- Apostille
- A certificate that makes a public document from one Hague Convention country valid in another. St Kitts and Nevis is a party, so Nevis documents can be apostilled for use abroad.
- Beneficial owner
- The individual who ultimately owns or controls a company, trust or foundation, even if it's held through nominees or other companies. The registered agent must know who they are.
- Beneficiary
- A person who may benefit from a trust or foundation. In a discretionary trust, beneficiaries have no fixed entitlement until the trustee decides.
- Charging order
- The only remedy a creditor of a member can get against a Nevis LLC interest. It gives the creditor a right to distributions if any are made, but no control over the LLC and no right to its assets. In Nevis it lasts at most three years.
- CIT-101
- The annual corporate income tax return every Nevis LLC and IBC, including a private trust company, must file with the Inland Revenue Department within three and a half months of its financial year end. More
- Council
- The governing body of a Nevis Multiform Foundation, similar to a board of directors. It manages the foundation's assets according to its charter.
- CRS
- The Common Reporting Standard: the OECD system under which banks and other financial institutions report accounts held by foreign tax residents to their home tax authorities.
- EMI
- Electronic money institution: a regulated payment company offering accounts, IBANs and cards. It doesn't lend and isn't covered by deposit insurance. Banking
- FATCA
- The US Foreign Account Tax Compliance Act, under which foreign institutions report accounts held by US persons to the IRS.
- Flight clause
- A trust provision that lets the trustee move the trust's governing law and administration to another jurisdiction if a threat arises.
- Fraudulent transfer
- A transfer of assets made to defeat a known creditor. Nevis law sets a short period and a high standard of proof for such claims, but a transfer after a claim has arisen can still be set aside.
- Good standing
- Status of a company whose government fees and filings are up to date. The Registrar issues a certificate of good standing to confirm it. Order one
- IBC
- International business corporation: a Nevis company limited by shares, used for trading, holding and investment. Nevis IBC
- Incumbency certificate
- A certificate from the registered agent listing a company's current directors, officers, members or managers. Banks ask for it at account opening.
- KYC
- Know your client: the identity and background checks that registered agents and banks must carry out by law before acting.
- Letter of wishes
- A non-binding letter from the settlor to the trustee explaining how they would like the trustee's discretion to be used.
- LLC
- Limited liability company: a Nevis company owned by members, protected by the charging order as the sole creditor remedy. Nevis LLC
- Manager
- A person or company appointed to run a manager-managed LLC. Members who aren't managers have no day-to-day control.
- Member
- An owner of an LLC, who holds a membership interest rather than shares.
- Nominee
- A person or company that acts as a director, manager or shareholder on public or bank records on behalf of the beneficial owner, under a written agreement. It doesn't hide the beneficial owner from the registered agent or the authorities.
- PEP
- Politically exposed person: a current or former holder of a prominent public office, and their family and close associates. PEPs can be accepted but require enhanced due diligence.
- Private trust company (PTC)
- A company formed to act as trustee for one family's trusts. In Nevis, an IBC, LLC or foundation can serve as a PTC without a trust licence, so the family keeps control through its board. More
- Protector
- A person appointed under a trust to oversee the trustee, typically with power to replace the trustee and to approve key decisions. Often a trusted adviser or family member.
- Redomiciliation
- Moving a company from one jurisdiction to another without dissolving it. It keeps its identity, assets and contracts.
- Registered agent
- The licensed Nevis service provider that forms the entity, keeps its records and KYC, receives official notices and makes government filings.
- Settlor
- The person who creates a trust and transfers assets into it.
- Solvency affidavit
- A sworn statement by the settlor that the transfer into a trust doesn't leave them unable to pay their debts. Used to rebut later fraudulent-transfer claims.
- Supervisory board
- An optional body of a Nevis Multiform Foundation that oversees the council, similar to a trust protector.
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