In addition to the standard common law trust, the Nevis International Exempt Trust Ordinance has created circumstances whereby it is possible for unlicenced non-resident professionals to act as trustee for their own clients instead of engaging a trustee unknown to their clients. This possibility is of particular interest to practitioners who do not habitually use trusts as a part of their client structuring but who, from time to time, have clients that prefer a trust and wish their trusted adviser (the professional practitioner) to incorporate and maintain a private trust company in Nevis.
For the underlying trusts of these companies to qualify as exempt trusts, under the law, at least one trustee must be EITHER a licensed trust company doing business in Nevis OR a company incorporated under the Nevis Business Corporation Ordinance. As long as the Nevis Business Corporation acts only as a trustee, there is no requirement for it to be a licensed trustee in Nevis.
Nevis controls these trusts and generates annual fee income from them by requiring that all trusts settled under the Nevis International Exempt Trust Ordinance are registered with the Government Registrar. The registration must be done by a licensed trust company (or lawyer) doing business in Nevis. CHCL Fiduciary Group, through it’s Nevis office, can assist non-resident practitioners in complying with this requirement.
Application to the Registrar for registration of a trust must include:
– The rescribed registration fee (EC$608 – Approximately US$225);
– The name and registered office of the trust; and
– A certificate from a trust company or lawyer licensed in Nevis (the Registered Agent) certifying that the trust qualifies to be and will be an international trust as defined by the Trust Ordinance, and the date the trust was settled.
NB: The trust must be registered with the Registrar within 45 days of the date in which the trust is settled.
Annual registration fees (EC$608 – Approximately US$225); are due on or before the anniversary of the registration of the trust, and are usually paid through the Registered Agent on behalf of the trust.
These Nevis Business Corporation trust companies are a unique opportunity for unlicensed professionals providing services from outside Nevis to have direct control over their clients affairs rather than assigning the responsibility to independent trustees not under their control.