Nevis is one half of the Federation of St. Kitts and Nevis, two islands in the Caribbean Sea. Like many beautiful island nations, Nevis has a thriving tourist trade. Thanks to changing legislation, Nevis also counts offshore financial services among its most popular industries, making it a good option to consider when you're looking to create an offshore trust for asset protection.
This is because Nevis not only enforces strict confidentiality laws where offshore trusts are concerned, but they also make it extremely difficult to bring claims against trusts. In order to challenge a trust created in Nevis, a claimant must post a $100,000 bond before a court date will be set.
For most claimants, this is a steep buy-in, with no guarantee of successful litigation. The onus to post bond in order for litigation to proceed puts a stop to the vast majority of claims (fraudulent or otherwise) against Nevis trusts.
It's important to note that Nevis trusts may not contain any trust property (land, houses, etc.) that is situated in the Federation of St. Kitts and Nevis. You must also be a non-resident of Nevis in order to set up an offshore trust, but once you have, your trusts are tax exempt.
Formation of a trust will cost you $6,500, and annual fees are $5,250. For this you will receive trust registration and a trust deed (as well as annual renewal of certificates of registration), the services of a licensed and bonded trustee, a professional Protector, and two offshore accounts in the name of the trust.
Submitted by: Sam Hall of Harbor Financial Services