Nevis Offshore Foundation Formation

The Nevis Multiform Foundation Ordinance was passed in 2004 and since then the offshore entity has been incorporated in the offshore jurisdiction. The Nevis offshore foundation is a very unique offshore entity which is only found in the offshore tax haven of Nevis. Nevis as an offshore jurisdiction also offers other offshore services such as offshore banking, the incorporation of offshore business companies, the formation of offshore trusts among other services.

Succession and inheritance planning is necessary for preserving wealth and keeping it in family to ensure that family members are cared for. Second citizenship programs in Nevis open doors for businessmen to invest in real estate. Approved agents are regulated and authorised to process Dominica citizenship applications or incorporate Nevis or Belize company. Second passports are useful in creating a second home for foreign nationals. Other benefits include freedom of movement.

To form a Nevis offshore foundation the process is very simple. The first step to forming a Nevis foundation is finding a registered agent to assist with the formation and registration of the Nevis offshore foundation. Legislation demands that a registered agent be employed for the formation of the Nevis offshore foundation. Once this has been established the next step is filing documents with the Registrar of Companies in the tax haven of Nevis. The document to be submitted includes the Memorandum of Establishment. The information to be included is listed below.

  • The name of the Nevis offshore foundation
  • The name and address of the registered agent
  • The names and addresses of the subscribers to the offshore foundatio
  • The purpose for forming the offshore foundation
  • A statement declaring the initial assets, capital or property being placed in the foundation
  • The length of time the foundation will be in existence for
  • The names and addresses and nationalities of the management of the Foundation
  • The names and addresses of the persons on the supervisory board of the Nevis foundation
  • The name and address of the foundation secretary
  • A statement showing whether or not the foundation will be a tax resident of Nevis
  • A statement to declare which form (trust, corporation or LLC) the foundation is to be registered. If no statement to that effect is included then the foundation will be incorporated as an ordinary foundation
  • The by-laws of the foundation

Once the documents have been filed and the formation fees have been paid the Registrar of Companies in Nevis ill issue the Nevis offshore foundation with a Certificate of Establishment.

When forming a Nevis offshore foundation the foundation founders have the choice of registering the Nevis foundation as a tax resident or an offshore entity. If the Nevis foundation is registered as a tax resident this means that any profits earned in this foundation will be subjected to local taxation. The tax rate for Nevis resident foundation is 1% of the annual net profits. Nevis foundations which are registered as offshore pay no local taxes on profits which have been gained outside of the tax haven. These Nevis foundations will only pay an annual renewal fee. One of the biggest advantages to registering the Nevis foundation is the fact that the Nevis foundation can be registered as a Nevis Trust, Limited Liability company or Nevis corporation and a normal foundation. The form in which the Nevis offshore foundation is registered can be changed many times in the life span of the offshore foundation.