The jurisdiction of Nevis has been synonymous with reliable asset protection for decades. The Nevis asset protection system offers many options, from a simple LLC to a trust and foundation. In this article, we will tell a little more about the unique opportunity provided by the island jurisdiction – Nevis multiform foundation.
- Why Nevis is the best jurisdiction for asset protection
- Nevis multiform foundation – flexibility for your asset protection
- Organization and management features of Nevis asset protection foundation
- Organization of Nevis private foundation
- Nevis multiform foundation
- What documents are required to register Nevis multiform foundation
Why Nevis is the best jurisdiction for asset protection
Before listing all Nevus advantages, it is worth clarifying one important point. Nevis is part of the Federation of Saint Kitts and Nevis – two islands in one country. At the same time, the legislation in various matters on these islands differs. Almost all asset protection tools are provided by Nevis.
The approach to preserving and increasing capital is what distinguishes genuinely wealthy people from all others. Tremendous power is hidden in modern asset protection technologies because the richer you are, the more often some want to covet your property.
Offshore vehicles – companies, trusts, and foundations – are used to protect assets very often. It is perfectly legal and affordable enough to be used not only by billionaires but also by people with not so huge fortunes.
Why can Nevis be safely considered the best jurisdiction for asset protection? Here are the main reasons:
- Nevis legislation is on the side of the entrepreneur and investor, not creditors.
- This jurisdiction does not recognize foreign judgments.
- Litigation in Nevis requires a $100,000 deposit, to begin with, followed by the engagement of a local lawyer.
- Even in case of court victory (which is unlikely), the creditor will not be able to claim assets within the company/trust/foundation.
- Nevis offers unique asset protection foundations that allow you to super-flexibly customize your foundation for different tasks and even change its form during its life.
- The cost of registration and maintenance here is lower than similar solutions in other jurisdictions.
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Nevis multiform foundation – flexibility for your asset protection
Nevis asset protection foundation can be used by individuals, companies, trusts, and partnerships. In addition, it ensures a high degree of personal information confidentiality. For example, there is no need to file annual returns.
Such a foundation will protect assets from claims against a particular owner. Assets within Nevis multiform foundation belong to the foundation, and creditors cannot sue them from you since they are not technically yours.
Tax incentives are another advantage of a Nevis foundation. Foundations in this jurisdiction are not subject to capital gains, inheritance, or income taxes. However, you may have to pay taxes when receiving payments from the foundation in accordance with the laws of your tax residence country – this should be clarified in advance with tax consultants.
Nevis multiform foundation may profit from various sources, including participating in business ventures worldwide. It is not recommended for the foundation to engage in active trading or commercial activities, but it can receive profit from other companies or payment of dividends.
The interesting point is that a foreign company or other entity (for example, a trust) can be converted into a Nevis foundation. And two or more foreign or local enterprises can be combined into a Nevis multiform foundation.
Protecting assets is the main task of a multiform foundation. When a house, bank account, or shares are transferred to a Nevis foundation, the specific owner of the assets disappears. After the transfer, the assets belong only to the foundation. If creditors or former spouses decide to seize your property, they will not be able to do this because it no longer belongs to you.
At the same time, you can be a beneficial owner of a multiform foundation and benefit from using assets.
Organization and management features of Nevis asset protection foundation
Unlike a trust, the management of a Nevis multiform foundation requires more attention. Firstly, in the first 2-3 months after the formation, it is necessary to hold the Board meeting. Such meetings should be held two times a year (in any country, in person or via remote communication). The records and results of the meetings must be kept by the foundation, as well as reports.
The foundation must have a founding member, a secretary, a registered agent, and a board of management. There is no annual report required, which keeps the information about your wealth private.
Nevis multiform foundation can open accounts, enter into agreements, own property and conduct some transactions.
Organization of Nevis private foundation
- At least one founder is required, as well as a supervisory board, secretary, and registered agent.
- Foundation name must contain either Foundation or FDN or an abbreviation in other languages.
- If the foundation is multiform, then it must be indicated in the name: Company Foundation, Trust Foundation, Partnership Foundation.
- The foundation is renewed annually.
- Memorandum and articles of association must be in English.
At the same time, any amount of funds can be accumulated within the foundation without restrictions.
Nevis multiform foundation
This is a special form of foundation unique to Nevis. This is a kind of framework within which you can customize the foundation for almost any task. For example, depending on the conditions, it can act as a trust, a company, a partnership, or an ordinary foundation. In addition, the form may change over time.
This gives an extremely high degree of flexibility in tool settings and asset protection.
What documents are required to register Nevis multiform foundation
- Foundation memorandum and articles of association (if required).
- A prescribed form signed by the multiform foundation founder legally confirmed or signed by the registered agent on their behalf, and duly certified. It contains:
- foundation name and the address of its registered office in Nevis
- description of the assets that are or will be transferred to the foundation
- information established by the Registrar regarding the registered agent
- information about the person or persons who form the first management board
- information about the person or persons who form the first supervisory board
- information about the secretary
- obligation, in the case of a tax resident foundation, that the board must immediately notify the Minister in written form if the multiform foundation ceases to be a tax resident foundation
- initial multiform statement
- statement as to whether the articles of association should be made available to the public
If you want to create a Nevis multiform foundation that will work to protect your assets as effectively as possible, please consult with our experts by sending a request to info@offshore-pro.info.
Read our other articles on Nevis asset protection:
- Top 7 Reasons to Establish Your Nevis Offshore Trust
- Trust Professionals: Why Top Asset Protection Lawyers Prefer Nevis
- Nevis LLC or Cook Islands LLC: Which Offers the Best Offshore Asset Protection
- Why Nevis LLCs are Still the Best for Offshore Asset Protection
- Tax-Exempt Nevis Trust: International Assets Protection on Steroids
