Private Foundations in Saint Kitts
Private foundations are legal entities created by an individual, a family, a group of people, for a purpose such as philanthropy or business.
St. Kitts is considered one of the first jurisdictions to introduce into its legal system the concept and use of private foundations.

Foundation Structure

• The name of the foundation must end strictly with the word "Foundation".
• Founder: Any person may establish a foundation by subscribing to the articles of the foundation and transferring assets to the foundation upon its registration.
• Registered office: All foundations must have a registered office in the Federation to which communications and notices may be addressed.

 

• Secretary: Also called local Representative is required to be a local agent of St Kitts.
• Council Members: Members of the board of directors need not be resident within the territory of Saint Kitts. This simplifies and lowers cost to carry the foundation.

Legislation
The civil law concept of Private Foundations in St Kitts is legislated under the foundations Act 2003(No. 8 of 2003).

 

Taxation / Records
There is no personal income tax in St Kitts and therefore the beneficiaries and the founder are never taxable on income provided to or received from the foundation.
All foundations are required by law to keep records in books of all monies received, expended and distributed.
 The costs and expenses of the foundation must be worn with proper bill and receipts to explain the why of them.
 Also you must keep track of assets and Liabilities of the foundations. These records are not published, but should be within the offices of the foundation and may be reviewed if necessary by the councilors, the guardian and the auditor, and the books of account required.

Benefits

• 100% Anonymity, no public records are kept of the names of the beneficiaries.
• No tax is paid on transactions made by and for the foundation.
• No minimum capital requirement.
• Preservation of family assets.
• Asset protection.