Saint Kitts and Nevis foundations can now be set up in Saint Kitts. The Foundations Act 2003 (No. 8 of 2003), passed in September 2003, was put into effect on January 31, 2004.
This legislation allows to set up private foundations in Saint Kitts. Service providers are receiving applications to set up foundations in Saint Kitts and Nevis and some foundations have already been established under this law. Two types of foundations in Saint Kitts and Nevis are Exempt Foundations and Ordinary Foundations.
Key Features of Saint Kitts and Nevis Foundations
Provisions may be stated in the by-laws, preventing the alienation, bankrupcy, liquidation, seizure, etc. of the assets of the foundation.
Section 24 of the Foundations Act protecting Saint Kitts and Nevis foundations from forced heirships states that has no foundation governed by the laws of the Federation and no transfer of property to a Foundation which is valid under the laws of the Federation shall be void, voidable, liable to be set aside or defective in any manner by reference to the law of a foreign jurisdictiona.
Entitites organized in a jurisdiction different from Saint Kitts and Nevis and have the legal characteristics of Saint Kitts and Nevis foundations, may request a certificate of continuance from the registrar of foundations under the Saint Kitts and Nevis Foundations Act. A Saint Kitts and Nevis foundation may also be transferred from Saint Kitts and Nevis with the authorization of a unanimous resolution by the councillors and if it will not affect the foundations creditors. Foundations that have relocated are not exempt from duties or other responsabilities that they had in their former jurisdiction.
Advantages of Saint Kitts and Nevis Foundations
The Valsen Advantages