St. Kitts Foundations

The Foundations Act, 2003, (No. 8 of 2003) was passed in September of 2003. This piece of legislation provides for the establishment of Foundations in St. Kitts.

What is a Foundation?

A founder or a person acting on behalf of the founder may, on delivering Articles of the Foundation to the Registrar and on the payment of the prescribed registration fee apply to have a foundation registered in accordance with the provisions of the Foundations Act.

The concept of a foundation consists of the endowment of a specific amount of assets for a specific purpose (object) determined in the articles of the foundation. An appointed body known as the Board of Councillors is entrusted to carry on the business and affairs of the Foundation and to pursue its objects. The person(s) who creates the endowment is known as the founder and the persons who benefit from the endowment are known as the beneficiaries.

Once the articles of the foundation are registered in the Register of Foundations, the property endowed or to be endowed becomes an estate separate and apart from that of the founder by acquiring a judicial personality of its own, thus becoming a foundation.

The information concerning the names and the rights of the beneficiaries of the foundation is usually provided to the Board of Councillors by means of a private and confidential document (which does not have to be registered) known as the By-Laws which may include regulations providing for these matters.

Unlike the traditional corporation, the foundation does not have a share capital, it does not recognize shareholders and the founder does not retain or acquire any such ownership rights in relation to the foundation's property. The law does recognize, however, the beneficiaries or the persons in whose benefit the foundation is created, which can include the founder.

A foundation may be established for any purpose for which foundations are normally...