If you ask any asset protection lawyer to name the strongest asset protection jurisdiction, they will mention Nevis in most cases. Why is it? Well, it has a peculiar time-proven legal framework that sets a lot of administrative barriers to creditors who wish to get the money of Nevis trust or company owners. The country does not accept court decisions made outside Nevis, so the first thing a creditor will have to do is start the legal proceedings all over again. This means paying a bond of USD 25,000 before the case can be started by the court (which will not be returned if the creditor loses the case), finding a local lawyer (they charge quite a lot, and the majority of them will not agree to handle the case due to a conflict of interests), and so on… Sounds impressive? In this article we’d like to show that St. Kitts & Nevis really stands out among tax havens.
Asset Protection Abroad
If you keep all your assets in one place (especially in your home country), you are at risk, and most wealthy people know that. As the financial laws are becoming more restrictive and governments are looking at their hard-earned wealth with greedy eyes, they are looking for safe havens to park their assets.
Domestic asset protection is in most cases unreliable as the orders of local courts can result in your assets being taken away, so many investors look beyond their countries of residence. Nevis is a proven destination that manages a considerable share of the world’s assets, and you can join in.
Asset Protection Framework
There are a lot of asset protection methods, but the most widespread ones include opening an offshore bank account or setting up an offshore trust or company, and Nevis provides opportunities for all of them! If you combine the three of them, you will actually create a bulletproof asset protection framework! Let’s take a look at each of them.
An Offshore Trust
How does a trust work?
Well, imagine that you have a bag and you put a part of your assets into it, and then you transfer the ownership of the bag and its contents to a trustee.
You make up a trust deed that regulates the trustee’s management of the bag. You specify how much money should go to what persons (these persons are referred to as the trust beneficiaries).
As a result, you technically don’t own any assets anymore as you appoint the trustee as their official owner. It means that no one can take them away from you as it is impossible to take away something that does not belong to you!
One more aspect is that the laws on Nevis trust favor the trustor over the creditors, which will give you even more protection. If someone wants to file a claim against a Nevis trust, it will require depositing a USD 25,000 bond with the local Ministry of Finance, and this is just the first barrier.
Second, the statute of limitations for the legal claim is just one year, which means that your creditors will need to hurry. Third, and probably the most important aspect, is that the creditor will have to provide evidence for the claim on the level “beyond reasonable doubt”, which is the proof burden used in criminal cases in the US. It means that your creditor will have a hard time trying to win the case!
Finally, the trustor can be a beneficiary under Nevis laws. It means that you can create a trust and keep money safe and under your full control at the same time.
You can register a Nevis LLC within just one week by providing several documents, so it is no wonder entrepreneurs from across the globe come here to take advantage of favorable conditions. The local financial sector gives a lot of freedom in handling your funds and running a profitable business on a global scale.
Nevis is a low-tax jurisdiction, and you will not have to pay withholding or capital gains tax or a large corporate income tax.
Filing a claim against a Nevis LLC is just as difficult as in the case of a Nevis trust, and it is even harder if your creditor is a foreign individual or legal entity.
An Offshore Bank Account
Nevis is one of the world’s leaders if we talk about opening an offshore bank account. There are a lot of good banks here that will ensure ultimate privacy and security and provide exclusive banking services.
There is an opinion that offshore banks are ready to onboard almost any customer, but it is a myth: you will still have to successfully pass the due diligence, and even that is not a guarantee that the bank account will be opened to you. However, most applicants get their accounts, and so will you.
Nevis banks offer all standard banking services, professional advice, brokerage services, and so on. Ultimate security is also there to enjoy, so do not hesitate to make the most of Nevis!
If you want to protect your assets against turbulence at home or abroad, you can create a powerful structure by combining a Nevis trust, a Nevis LLC, and a Nevis bank account. It means that you will be left with something even if everything fails!
And if you want a complete Plan B that will work in case of trouble, you can invest in the Nevis citizenship-by-investment program and get a second passport to be able to come to Nevis at any time as a citizen.
Nevis is a great jurisdiction for personal purposes and business. It is a whitelisted jurisdiction and it fully complies with all the requirements imposed by international regulators, and still, it offers excellent conditions that you will hardly find elsewhere. Click on the above link to get more details about this financial paradise and benefit from ultimate privacy, security, and high-quality service. You can create your stronghold for asset protection without leaving the comfort of your home as you can set up a trust, a company, and a bank account online!
We wish ultimate safety for your assets.