A tax-exempt trust in Nevis is by no means the only advantage of this remarkable offshore jurisdiction. What other possibilities can it offer? You can obtain citizenship and a second passport of the Federation of Saint Kitts and Nevis. You can register a classic offshore in Nevis (a limited liability company (LLC)). If you register an offshore LLC in Nevis, there is no need for directors, employees or shareholders, you only need managers and owners.
You can also register an offshore international business company (IBC) in Nevis. Most often, such companies are registered if an offshore company has many shareholders. Nevis also adopted a NIETO trust law under which only an international business company (IBC) in Nevis can be a trustee in a tax-exempt trust in Nevis.
Today we are going to tell you about a tax-exempt trust in Nevis. This is an extremely interesting option not so much for offshore businesses but for their owners. A tax-exempt foundation in Nevis is an effective, legal, reliable and secure solution for those who are looking to use trusts to protect assets but are not ready for the high costs of registration and further maintenance of the structure. We will try to find out why an offshore company in Nevis is the best for this.
Tax-Exempt Trusts in Nevis – Key Benefits
The island of Nevis is regulated by legislation that offers modern trust solutions with preferential methods. Trusts on Nevis are governed by the International Exempt Trust Ordinance of 1994. But, unlike many other offshore jurisdictions, the registration of a tax-exempt trust in Nevis is very simple.
Register an offshore trust on the island of Nevis by just submitting the following to the Register:
- name of the trust (it is better to prepare several options)
- name of trustee
- the legal address of the tax-exempt trust in Nevis (which may be the address of the Trustee/Registered Agent).
The advantages of an offshore trust on the island of Nevis (relevant if registration is carried out in compliance with all rules):
- a Nevis Trust is subject exclusively to the jurisdiction of the Island of Nevis. When filing a lawsuit against a Nevis trust, the lender should make a bond of $25,000 to the Treasury Department, which discourages frivolous claims.
- forced heirship rules are generally excluded
- no taxes
- the tax-exempt Nevis offshore trust does not require shareholders
- infinite validity period
- strong privacy laws. No information on the trust can be accessed by third parties without a court order, and neither is it available in the registry.
Free consultations of our experts on the selection of the optimal jurisdiction for specific tasks:
Registration of an Offshore Tax-Exempt Trust in Nevis
As we said, the procedure is very simple, and the cost of registration is quite affordable (especially when compared directly with other jurisdictions). But this does not mean that you will be able to overcome all administrative difficulties on your own. If the foundation was registered without taking into account all the existing requirements of the legislation or the stage of preliminary planning was omitted, unpleasant surprises may be on the way.
Minimum conditions to register a tax-exempt offshore trust in Nevis (qualifying conditions):
- The Trust Deed is not registered by the state, remaining an exclusively private document. The Trust Deed should clearly state the structure, project and objective of the trust.
- Competent choice of an offshore trust type in Nevis (mandatory before registration): Charitable Trust, Non-Charitable Trust, Spendthrift or Protective Trust, Discretionary Trust, Asset Protection Trust.
- In the Trust, at least one of the trustees must be a licensed trust company or a Nevis IBC (we are also ready to help you with the registration).
- Beneficial owners and settlors cannot be residents of Nevis. The property owned by the Trust cannot be located on the Islands of Saint Kitts and Nevis.
- A Trust Protector must be appointed when you register an offshore trust in Nevis. The Protector is authorized to appoint and remove guarantors to protect the beneficial owners and the trust purpose. The Protector may be the settlor, beneficial owner or trustee.
