Nevis has over 35 years’ experience as an international financial services centre. Nevis’ political structure is that of a Federation (the Federation of Saint Kitts and Nevis) and is based on the parliamentary system of Westminster, uniquely, Nevis has its own unicameral legislature and has considerable autonomy in its legislative branch.
Nevis is an independent Federation and not an Overseas Territory of the UK.
Clients favour the BVI as it provides them with competitive advantages such as:
- Company formation in the form of Nevis Business Corporation, Nevis Limited Liability Company (LLC);
- Captive Insurance;
- Nevis International Exempt Trusts;
- Nevis Multiform Foundation;
- Economic Citizenship;
- Alternative Areas of Investment such as Wind and Geothermal Energy.
More information on Nevis
Nevis Business Corporation (“IBC”)
The Nevis Business Corporation Ordinance allows for corporations to be incorporated to conduct any legal activity. There are no limitations with the number, type or locations of directors and/or members.
Corporate and accounting records may be kept anywhere but must be readily available by the Registered Agent or local regulatory authority.
Authorised share capital of an IBC may be any legal/recognized currency.
IBCs can become tax resident in Nevis from their date of incorporation or may apply to become a tax resident subsequently. Tax residency will be subject to the tax resident provisions applicable in Nevis.
Nevis Limited Liability Company (LLC)
The Nevis LLC is a legal entity with separate rights and liabilities, distinct from its managers and members. In view of this, the LLC is liable for its own debts, obligations and liabilities making them the vehicle of choice for many American clients.
The LLC can be supervised exclusive of the members or by all the members. It should be noted that corporations can act as managers and/or members of a Nevis LLC, allowing flexibility in the management structure.
As a low-cost yet prudent, sustainable captive domicile, Nevis offers a suitable alternative to other offshore captive insurance domiciles. Nevis offers low minimum share capital and margin of solvency requirements while ensuring that licensed insurers are adequately capitalised based on their business plans.
Each captive insurance or other insurance entity must engage an insurance manager to handle their regulator and other requirements. The Nevis Financial Services Department is an open and friendly regulator keen to grow their captive business while maintaining strong oversight of its licensed entities.
International Exempt Trust
The Nevis International Exempt Trust Ordinance (“NIETO”) provides for the creation of different types of trusts (international) such as charitable and non-charitable trusts, estate planning, spendthrift or protective trust and qualified foreign trusts.
Assets and income of a Nevis International Exempt Trust are exempt from all exchange controls, taxation and stamp duty in Nevis; provided, however, the following requirements are met:
- The Trust must have one trustee, which can be an IBC;
- Settlors and Beneficiaries cannot be residents of Nevis; and
- The Trust property/funds cannot be any land situated in the Federation of St Kitts and Nevis.
Some of the advantages of Trusts formed under NIETO are:
- Cannot be declared void by reason of any forced heirship rules of the settlor’s domicile/residence, making it an attractive structure for clients in Civil law jurisdictions;
- Foreign judgments are not enforceable in Nevis against the Trust;
- The sole remedy available to a creditor is to allege fraudulent transfer of disposition of the Trust property. Moreover, a creditor must deposit a security bond of US $100,000.00 with the Ministry of Finance before he can bring an action against a Trust under NIETO.
Nevis Multiform Foundation Ordinance
This is a relatively new Ordinance in Nevis which provides that each Nevis Foundation will have a stated “multiform”, thus allowing the Foundation to state how it should be treated whether as a trust, a company, a partnership or as a foundation.
The identity of a multiform foundation can be changed during its lifetime giving it great flexibility, thus resulting an excellent vehicle for estate planning, financing and special investment arrangements.
Tax Information Exchange Agreements (TIEAs)
Nevis has signed 24 TIEAs, 13 Double Taxation Agreements, 1 FATCA IGA with the US Government and 1 Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
Simplified Tax Return requirements
Recently we informed you that the Inland Revenue Department (”IRD”) of the government of St. Kitts and Nevis introduced a regulatory initiative under which entities will be required to file a Simplified Tax Return (CIT-101 Tax Return) annually with the IRD.
Please find the relevant documents here:
The initial due date to file the first Simplified Tax Return was August 26, 2020. Since it was practically impossible for clients of AMS and our industry peers in Nevis to meet this filing deadline, we signed on to a petition by the Nevis International Service Providers Association (NISPA) to request the IRD for additional guidance on the specifics of this regulatory initiative as well as for filing relief.
The IRD has responded to this industry petition and has now granted filing relief by moving the due date for the first Simplified Tax Return from August 26 to October 31, 2020.
For further instructions and information we refer to our recent updates in our news section
Overview of services
Our Nevis office has been providing services to our clients since [ date to be entered ]. Such services include:
- Company formation;
- Provision of Registered Agent to companies and LLCs
- Fiduciary services such as the provision of Individual and Corporate Directors, Secretarial, Trustee, Protector, Nominee Shareholder;
- Trust, Estate and Succession Planning (see brochure, click here);
- Banking services (we can assist with opening of bank accounts).
- Auxiliary services (we can assist clients with accounting and legal services).