St. Kitts Foundation

St. Kitts Foundations are versatile entities that offer a broad range of financial benefits and advantages. The main highlights of St. Kitts foundations include their tax exempt status, ability to safely protect assets and usefulness in wealth management. St. Kitts foundations were created by the St. Kitts Foundations Act 2003(No. 8 of 2003), which was enacted in September 2003, and made effective on January 31st 2004.

The St. Kitts Foundations Act allows for the formation of private foundations which are based on the Lichtenstein foundation model. Private offshore foundations formed in St. Kitts are identified as either Ordinary or Exempt Foundations, which are the two main groups of foundations established in St. Kitts. Although St. Kitts is part of the Federation of St. Kitts and Nevis, both islands have separate offshore foundation legislations.

The St. Kitts Foundations Act was passed in an effort to strengthen St. Kitts’ offshore financial industry which is achieved through competitive financial services and entities. St., Kitts provides very thorough legislation which administers the operation and establishment of St. Kitts foundations. Subject to the St. Kitts Foundations Act, foundations in St. Kitts are formed by the filing of the original copy of the foundation’s articles at the Registrar’s office and must be signed by, or on behalf of the founder. The Foundation’s articles must establish:

  • The name and address of the foundation’s registered office
  • A description of the assets being invested in the foundation at the time of its formation
  • An understanding by the founder that the said assets will be transferred directly to the foundation once it has been formed
  • The details of the person (s) appointed as the foundation’s secretary
  • An undertaking stating that the foundation’s councilors will assume the responsibility of informing the Minister, in writing, about the termination of the foundation (for exempt foundations)
  • Information on any other matters provided for in compliance with the St. Kitts Foundation Act

The process of registering a foundation in St. Kitts is relatively simple, almost like Nevis LLC registration. Upon the registration of the articles belonging to a St. Kitts Foundation, a registration number is assigned by the registrar, and a certificate of establishment indicating the foundation’s name, registration number and date is issued. Persons who cannot be councilors of a St. Kitts Foundation include those who fall below the age of majority, disqualified from being a member of the St. Kitts foundation council under the St. Kitts foundation Act or interdict.

Any undertaking in which a St. Kitts foundation is engaged must be done in the best interests of the foundation. Subject to the St. Kitts foundations law, a foundation registered in St. Kitts is able to manage, administer, invest and disburse its assets in accordance with the foundation’s articles. St. Kitts Foundations are capable of managing, administering, investing and disbursing their assets in accordance with the provisions of its articles and by-laws. All St. Kitts foundations are also required to undertake only business that is compliant with national laws and licenses should be obtained for doing business that requires licensing in any given country or state.

The Board of Councilors of a St. Kitts foundation is responsible for managing the foundation. The Board of Councilors can have more than one person. Likewise, the secretary of a St. Kitts Foundation can be a physical person or corporate entity. It must be noted, however, that any natural person who is the only councilor of the St. Kitts Foundation cannot be the foundation’s secretary.

All St. Kitts foundations must have a registered office in St. Kitts. At the foundation’s registered office, a register of its councilors, guardian and secretary is required to be kept. Details such as the names and surnames, nationality, business or residential address, occupation, date of birth and occupation of the natural members of the St. Kitts Foundation must be kept in the foundation’s register.

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