The Nevis Offshore Trust
Legislation which supports the formation of Nevis offshore trusts or Nevis exempt international trust was passed in 1994 and amendments have since been made. The Nevis offshore trust provides asset protection and can be used as a means of reducing tax liabilities and estate planning. The Nevis offshore Trust is just one of many offshore entities being formed in tax haven Nevis with the objective of reducing tax liabilities. The Nevis offshore trust legislation offers protection for offshore trusts from foreign court rulings.
The Nevis offshore trust legislation makes provisions for two type of offshore trusts be formed in the offshore tax haven; charitable and non charitable trusts. Charitable trusts are those according to Nevis offshore trust legislation set up for purpose which will benefit a community or a greater part of a community. Nevis offshore charitable trusts can be formed for alleviating poverty, for research and development in science and education, protection of the environment, the advancement of religion and any other purpose which will benefit a community. Nevis offshore charitable trusts can last for a period of more than one hundred (100) years.
A Nevis offshore trust formed for charitable purposed is exempted from all forms of all local taxation. Nevis charitable trusts are also exempted from stamp duty on transactions carried out on behalf of the offshore trusts. Nevis offshore charitable trusts are easy to set up. The use of a registered agent is an obligation according to trust legislation in Nevis.
Non Charitable offshore trusts in Nevis re set up for private reasons such as safeguarding wealth for minors and families. This type of Nevis offshore trust can be set up for any specific reason which is deemed to be legal under the laws of the offshore tax haven of Nevis. Trust protector must be appointed for non charitable trusts in the offshore jurisdiction of Nevis. A registered agent is also needed for the formation of the Nevis non charitable trusts. Like the charitable trust the Nevis non charitable trusts are exempted from paying local taxes on foreign earned income.
For the registration of a Nevis offshore trust a document must be submitted to the registrar of Nevis companies with the following information; the name and address of the registered address, the name of the trust a document signed by a lawyer stating that the Nevis offshore trust is being registered according to the stipulations of Nevis offshore trust regulations and the date the trust was set up.
For the formation of a Nevis offshore trust the following parties are needed; beneficiaries, trustee and trust settlor. A Nevis offshore trust can be created with one Trustee who can be an individual or Nevis corporation. The assets of the Nevis offshore trust are placed in the care of the trustee who will be responsible for them. The beneficiaries will inherit the assets of the Nevis offshore trust. The Beneficiaries of a Nevis offshore trust may not be citizens or residents of the offshore jurisdiction of Nevis.