Comparison of the multiform foundation and the tax-exempt offshore trust in Nevis:
| Multiform Foundation in Nevis | Nevis Offshore Trust |
| Full-fledged legal entity | No legal entity status |
| May use/own property in Nevis | Only assets and rights of beneficial owners prescribed by the deed |
| Subordinate to the current legislation | Subject to the deed and law |
| No beneficial owners of the foundation are needed | Beneficial owners of the trust are required |
| Protector | Protector |
| The rights of the foundation’s beneficial owners are established | The rights of the beneficial owners of the trust in Nevis are limited |
| The Board of Directors is not personally liable for the assets | The Trustee is liable for the trust assets |
| Changes required by Nevis law | Restricted amendments or modifications are allowed |
| Wide opportunities under the current laws of Nevis | Powers under the Nevis Tax-Exempt Offshore Trust Deed |
| Unlimited validity period | Infinite validity period |
| Revocable | Revocable |
The Cost of a Tax-Exempt Offshore Trust Registration in Nevis
As we said earlier, the cost of an offshore trust registration is quite affordable. But you should understand that the structures whose main task is to protect and diversify assets are not the same as companies that conduct offshore business. And if registration of a “simple” offshore company is a standard procedure in many respects, the trust (especially a tax-exempt trust in Nevis) is an exclusive project for specific requirements.
The cost of registering a tax-exempt offshore trust in Nevis is USD 7,000. Mandatory additional costs are listed below:
- Due diligence – USD 200
- Register fee – USD 540
- A legal opinion from an independent lawyer confirming that the trust was formed in accordance with the trust law — USD 1,000
- Legal address – USD 700
- Bank fee – USD 180
- Basic accounting services (up to 10 transactions per year) — USD 1,000
The total amount (excluding additional services, options with complicated registration of a tax-exempt trust in Nevis, and possible force majeure circumstances) will be 9399 USD!
The costs of annual tax-exempt trust maintenance (they do not waive fees for direct registration of an offshore trust):
- Trustee’s fee – USD 5,000
- Due diligence – USD 200
- Renewal in the register – USD 540
- Legal address – USD 700
- Bank fee – USD 180
- Basic accounting services (up to 10 transactions per year) — USD 1,000
The total amount (if you limited yourself to a basic set of services required to register a tax-exempt trust in Nevis) will be USD 7,620!
Cost of Protector’s services:
- Fee for registration of an offshore trust in Nevis – USD 3,000
- Annual fee – USD 1,125
- Transaction cancellation fee – USD 500
Other prices:
- Cost of services/other expenses (phone, fax, document review and other similar services) – USD 100 per hour
- Apostille – USD 75
- Power of Attorney – USD 100
- Notarization – USD 50
- The cost of courier services (depending on the location) – USD 80-100
Please pay attention to the terms of payment for our services required to register a tax-exempt offshore trust in Nevis:
- All rates are in US Dollars.
- Service fees are NON-refundable.
- Rates are subject to change at any time.
- Rates are for standard services. If additional work and/or modification is required for a particular service, the cost will be increased accordingly.
- All prices are subject to state duties.
- Payment for the registration of a tax-exempt trust in Nevis and the annual fee are charged in advance before the start of the year.
- Prepayment invoices are issued for distributions or cancellation of the transaction.
- Hourly charges for other expenses are invoiced quarterly.
If you wish to register an International Business Company (IBC) in Nevis which will act as trustee in a tax-exempt offshore trust in Nevis, we are ready to offer this service (see details below).
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Registration of an LLC/IBC offshore trust company in Nevis, basic set of corporate documents (USD 1,899, 2-3 days required):
- Certificate of Incorporation
- Endorsement Certificate
- Articles of Incorporation
- Certificate of Notary Public
- Designation and Acceptance of Registered Agent
- Transfer of Subscription Rights
- Appointment of Director (minutes)
- By-Laws
- Written Resolution of Director
- Register of Directors
- Register of Officers
- Register of Shareholders
- Share Certificate(s)
- USD 1,899 / 2-3 business days
Registration of an offshore trust LLC/IBC in Nevis, Apostille Package (USD 2,499, 5-6 days required):
- Certificate of Incorporation
- Endorsement Certificate
- Articles of Incorporation
- Certificate of Notary Public
- Designation and Acceptance of Registered Agent
- Transfer of Subscription Rights
- Appointment of Director (minutes)
- By-Laws
- Written Resolution of Director
- Register of Directors
- Register of Officers
- Register of Shareholders
- Share Certificate(s)
- One set of apostilled copies of corporate documents
When you register a tax-exempt trust in Nevis (optionally a management company in Nevis), you can also order the Apostille package + full Nominee service. The cost of the service is USD 7,949, and it takes no more than 8 business days!
