PRIVATE INTEREST FOUNDATION NEVIS
The Nevis Multiform Foundation is a modification of the standard private interest foundation that allows it to take on the form of a trust, company or partnership. It is flexible in nature and forms an independent entity that is free from any owners. It can be used internationally for philanthropic or charitable reasons or for inheritance planning, estate planning, and asset and wealth protection. It can also be used to maintain corporate control under a veil of absolute privacy and confidentiality.
The main aim of the Nevis Foundation is to protect and hold various assets such as corporations, shares, bank accounts, investments, real estate, art collections or pension funds. The concept of this foundation is old and it has proven the success of its function. Many other foundations only adopt this age-old concept without any modifications, leaving the founders or the council members with limited interaction with the foundation. The Nevis Foundation has taken the concept and made it more appealing to investors as well as more functional to those who interact with it. All Nevis Foundations operate from under the Multiform Foundation Ordinance of 2004.
Principal concepts of the Nevis Foundation
A Nevis Foundation has no owners and it takes on a separate legal entity from the personal assets of the founder. It benefits from all taxation exemptions and the protection of the owners is assured. It forms part of an offshore foundation as long as the founders or investors do not live in Nevis. It may not carry out regular trading operations but it may carry out business in a non-routine manner such as deriving earnings from investments, etc.
Advantages of Nevis Foundation
A Nevis Foundation may take on different forms such as a company, trust, partnership or a regular foundation. The initial form of the company may also be changed at any time. No taxes are applied on the gains or profits of the company. Other companies may be merged into the Nevis Foundation and they are guaranteed absolute privacy. The Foundation may become a tax resident of Nevis and pay 1% tax on the levied income. The Foundation has no expiry date and may exist forever. It may engage in any legal commercial or civil activity around the world and is no accountable to any foreign laws or judgements. Activities from within the foundation may be conducted anonymously and all matters are settled in an arbitrary court.
Requirements of Nevis Foundation
The company must draw up a Memorandum of Establishment which includes the name of the foundation, its address, the registered agent information, its purpose, its duration, the details of the initial subscription (which can be from $10,000) and the accepted laws that govern management.
There is no limited to the number of founders or members. The Foundation must at all times be managed by a board of directors, have a secretary who is not a member of the board, have a registered agent in Nevis as well as an address, and record annual meetings that are held.