Nevis is located in the Eastern
Caribbean, 1,300 miles southeast of Miami. This "sleeping
tropical beauty" is off the bitten tourists' track. The island
is part of the Federation of St Kitts and Nevis, but has its
own peculiar offshore legislation. The Confidentiality Act
stipulates considerable fines or imprisonment of 12 months
for a person divulging confidential information, especially
in the case of a corporation. Moreover, there is no means
of public access to any information about a company but under
a Nevis High Court order since there is no statutory requirement
to report beneficial ownership.
An offshore entrepreneur or investor seeking a finely tuned
common law regime with outstanding confidentiality and asset
protection features may consider Nevis "zero tax vehicles"
as the best choice.
Tax system facts:
NO taxes on international trusts and offshore companies' activities
outside of Nevis
Taxes: NO local taxes on trust assets and relevant
earnings.
Filing and/or registration requirements: must
only register the Trust's name, name of Trustee, registered
office address; must state that upon registration the
trust will be an international trust.
Settlor and Beneficiary:
must be non-resident of Nevis, may be the same person.
Trustees: one of
them must be a Nevis offshore company or a trust licensed
company
Protector: may be
the same person as the Settlor and Beneficiary
of the Trust; may remove and appoint a new or additional
Trustee
Some Asset Protection Capabilities:
1. An IET is valid and enforceable notwithstanding
that it may be invalid according to the law of the Settlor's
domicile or residence or place of current incorporation. 2. The Trust is not considered fraudulent if settled
2 years after the date of the creditor's cause of action. 3.The creditor must prove the intent of the debtor
to defraud with "clear and convincing" evidence. 4.
The Statute of Queen Elizabeth I has no application
to any IET nor to any property transfer into such trust.
(The Statute makes a transfer to a trust null and
void if the transfer could be interpreted as having been
intended to hinder, delay, or defraud creditors, including
potential future creditors.)
