance (ie, Nevis IBC) or a trust company conducting business in Nevis.
- Only charitable purpose trusts are allowed to have more than four trustees.
- Where more than one trustee is required by the trust’s terms, having less trustees than stated does not invalidate the trust.
Corporate Trustees: Whenever appointed:
- Operate by resolution or through resolutions of the board of directors
- Exercise the power to appoint officers to act on its behalf
Generally, the protector of a Nevis offshore trust has the power to:
- Direct a trustee in matters concerning to trust
- Direct a trustee with respect to any power of discretion that he/she holds
- Appoint or dismiss trustees
Protectors are mandatory whenever the trust has a non-charitable purpose; and optional in the case trusts settled for the benefit of someone.
Land, houses, buildings, money, shares, stocks, etc. can constitute trust property but must not be situated in the Federation of St. Kitts and Nevis.
Renewal of Certificate of Registration
Certificates of registration are valid for one year and require continuing registration yearly.
Duration of Nevis Trusts
Nevis offshore trusts that have been settled for the benefit of a person can exist for a maximum of 120 years.
- Duration can however be fixed for a set amount of time or to come into effect upon the occurrence of an event or under certain circumstances.
- Charitable or non-charitable purpose offshore trusts may have a duration exceeding 100 years.
Privacy and confidentiality are protected by The Confidential Relationships Act.
Local Address and Agent
You can count on us at CCP Inc. for the best registered address and agent services.
For details on formation requirements and formalities, further guidelines and to learn how to structure a Nevis offshore trust to suit your unique circumstances and protect assets, please Contact Us .