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Newbie, wondering about Nevis LLC foundation
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thank you !
the gap between the "theory" and the "real life" offshore is quite impressive ...
it also makes you think : we are not free at all ; even less if you see how superpowers dictate small countries how to run their own country / law / ...
I wonder why they don't unite ... create their own banking or fintech or ... system
if you think about it, these countries manage / protect the majority of the wealth of the entire world - what if THEY would say that they don't accept EU bank transfers anymore ?
where would all the superrich go with their money ?
They have lot's of options left as you already mentioned in another thread. There are huge Trusts and Foundations around in this world with billions of $$$ so people have their Holding companies, property, land and what else they have put their money into. This world will become the rich mans world and all other of us will be their slaves.
keeps many happy
I'm also looking into it. I've incorporated a few Nevis LLCs over the years, using Morningstar as the local agent, and the experience has been amazing. No frills. No bureaucracy. When I needed to dissolve one of the unused LLCs, the agent told me I could pay them $$$ to dissolve it, but I'd be better off just ignoring the renewal notices, paying nothing, and it would get dissolved automatically in a year or so of non-payment. I really appreciate that simplicity.
That said, the downside is finding a bank or investment brokerage that would open an account for a Nevis structure. Interactive Brokers in U.S. just told me yesterday that they would.
The Multiform Foundation sounds ideal because if you are dealing with a jurisdiction or business that doesn't recognize foundations (like Interactive Brokers US) then you can declare it to be a company foundation, and just treat it like a company. But it's still a foundation.
I'm tempted to spend the $1200 (or whatever) to create a Nevis foundation just to find out in-practice if it'd work for my needs. If not, it seems I could just ignore it and it would go away. ☺
Aren't Nevis LLC Foundation prescribed to change their form before June 30, 2021, when tax exemption for limited liability companies cease?
Bill No 6 amending the Nevis Business Corporation Ordinance abolished zero tax regime and set usual 33% tax.
Bill No 6 amending the Nevis Business Corporation Ordinance abolished zero tax regime and set usual 33% tax.
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AFAIK that's only for LLCs and IBCs, not for foundations. you can check the foundation legislation yourself on nevisfsrc
"MULTIFORM FOUNDATIONS ORDINANCE
Section 10. Multiform.
....
(6) A multiform foundation shall have only one stated multiform from time to time
and in the event none is designated on registration in the prescribed form the multiform
shall be deemed to be unclassified, and characterised or interpreted as to its form by the
provisions of its constitution and this Ordinance; provided that if the stated mul
tiform is unclassified, the by-laws may provide for more than one form of entity within its by-laws.
(9)With respect to a stated multiform the following provisions shall apply:
b - if the multiform is stated to be a company and the multiform
foundation is a company foundation, in the event that the constitution
shall fail to specify any other proper law as governing the by-laws,
the provisions of the Corporation Ordinance shall apply, as if references therein to the „company‟ referred to the
company foundation; the „directors‟, the management board; and the
„shareholders‟, the absolute beneficiaries;
or in the case of a multiform which is stated to be a limited liability company, the
provisions of the Limited Liability Company Ordinance shall apply,
, as if references therein to the „limited liability company‟ referred to the company foundation; the „manager‟ or
„member‟ as manager, a member of the management board; and the
„members‟ , the absolute beneficiaries ... "
So the foundation is governed by law depending on its multiform. I mean 33% tax is for foundations as well!
Section 10. Multiform.
....
(6) A multiform foundation shall have only one stated multiform from time to time
and in the event none is designated on registration in the prescribed form the multiform
shall be deemed to be unclassified, and characterised or interpreted as to its form by the
provisions of its constitution and this Ordinance; provided that if the stated mul
tiform is unclassified, the by-laws may provide for more than one form of entity within its by-laws.
(9)With respect to a stated multiform the following provisions shall apply:
b - if the multiform is stated to be a company and the multiform
foundation is a company foundation, in the event that the constitution
shall fail to specify any other proper law as governing the by-laws,
the provisions of the Corporation Ordinance shall apply, as if references therein to the „company‟ referred to the
company foundation; the „directors‟, the management board; and the
„shareholders‟, the absolute beneficiaries;
or in the case of a multiform which is stated to be a limited liability company, the
provisions of the Limited Liability Company Ordinance shall apply,
, as if references therein to the „limited liability company‟ referred to the company foundation; the „manager‟ or
„member‟ as manager, a member of the management board; and the
„members‟ , the absolute beneficiaries ... "
So the foundation is governed by law depending on its multiform. I mean 33% tax is for foundations as well!
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How, or where, would you open a bank account for a Nevis Foundation if you succeed to setup such an entity? I just wonder, it's an important part of such an setup.
I am aware of the Bank of Nevis ,
I am also aware of Capital Security Bank in Cook islands.
I don't think the authorities will treat the tax on a multiform in the same way.
Also even with the 33% tax, if you are not targeting citizens from St. Kitts and Nevis any revenue generated overseas is not taxed even though the vehicle is taxable. Its just to satisfy the OECD, but in principle .. you don't pay taxes on revenue generated overseas.
Tevalerie, are you sure about that ? Because Nevis doesn't have a territorial tax system (yet).
Interesting question indeed : is an LLC foundation taxed like an LLC or not ?? I did read that foundations could choose to have tax domicile in Nevis and pay 1 % tax (for Nevis source income only though).
As for bank account : Belize Cay accepts foundations.
Interesting question indeed : is an LLC foundation taxed like an LLC or not ?? I did read that foundations could choose to have tax domicile in Nevis and pay 1 % tax (for Nevis source income only though).
As for bank account : Belize Cay accepts foundations.
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