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
- Asset protection
Provisions may be stated in the by-laws, preventing the alienation, bankrupcy, liquidation, seizure, etc. of the assets of the foundation.
- Force Heirship Protection
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.
- Transfer of Foundations to or from Saint Kitts
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
- Confidentiality and anonymity of beneficiaries. Beneficiary names are not registered publicly.
- Complete tax exemption for foundations that carry out businesses with individuals who are non-residents.
- No minimum capital is required to register a foundation in Saint Kitts.
- Inheritance laws do not affect the validity or activities of the foundation`s purpose.
- Inheritance laws applied to founders or beneficiaries domicile will not take effect against the foundation`s assets.
- Registering costs for Saint Kitts and Nevis foundations are very competitive when compared to costs of other jurisdictions.
- A private foundation set up in another country can be transferred to Saint Kitts.
- Flexibility for transferring and administering the assets of family members, children, heirs, etc.
- Saint Kitts and Nevis foundations provide a fiduciary framework enabling civil law and common law countries to easily relate to the organized transfer and use of assets by the beneficiaries at the time of the founder`s death, maintaining control of the assets throughout their life.
The Valsen Advantages
- Speedy, Efficient and consistent Services.
- Relentless effort to obtain bank accounts.
- Expert advice on structuring options.
- Dedicated ongoing compliance support.