Components of comprehensive services:
- Payment of the state fee for the tax-exempt trust registration in Nevis
- Services of the Registered Agent in Nevis
- Registered office (legal address) in Nevis
- One set of original corporate documents
- One set of apostilled copies of corporate documents
- Nominee Director/Manager**
- Original apostilled power of attorney
- Nominee Shareholder/Member**
- Trust Declaration (original)
- One set of copies of the nominee’s apostilled corporate documents
- One set of copies of corporate documents
- Certificate of Good Standing
- Certificate of Incumbency
- Power of attorney (copy)
- Declaration of Trust (copy)
- Copy of passport
- Copy of a utility bill
- A reference letter from the bank or account statement
- Delivery by courier worldwide
Registration of an offshore trust LLC/IBC in Nevis, annual renewal fee (USD 1,699, 3 days required):
- State duty
- Services of the Registered Agent in Nevis
- Registered office (legal address) in Nevis
- Scanned copy of a Renewal Certificate
Annual fee for Nevis company nominees:
- Nominee director/manager of an offshore company in Nevis (Nevis corporation) – USD 1,399, 1 day
- Nominee shareholder/member (Nevis corporation) of an offshore company in Nevis – USD 1,399, 1 day
- Nominee officials of an offshore company in Nevis (Nevis corporation) – USD 1,399, 1 day
Additional documents after the registration of an offshore company in Nevis:
- A notarized set of copies of corporate documents for an IBC in Nevis –USD 600, 1-2 business days
- A notarized and apostilled set of copies of corporate documents for an IBC in Nevis – USD 799, 2-3 days
- A copy of the registration certificate for an IBC in Nevis – USD 400, 1-3 days
- Preparation of IBC registers in Nevis: Managers / Members / Shareholders / Directors / Officers – USD 200, 2 days
- Preparation of minutes of the first meeting of IBC’s board of directors in Nevis – USD 450, from 2 days
- Certificate of IBC shares in Nevis – USD 200, 2 days
- Company search – USD 500, 2-3 days
- Power of attorney (simple) – USD 399, 1 day; notarized – USD 599, 1-2 days; apostilled – USD 799, 2-3 days
- Trust Declaration (simple) – USD 400, 1 business day; notarized – USD 600, 1-2 days; apostilled – USD 800, 2-3 days
Additional certificates after the registration of an offshore company in Nevis:
- Certificate of Good Standing (simple) – USD 680, 2-3 days; apostilled – USD 880, 2-3 days
- Certificate of Incumbency (simple) – USD 490, 1 business day, notarized – USD 690, 1-2 days; notarized with apostille –USD 890, 2-3 days
- Letter of Tax Exemption – USD 500, 2-3 days; with apostille – USD 700, 2-3 days
- Certificate of Nevis IBC Dissolution – USD 1,700, up to 7 days
Certification of documents of an offshore IBC in Nevis:
- Certification signed by the registered agent (per document) – USD 150, 2 days
- Notarization (per document) – USD 200, 2 days
- Certification with apostille (per document) – USD 250, 2-3 days
- Letter of Certification from the Register – USD 500, 5 days
Change of company name/capital/structure:
- Change of the IBC name in Nevis, without a seal – USD 800, up to 7 days; with a seal – USD 1,220, up to 7 days
- Change of the IBC authorized capital in Nevis – USD 1,625, up to 7 days
- Change of Officers / Directors / Managers (including drafts, registers) in an IBC in Nevis – USD 800, up to 5 days
- Change of Shareholders/Members (including drafts, registers and up to 2 Share Certificates) in an IBC in Nevis – USD 800, up to 5 days
- Transfer of shares/ownership (Minutes + 2 new Certificates) – USD 1,200, 5 days
- Amendment of the Articles of Association of an IBC in Nevis (adding a clause, change of capital, any amendment in the company’s Articles of Association in Nevis, which is stamped by the Register) – USD 1,200, up to 7 days
- Reissue of IBC constituent documents in Nevis – USD 1,625, up to 7 days
