Saint Kitts and Nevis Foundation
All the benefits and advantages to register your foundation in Latin America and the Caribbean.
Check all requirements to set up a foundation in St. Kitts and Nevis.
Establishing a Private Foundation in Saint Kitts and Nevis
Disclosure of Information
Secrecy of information is governed by the Confidential Relationship Act 1985. This act prohibits the disclosure of any information obtained in the course of business, and applies to banks, and professionals as well as Government officials. The act provides prison sentences for violation of secrecy provisions and ensures complete confidentiality where foreign authorities seek private banking and financial records. Saint Kitts and Nevis has not entered into any exchange of information agreements.
Banking secrecy is governed by the Saint Kitts and Nevis Offshore Banking Ordinance 1996.
Establishing a private foundation in Saint Kitts and Nevis
Saint Kitts and Nevis is one of the leading jurisdictions in the world for registering a private foundation; it is safe and secure and has a beneficial tax system. As far as offshore foundations incorporation go, Saint Kitts and Nevis is an exemplary choice for you to consider.
A Saint Kitts and Nevis foundation has many advantages. For a start, privacy for those who set up such a foundation is guaranteed, thanks to the St Kitts and Saint Kitts and Nevis Confidentiality Act 1985. A Saint Kitts and Nevis foundation is also exempt from all local taxation, can be run from overseas and can be structured in a number of different ways, according to your needs, offering a great deal of flexibility.
If you are interested in setting up a private foundation in Saint Kitts and Nevis, but you aren’t sure how to go about it, why not talk to the professionals? At Eurofinanzza, we can offer impartial, expert advice on how to manage your assets through an offshore foundation in Saint Kitts and Nevis, and our quick, efficient service will ensure that the process of setting up your foundation runs smoothly.
Get in touch today and see how Eurofinanzza can help you maximise your assets with an overseas foundation.
Saint Kitts and Nevis foundation requirements
Must have a management board with at least one member.
Must have by laws written.
There are no taxes on Saint Kitts and Nevis foundations.
There is no requirement for stamp or capital gain tax on foundations in Saint Kitts and Nevis.
There is no restriction on the accumulation of income on offshore foundations in Saint Kitts and Nevis.
The Saint Kitts and Nevis foundations cannot involve any property or interest or assets in Saint Kitts and Nevis, but the foundation can hold interest in offshore companies or other offshore entities.
The foundation can be either revocable or irrevocable.
Must have a registered agent with a local address in Saint Kitts and Nevis.
Must have a resident secretary.
The name of the foundation must end in foundation or FDN, or the equivalent in another accepted language, and must include a name ending indicative of the multipurpose foundation: company foundation, trust foundation, partnership FDN as examples.
Uses of a Saint Kitts and Nevis foundation
To create a foundation in Saint Kitts and Nevis, it is required that you are a non-resident of the island. You’ll also need a registered office address on the island of Saint Kitts and Nevis (which we provide) and to outline the purpose of the private foundation.
A private foundation in Saint Kitts and Nevis in a legal sense has no owner; this is beneficial to many as the foundation therefore has assets that are not owned by any single person, but the entity itself. Critically, this means private foundations start-up are an excellent way of storing assets overseas. In addition to this, a private foundation can be used for charities, pension funds, trusts and several other purposes.
Advantages of a Saint Kitts and Nevis private foundation
Registering a private foundation in the Caribbean location of Saint Kitts and Nevis has plenty of advantages. For this reason, many foundations are set up by parties from the UK on the island, which is part of the St. Kitts and Saint Kitts and Nevis country. One of the first things to recognise is the Multiform Foundation Ordinance of 2004, under which all Saint Kitts and Nevis foundations are mandated.
They are classed as offshore foundations, provided the founder, managing officers and beneficiaries don’t live in Saint Kitts and Nevis itself. Saint Kitts and Nevis foundations are not permitted to conduct business activity or trade regularly, but are able to obtain earnings from sales, investments and deposits.
Not existing in accordance with any foreign laws, and guaranteed confidentiality and privacy, foundations established in Saint Kitts and Nevis are a great option for clients with these perks in mind.
There are a number of advantages to establishing a private foundation in Saint Kitts and Nevis, one of the main ones being that no tax is paid on profits or gains made by the foundation. Other benefits include guaranteed confidentiality and anonymity, and not being subject to foreign judgement or laws. As soon as all the constitutional requirements are met, and a memorandum of establishment is submitted, the foundation is free to engage in legal commercial activities anywhere in the world.
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