Nevis Trust Formation
A Trust is an arrangement that gives one party, (the trustee) ownership of the trust assets for the enjoyment of another party (the beneficiary).
The Nevis International Exempt Trust Ordinance was legislated in 1994 and has provisions for Charitable and Non-Charitable Trust and Protective Trust. Nevis is a preferred jurisdiction when it comes to setting up a trust. This is mainly due to its statutes that allows for the protection of the beneficiary’s rights by limiting the rights of the creditors’ reach. There is also provision of financial privacy and confidentiality of the settlor’s estate since trust documents are not made public unlike a will.
Untitled documents can be listed in the scheduled of documents to be transferred whereas titled documents must be re-registered to the trust in order to effect the legal transfer of assets.
When setting up a trust for Estate Planning, Acme Trust Services Ltd strongly recommends seeking advice from an attorney that specializes in this area.
There have been amendments in May 2015 which has strengthened the Trust Ordinance.
Benefits of a Nevis Trust
- The posting of bond for creditors has been significantly increase from EC$25,000.00 to EC$270,000.00 if they want to challenge a trust registered in Nevis.
- Judgments from foreign courts are not enforceable in Nevis.
- The same person can act as Settlor, Beneficiary and Protector (Revocable Trust).
- Trust registered in Nevis are not available to the public.
- Asset Protection – Assets will be transferred to the trust and the settlor will no longer own it.
- Asset Management – Trustee will be responsible for managing the trust assets.
- Unlimited duration and accumulation of income of a Nevis Trust.
- Assets that can be transferred to a trust are, art works, cash and jewelry (which are examples of untitled documents), business interest, vehicles and real estate property (are examples of titled property).
To download the Nevis Trust formation questionnaire