Changes in an IBC in Nevis after registration:
- Continuation (Change of the offshore company’s country of registration) – USD 2,520, individually
- Certificate confirming the change of jurisdiction for an IBC in Nevis – USD 1,200, up to 7 days
- Transfer of an IBC in Nevis – USD 1,500, individually
- Accelerated transfer of an IBC to Nevis – USD 3,000, up to 7 days
- Restoration of the IBC deleted from the register in Nevis – USD 1,700, 2-3 days
- Liquidation of an IBC in Nevis – USD 1,700, up to 7 days
- Change of registered agent (Transfer Out) – USD 1,999, 2-3 days
- Change of registered agent (Transfer In) – USD 500, on a case-by-case basis
Other services:
- Signing of a document by the nominee from Nevis (1 signature) – USD 160/USD 320 (on a corporate document, on a bank form), 1-2 days
- scanned copy of a document (per 1 page) – USD 100, 1 day
- international courier delivery – USD 200, 2-4 days
- Rush fee (quick document preparation) – USD 150 (per operation), 2 days
Negotiated Services:
- Professional Director – USD 3,400, individually
- General consultation – on a contractual basis, individually
- Legal advice – on a contractual basis, individually
Substance for Nevis Company:
- Financial report (up to 20 transactions/more than 20 transactions) – USD 1,900 / from USD 1,900, individually
- Website development, payment for the state registration of an offshore IBC in Nevis – depends on the complexity, individually
- Virtual office in Panama (address, mail, courier, phone with recording function) – USD 3,000, up to 7 days
The total period of an offshore IBC registration in Nevis (subject to availability of all the required documents and receipt of money to the account of the Offshore Pro Group) is about 4 business days.
Other popular services in Nevis we provide to those who wish to register offshore companies or open bank accounts:
Due Diligence Required to Register a Tax-Exempt Trust in Nevis
Although a trust in Nevis offers the highest level of protection and confidentiality, regulations to combat the laundering and financing of terrorism must be followed. If the Nevis authorities refused to comply with these standards, the island would quickly be blacklisted as an offshore jurisdiction, making the registration of an offshore IBC or tax-exempt trust meaningless. Therefore, you will have to accept that due diligence is mandatory.
We have prepared a special questionnaire for you. Fill it in to provide most of the information necessary to set up a trust and comply with the requirements of the law. You can find it at the end of the article. In addition, you need to prepare the documents of the Settlor, Protector, and Beneficial Owner (s).
A basic list of documents for the Settlor of a tax-exempt trust in Nevis:
- A certified passport copy
- An original/certified copy of proof of residential address (the document must not be older than 3 months)
- An original/certified copy of a reference letter from the bank
- An original/certified copy of a professional letter of recommendation
- A prepared CV
A basic list of documents for the Protector of a tax-exempt trust in Nevis:
- A certified passport copy
- An original/certified copy of proof of residence (not older than 3 months)
- An original/certified copy of a reference letter from the bank
- An original/certified copy of a professional letter of recommendation
- A prepared CV
A basic list of documents for the Beneficial Owner(s) of a tax-exempt trust in Nevis:
- A certified passport copy
- An original/certified copy of proof of residence (not older than 3 months)
If the Settlor of a tax-exempt trust in Nevis is a legal entity, all corporate documents need to be provided, plus the above documents for the person controlling the company (owner, director, etc.). If necessary, other documents may be required.