Saint Kitts: Offshore Business Sectors
Trust management has become an important business for Saint Kitts.
Like all offshore finance businesses in the Federation, trust management companies need authorisation under the Financial Services (Regulations) Order, 1997. Under the Order, applicants wishing to establish a trust business handling both unrestricted and restricted business must have net assets of ECD540,000 (USD200,000) or its equivalent in other currencies, reduced to ECD54,000 (USD20,000) for restricted business.
Nevis trusts are formed under the Nevis International Exempt Trust Ordinance of 1994, as amended to September 2000. The Trust Ordinance includes special provisions to enhance the use of Nevis as a preferred jurisdiction for the establishment of Asset Protection Trusts.
The Saint Kitts and Nevis Trusts Act 1996 was a replacement for the 1961 Trustee Ordinance modeled after the 1925 English Trusts Act, and also contains modern asset protection provisions.