Developments in the Nevis Financial Services Sector

For the past twenty years, the island of Nevis has been a popular jurisdiction for investors looking to fulfill their offshore needs in the areas of international business and limited liability company formation as well as the establishment of trusts and other structures. These services are provided through the 1984 Nevis Business Corporation Ordinance, the 1994 Nevis International Exempt Trust Ordinance, the 1995 Nevis Limited Liability Company Ordinance and the 1996 Nevis Offshore Banking Ordinance. Investors have found that by using the Nevis legislation, powerful asset protection and other vehicles can be created while at the same time providing a comfortable degree of safety and security.

Under the Nevis Business Corporation Ordinance, a company may be incorporated to conduct any lawful business, and it is not necessary to enumerate the particular objective for which the company is incorporated. Additionally, the registration process is quite simple and easily accomplished.

The Nevis International Exempt Trust Ordinance provides not only for the creation of charitable, spendthrift and protective trusts, but also includes special provisions that make Nevis arguably one of the preferred jurisdictions for the establishment of asset protection trusts (APTs).

The Nevis Limited Liability Company (LLC) is a business entity that provides an alternative to those who might consider using partnerships or corporations. While most U.S. LLC statutes, as does the Nevis LLC Ordinance, protect the company's assets from the creditors of its members through the limitation of creditors to a charging order, the Nevis LLC Ordinance goes further to specify that this is the exclusive remedy available to the creditor. Also, the Ordinance gives the company the power to redeem the interest of creditors.

The Nevis offshore banking legislation is comprehensive and ensures that a bank licensed under the legislation can be properly monitored to safeguard depositor's funds and to ensure that the bank maintains acceptable accounting standards and satisfies capital requirements.

In addition, Nevis offers numerous competitive advantages. Of notable mention are the following:

A jurisdiction that has been given a stamp of approval by being removed from the OECD & FATF lists.

A stable Government based upon the Westminster model of Government and continuity of national policy.

A stable and secure economy with a strong currency.

A favourable time zone location.

Easy accessibility to Europe and North America.

Temperate climate.

World-class accommodation facilities.

A solid reputation with the commitment to having a proper regulatory regime.

World-class cutting-edge legislation.

Over 60 highly qualified trust and...